Ahh Jobs for the Boys- Nama and More Expenses

[neutral_lurker]

Well the usual suspects are benefiting as the country is being bled dry!!!

Here are some examples

[SIZE="3"]Plans for NAMA to spend €2.5bn on professional fees [/SIZE]
Read more: Plans for NAMA to spend euro2.5bn on professional fees crazy | Irish Examiner

PLANS for NAMA to spend €2.5 billion on professional fees were denounced as "crazy" in the Seanad yesterday.



Independent Senator Fiona O’Malley attacked the move to "fork out" such a huge amount at a time when the Government was seeking €4bn in spending cuts.

The former PD TD said it was "little wonder" professionals were rushing to give their backing to the assets management agency as it had such a large fees base.

[SIZE="3"]Cars for former taoisigh cost state €800k[/SIZE]

THE perk of full-time garda-driven state cars for four former taoisigh cost the taxpayer almost €800,000 last year.



The figure is set to rise to almost €1 million this year as a car has been made available to former Fine Gael taoiseach John Bruton, who has returned from Washington where he served as EU Ambassador to the United States.

This will bring to five the number of former leaders who avail of the privilege, which comes on top of their pensions ranging from €90,000 to €100,000 a year.

They include Bertie Ahern and Albert Reynolds, both former Fianna Fáil leaders, as well as Fine Gael’s Garret FitzGerald and Liam Cosgrave, who left office 32 years ago.

and just to add insult to injury while those who can't pay their mortgages are being dragged through the courts

[SIZE="2"][SIZE="3"]Developers who fail to pay back loans to NAMA won't be named[/SIZE][/SIZE]

THE Government will not name and shame developers who fail to pay back their loans to its 'bad bank', NAMA.

Despite paying €54bn for developer loans held by Irish banks, the Government will not tell taxpayers who is failing to meet their repayments to NAMA and how much they owe.

[Digout]

More [SIZE="3"]FF[/SIZE]raud.

Roll on the budget. It will be a call to patriotic action.

[birthday]

Is it not possible for the banks to be charged for all legal and other professional fees relating to NAMA (in proportion to value of loans)?
This might put some downward pressure on fee structure and is the least the Irish taxpayer and our future taxapayers deserve for the service of NAMA.
Is this too much to ask?

[Congalltee]

Well the usual suspects are benefiting as the country is being bled dry!!!

Here are some examples

[SIZE="3"]Plans for NAMA to spend €2.5bn on professional fees [/SIZE]
Read more: Plans for NAMA to spend euro2.5bn on professional fees crazy | Irish Examiner

PLANS for NAMA to spend €2.5 billion on professional fees were denounced as "crazy" in the Seanad yesterday.



Independent Senator Fiona O’Malley attacked the move to "fork out" such a huge amount at a time when the Government was seeking €4bn in spending cuts.

The former PD TD said it was "little wonder" professionals were rushing to give their backing to the assets management agency as it had such a large fees base.

[SIZE="3"]Cars for former taoisigh cost state €800k[/SIZE]

THE perk of full-time garda-driven state cars for four former taoisigh cost the taxpayer almost €800,000 last year.



The figure is set to rise to almost €1 million this year as a car has been made available to former Fine Gael taoiseach John Bruton, who has returned from Washington where he served as EU Ambassador to the United States.

This will bring to five the number of former leaders who avail of the privilege, which comes on top of their pensions ranging from €90,000 to €100,000 a year.

They include Bertie Ahern and Albert Reynolds, both former Fianna Fáil leaders, as well as Fine Gael’s Garret FitzGerald and Liam Cosgrave, who left office 32 years ago.

and just to add insult to injury while those who can't pay their mortgages are being dragged through the courts

[SIZE="2"][SIZE="3"]Developers who fail to pay back loans to NAMA won't be named[/SIZE][/SIZE]

THE Government will not name and shame developers who fail to pay back their loans to its 'bad bank', NAMA.

Despite paying €54bn for developer loans held by Irish banks, the Government will not tell taxpayers who is failing to meet their repayments to NAMA and how much they owe.

How can you put €2,500,000,000 and €800,000 in the same webpage?
I think people have an incapacity to understand big numbers.

Let's say there are 5 former Taoiseach who need cars - that's €200k a head.

But what of the 2.5bn? There are 2000 barristers, 6000 solicitors and 20,000 accountants: half of these are two junior or too old, if the rest each get their share of the NAMA fees that will be €180,000 a head (if it was divided equally which it is obviously won't)

Any scheme that needs 7 Mahon Tribunals worth of fees is crazy.

[Oldira1]

This is the greatest bailout of professionals in History. The same Accountants,Lawyers and Estate Agents that helped fuel the bubble and 'advised' the banks and developers are now going to share a pot of Gold at our expense. Think of it.....the same people that gave Anglo a clean bill of health (Ernest & Young) or produced sham business plans on behalf of Zoe (KPMG) will have their snouts in the trough at our expense. 4,800 people could be hired by NAMA at €50k a year and still be cheaper.

Will Fine Gael oppose this?......Not on your life! Too many Blueshirts in Law Library and ICAI will make sure of that.

[Gadfly]

Is it not possible for the banks to be charged for all legal and other professional fees relating to NAMA (in proportion to value of loans)?
This might put some downward pressure on fee structure and is the least the Irish taxpayer and our future taxapayers deserve for the service of NAMA.
Is this too much to ask?

Part of the sales talk for NAMA was the claim that the loans would continue to be managed within the originating banks, and that the banks would carry the cost. I have not followed whether or how this is written into the legislation now being whipped through. No doubt the NAMA Defence Consortium still fighting the good fight on this board will reference chapter and verse to clear this up.

Failing that, my assumption is that this claim was misleading, and possibly deliberately so. There is a pattern of costs being understated and benefits being overstated thoughout, for understandable reasons of salesmanship. Which of course takes precedence over honesty in this area. The pattern here as in much else is to pass costs on to the state.

Anglo's recently announced decision to lay off 230 staff rather gave the game away - not needed because the loan book is going to NAMA.

Is it too late to follow the US lead and build in charges to the banks for these multiple supports, which can be recovered as we go along? Or should we hope that Brussels will come to our rescue by forcing some kind of cost-sharing, by way of putting some limit on the state aid being provided to our assortment of unfortunate, imprudent, and downright mismanaged banks?

[neutral_lurker]

Is it too late to follow the US lead and build in charges to the banks for these multiple supports, which can be recovered as we go along? Or should we hope that Brussels will come to our rescue by forcing some kind of cost-sharing, by way of putting some limit on the state aid being provided to our assortment of unfortunate, imprudent, and downright mismanaged banks?

Gadfly or anyone how do we find out who can advise on these matters? I think the time for action is now as it swiftly wings it way through the Dail- its more difficult to do things retrospectively

[Bi ciuin]

Soon there will be no blood left in the stones on normal hardworking Irish people.

What will they do then?

Turn on each other.






,

[politikie]

what are the thoughts on the head of NTMA Michael Somers announcing his retirement? Pity that a good brain and rational voice is being lost from the public sphere at such a critical juncture

[thefuture Initiative]

Soon there will be no blood left in the stones on normal hardworking Irish people.

What will they do then?

Turn on each other.,

As one famous thinker put it ... "the philosophers have interpeted the world in various ways, the point, however, is to change it." (if I quote correctly)

What we need to do is to take our destiny into our own hands and get organised for change - we need to end foreign dependance in our economy and outlaw speculation in financial markets. We need to build an economic and social system that is designed to serve the people here, not the unending demand for profits by the minority.

Each of us needs to make this their personal task.