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Thread: Dermot Desmond says NAMA will do untold long term damage to Ireland Inc

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    Politics.ie Member blacbloc's Avatar
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    Default Dermot Desmond says NAMA will do untold long term damage to Ireland Inc

    A must read:

    Financial institutions should be left to manage their own delinquent assets - The Irish Times - Wed, Sep 16, 2009

    Says the last thing we need is another expensive quango. The guy makes sense about this but a a good few questions arise. Eg leaving the same people in charge seems to be implied.

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    Politics.ie Member LDF's Avatar
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    Interesting timing from Desmond - to announce his idea on the morning of the debate. This could rally those in Govt who are doubtful about NAMA.

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    Politics.ie Member blacbloc's Avatar
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    Quote Originally Posted by LDF View Post
    Interesting timing from Desmond - to announce his idea on the morning of the debate. This could rally those in Govt who are doubtful about NAMA.
    There was remarkably little commentary about him selling his shares in Irish banks a couple of weeks ago. It was a big signal about what he felt about where this was all headed. Wonder what behind-the-scenes 'discussions' have been taking place. Nothing confirms my opinion more that not even Lenihan believes this is a good idea. Desmond is tactful about the motives of the valuers and the plan. His intervention now, is a big signal that the government and Fianna Fail will be finished for a very long time if they go ahead with this.

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    Dermot Desmond must be listened to by Government.

    His solution makes much more sence than NAMA, is much more transparent and less risky to the taxpayer.

    "Further overseas investments by the Irish banks cannot be justified in an environment where we need all our capital to deal with the problems in Ireland. The banks should be returning to their roots and selling off their overseas assets. Ireland Inc should provide all the necessary funding to meet the liquidity needs of the banks and should charge appropriately for the liquidity. Equally the funding provided by the Government should rank in priority to the existing equity and capital providers so that if there are losses then these will be the groups that suffer them."

    Financial institutions should be left to manage their own delinquent assets - The Irish Times - Wed, Sep 16, 2009

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    Brilliant news!

    Perhaps DD is not just another oligarch?

    If FF continue to ignore all the warnings about NAMA and try to push it through, they will deserve all the calumny that will come their way.

    The Greens, OTOH, have a fantastic chance to redeem their electoral hopes by ending NAMA right now. That probably would lead to a gen. election and there's the crux. Their TDs appear to like their perks more than their integrity.

    DD, how about calling for a No vote?!
    .
    Vote No to Lisbon to preserve Irish sovereignty.
    Vote No to collapse this government and stop NAMA.

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    Politics.ie Member Aindriu's Avatar
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    Quote Originally Posted by Hobo Sapiens View Post
    The Greens, OTOH, have a fantastic chance to redeem their electoral hopes by ending NAMA right now. That probably would lead to a gen. election and there's the crux. Their TDs appear to like their perks more than their integrity.
    Absolutely correct! There is no integrity left in the Greens IMHO. They have sold their souls to the devil in order to gain the power they now cling to with their fingertips.

    Shame on them!
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

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    Politics.ie Member b.a. baracus's Avatar
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    While Dermo may be correct he can keep his opinions to himself considering he is a tax exile.
    I ain't gettin' on no plane

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    Politics.ie Member libertarian-right's Avatar
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    Why did he wait until now? :/

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    Politics.ie Member blacbloc's Avatar
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    Quote Originally Posted by libertarian-right View Post
    Why did he wait until now? :/
    His history of support for Fianna Fail, I suppose. But he sold all his shares in Irish bank/s a few weeks ago which was a pretty obvious message to the government that he was getting out before things got worse. Bet there have been ferocious discussions behind the scenes. He is basically saying that the developers and the banks should face into the problems they created for themselves and that the government must only give money for genuine economic reasons, isn't he? The risk should lie where it belongs as much as possible.

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    Quote Originally Posted by libertarian-right View Post
    Why did he wait until now? :/

    Simple he bought shares in the banks when they hit rock bottom and has now managed to sell them, on another thread it said he cleared 12m.

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