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Thread: Treasury Holdings - Ronan/Barrett

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    Default Treasury Holdings - Ronan/Barrett

    Seán O'Casey should be here to see this. Some developers are in what is for them the gutter. but they are looking at the stars. The only way is up baby.

    As Cantillon says Nama's Treasury actions carry the whiff of bailout

    IT IS UNFORTUNATE for the National Asset Management Agency (Nama) that the first insight into its interaction with a large development company should reveal something that looks more like a a bailout than a no-nonsense restructuring.

    The genesis of the agency and its subsequent activities have taken place behind the shield of obsessive official secrecy which sheltered much of the Government’s role in bringing the economy crashing down. [,,,]

    The Government and Nama have not done enough in the intervening period to deserve the unqualified trust of the public.

    As a result it is only prudent for taxpayers to assume that the accommodating stance apparently being adopted towards Treasury Holdings will be extended towards its other troubled customers. They can also assume that no justification will be offered or deemed necessary. And that has the whiff about it of the bailout for developers which many claim is Nama’s true purpose.
    Last edited by He3; 6th May 2012 at 12:03 PM.

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    Quote Originally Posted by He3 View Post
    Seán O'Casey should be here to see this. Some developers are in what is for them the gutter. but they are looking at the stars.
    That was Oscar Wilde not Sean O'Casey.

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    Heh. Either would have a ball with this, but O'Casey gets the nod over Wilde on this occasion... its Seán's outrage we need rather than Oscar's wit.
    "It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair.

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    NAMA is proving now to be a bailout for: 1/ Banks 2/Lawyers 3/ Accountants 4/Estate Agents 5/developers in that order. We will see developers submit business plans that will be evaluated..not by NAMA staff but third party accountants and financial services firms. Many of these firms will have already acted for developers so will naturally take a sympathic view of them. Watch out for business plans that will have large 'consultancy' fees. This will be to hide money paid to developers for their assistance and 'know how' in bringing a project to completion.
    Any developer applying for working capital to finish a project should be paid absolutely NOTHING.

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    NAMA was established by Brian Lenihan, the man who rolled over for the bankers and wrote them a blank cheque, why would anyone expect it to put the taxpayer ahead of the gangsters?

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    Battersea power station has been the subject of development and urban renewal projects since the 1980s. All the others have failed, but REO expect to succeed. Why?
    "The war against drugs is unique in all conflict: we can win it, simply by ceasing to fight it."

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    We do not have enough money to keep all these cowboys in jobs. How long before the ECB shout stop, or do they care, as long as we are not kicking up a stink.

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    Quote Originally Posted by rubensni View Post
    Battersea power station has been the subject of development and urban renewal projects since the 1980s. All the others have failed, but REO expect to succeed. Why?
    Succeed - who ever said that was the goal?

    These lads got caught with their pants down and now NAMA is finding a way to give them tax payers cash so that they can keep up the ould lifestyle otherwise Nama'd repo the assets, develop them themselves and pursue these guys for 13 years for every penny o/s like they would you or me.
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    Quote Originally Posted by Dillinger View Post
    We do not have enough money to keep all these cowboys in jobs. How long before the ECB shout stop, or do they care, as long as we are not kicking up a stink.
    Sure the ECB love us - we are the poster boys for assuming corperate debt as sovereign debt -

    We lead the way in maintaining the status quo.

    Careful now.
    ANGER IS A POLICY, GET OFF YOUR KNEES

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    O'Casey said "What is the stars? What is the stars?"
    If there is a future, it will be Green.

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