NAMA - WTF?? (3 Viewers)

[тхеодоре кацзынски]

http://www.breakingnews.ie/ireland/...n-line-for-helping-hand-from-govt-444278.html

 

[Stereobaby]

Up to 70% pay increase for NAMA board members three months into their jobs.

Fuck sake.

 

[Glenagyle]

Anyone know how to find out whose assets are being taken?

 

[ann post]

Anyone know how to find out whose assets are being taken?

people who live in ireland and dont own a bank.

 

[ann post]

slightly out of date, but interesting

ghost estates map

http://ghostestates.com/main.php?g2_view=map.ShowMap

 

[Lili Marlene]

slightly out of date, but interesting

ghost estates map

http://ghostestates.com/main.php?g2_view=map.ShowMap

that's pretty cool. The one in Cork is kinda pathetic though

 

[ann post]

my estate isnt on it either.

 

[Pedronimus]

http://quotesfromthebubble.blogspot.com/

Sean Dunne, Property Developer

Irish Times, 27 Sep 2008:

Speaking in 2006:

"every economist associated with every stockbroker in Ireland mistakenly forecast the end of the housing and property boom in Ireland". They had been "vociferous and repetitive", in the process encouraging outside commentators, including the Economist, the IMF and the OECD, to issue warnings about Irish house prices being overvalued. Well, "The hyenas have stopped laughing . . . each and every one of them was wrong. Instead, the price and supply of housing units has continued to break records."




Seanie Fitzpatrick, former chairman of Anglo Irish Bank

Irish Independent, 21 March 2010:

"Will you say sorry to the taxpayer and to the shareholders in Anglo Irish Bank?"

"That's a simple question, but the answer isn't. What if I were to invite you, Ronald, to sit down here with me for a cup of tea and a chat. And what if, in the course of our conversation, you were to have a cigarette. And when you were finished with your cigarette, you were to throw the butt on the floor and this shed burned to the ground. Could I ask you to say 'sorry'?"

"You could ask me, and I would apologise," I respond immediately, while marvelling at Seanie's notions of blame and how it should be apportioned.

"Well, why would I ask you to apologise? It wasn't you who burned my shed down. It was the cigarette."

 

[ann post]

i read today that NAMA is immune to the freedom of information act. i wonder what the act is actually for so.

 

[тхеодоре кацзынски]

http://www.rte.ie/news/2010/0511/dail.html

 

[pete]

i read today that NAMA is immune to the freedom of information act. i wonder what the act is actually for so.

http://journalist.ie/2010/05/investigative-journalism-following-the-paper-trail/

edit: also

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Accept third party cookies

 

[nlgbbbblth]

http://www.irishtimes.com/newspaper/features/2010/0503/1224269584290.html

 

[ann post]

more terrible announced today.

 

[ann post]

http://www.rte.ie/news/2010/0810/anglo.html

The European Commission has approved Government plans to inject up to another €10bn into Anglo Irish Bank.

The Commission said the Government had notified it at the end of June that it wanted to put just under €8.6bn into Anglo.

This brings the total up to the €22bn figure already indicated by Minister for Finance Brian Lenihan.

This is the third emergency injection of funds approved by the EU, following €4bn in 2009 and €10.44bn in March this year.

 

[ann post]

MY FAVOURITE THREAD!!

http://www.irishtimes.com/newspaper/breaking/2010/0812/breaking17.html

Central Bank governor Patrick Honohan has described Irish bond market spreads as a "setback".
Irish bonds spreads widened after the European Commission approved the Government's move to raise the level of capital it can inject into Anglo Irish Bank.
"The spreads are a setback for our hopes of a narrowing to reflect the fiscal credibility of the country," Mr Honohan told the Daily Telegraph.
"I don't look at them every day but at this level they are ridiculous."
Bond spreads yesterday hit the highest level in a month, reaching almost 300 basis points at one point, and the yield on Irish 10-year bonds broke through the 5.4 per cent mark, while German 10-year bund yields fell to a record low.
They closed just below 289 basis points, and this morning were at 288 basis points.
Mr Honohan also criticised Anglo in his interview, describing the bank as "egregious, in a league of their own”.

 

[Denny Oubidoux]

what does that mean?

 

[Space]

Anyone see tonight with (not) Vincent Browne last night. Robert Fisk was very good on it. As was the guy from New York, didn't get his name though.

http://www.tv3.ie/shows.php?request=tonightwithvincentbrowne

 

[ann post]

i think he might be putting out a subtle message that injecting money into anglo isn't actually helping our international financial profile, which was one of the 'selling' points of nama, not to be 'another iceland'. i could be wrong though, thats only my interpretation, i'd love if somone who understands banking would give me a better interpretation, i just like collecting these stories at this point.

 

[ann post]

article from fintan o toole, comment from a some guy called robert browne

Ruling class gambling on gullibility of the people

The political and financial elite have mistaken the paralysing effects of fear and despair for acquiescence

I REMEMBER going to a fairground when I was a kid. They had a game called “whack a mole”. There was a large table pockmarked with holes. The “mole” would pop its head at random out of one of the holes. When you paid your sixpence, you got a wooden mallet and had two minutes to hit as many moles as possible. But however often you walloped them, they kept on coming.

Trying to have any kind of rational discourse with elite Ireland about the bank bailout reminds me of playing whack a mole. Idiocies pop up, get thoroughly knocked on the head, lie quiet for a while and then randomly poke their heads above the parapet again. Thus it is with the weasel word “manageable”.

A few months ago it was rattled out at us like machine-gun fire. Then it seemed to have been wiped out by pure shame.

Now it’s back – infesting the airwaves and news pages like one of those fungi that thrive in autumnal mists. Let’s reach, wearily, for the mallet.

There are three simple questions about the notion that the bailout is “manageable”. The first is about numbers. How can you decide that a cost is manageable when you don’t know what that cost is? To take Anglo Irish Bank alone, the current range of possible costs to the taxpayer given by official sources is somewhere between €25 billion and €40 billion. That’s a spread of €15 billion. The implication is that a figure like this has no effect on the manageability of the crisis.

So, if €39 billion (the figure accepted last week by Alan Dukes as a possible outcome for Anglo’s losses) is manageable, €54 billion would be equally manageable and so on. The Government and its allies declare every new (and inevitably higher) estimate of the cost to be one with which we can cope. Conversely, there is no cost that is unmanageable. This is not rational discourse, it is faith-based assertion.

Secondly, if the Government’s approach is perfectly manageable, why is it unique in the history of the world? Never in all the time since modern national banking systems emerged in the 18th century has any government spent such a large proportion of national income cleaning up after a banking collapse.

And this cost feeds into a larger deficit that is itself unique. As Dan O’Brien pointed out in these pages on Saturday, “there is no peacetime instance of any country anywhere in the developed world running an imbalance of this size”.

The deficit this year, including the banking costs, will be as high as a proportion of GDP as that incurred by the United States at the height of the second World War. Optimists may point out that the current banking costs are a one-off. So was the second World War.

How come nobody else, ever in the history of the world, has come up with the idea that spending on our current scale is okay? For the Irish political and financial elite to be right on this one, they have to have discovered a wisdom that has eluded all governments, administrators and economists for the past four centuries.

Maybe our lot really are smarter than everyone who’s gone before them. And maybe Sarah Palin is the new Martin Luther King.

Thirdly, manageable – for whom? It is undoubtedly the case that a lot of people will be able to manage just fine as social services contract, poverty increases and unemployment soars. The entire political, administrative, banking and commenting elite will be among the managers.

But is it manageable for the Down Syndrome child who turns up in school to find that her special needs assistant isn’t there any more?

Is it manageable for the 85-year-old man who’s being discharged from hospital into the care of his 90-year-old wife? Is it manageable for the couple who have a €400,000 mortgage on a house worth €250,000 and who have just lost their jobs? Or for the 5,000 people who are living on the streets?

What the great and the good really mean when they use the word is not that the financial fallout is manageable. It is that the people are manageable. The assumption is that you can squeeze health and education, do almost nothing to create jobs, lock the economy into a downward spiral of cuts and depression and that there will be no long-term political or social consequence. Underpinning all the gambles on Nama and the banks is the ultimate gamble – on the infinite masochism and/or infinite gullibility of the Irish people.

That seems to me to be a bad bet. It mistakes the paralysing effects of fear and despair for humble acquiescence. It misses the rage, the disgust and the profound alienation from almost all aspects of the system. It ignores the damage that a sense of powerlessness and of outrageous injustice will do to the fabric of an already stretched democracy.

If we carry on as we are, the future existence of a society capable of consensus cannot be taken for granted. Those who cannot manage will not be manageable forever.

and the comment:

Fintan below is my comment from a few months ago. As nothing has changed except the gobs of money we have to put into Anglo I will just repeat it. They just plough on safe in the knowledge that they have stitched up the unions, they have stitched up the greens and that in due course they will stitch up the IMF and EU guys who come here.

"The sooner the international community stop giving us more debt to hang ourselves with the sooner our situation will become UNmanageable and the sooner we can introduce some meaningful changes into our society. If the Germans end up funding the bizarre list below, what can I say? Only, Es ist nicht gut.

Manageable means the losses are socialised as the professions pile the invoices high
Manageable means everyone gets to keep their salaries and ridiculous pensions
Manageable means the accountancy firms are not sued for signing off on the dodgy accounts
Manageable means the legal elite wiggle their way off-the-hook and survive
Manageable means the same accountancy firms make even more money than ever before
Manageable means the legal fraternity make even more money from the debt ridden public
Manageable means nobody responsible goes to jail
Manageable means nobody resigns
Manageable means Mr. Fingleton gets to keep his 27 million pension and tease you with his million bonus
Manageable means NAMA becomes the biggest gravy train in the history of Ireland
Manageable means NAMA becomes 500 times more lucrative than tribunals.
Manageable means your children emigrate as you struggle to pay for NAMA and Anglo et al
Manageable means 500,000 unemployed
Manageable means 642 special ones in the public service who exempt themselves from cuts
Manageable means Anglo bankers get pay increases even as they are bailed out
Manageable means Mr. Boucher pension needs topping up with another 1.5 million from your taxes
Manageable means that Irelands sovereign debt is soon to break all records
Manageable means 1:5 Euro raised soon to service sovereign debt
Manageable means you own the banks but your interest rates are hiked straight away
Manageable means 350,000 empty housing units soon to be 435,000 compliments of NAMA
Manageable means the bank guarantee is outside the terms of the banking inquiry
Manageable means the quango's like the DDDA continue on their merry way
Manageable means you get to hear the minister for finance tell you he hates having to make you poor".

 

[ann post]

The Chairman of NAMA Frank Daly has said he is "disappointed" with the Supreme Court ruling that a decision in December 2009 to acquire developer Paddy McKillen's loans was "invalid", and has no legal effect.
His lawyers had said he should not fall under the remit of NAMA as most of his loans were performing and only a small percentage related to land and development.

The man behind the Jervis Shopping Centre in Dublin, argued his portfolio was performing "excellently" and shouldn't be acquired by NAMA.

http://www.examiner.ie/breakingnews...leted-nama-business-492011.html#ixzz1CtuAZD6u

To view this content we will need your consent to set third party cookies.
For more detailed information, see our cookies page.

Accept third party cookies