Interim NAMA Chief Appointed

Brendan McDonagh of the NTMA takes on the role:  more details here.

8 replies on “Interim NAMA Chief Appointed”

The critical part of the NAMA project is the setting up part. By all means put a stooge in later.

It is going to be very big Quango boys! Give it a chance I am sure there will be room for everyone on Board.

Why is this government going to pump 63bn into this zombie bank called NAMA. Who in the country voted for that? Why not let the banks that are too big to fail. Fail! I don’t buy this systemic failure stuff! What we need is one or two good banks maybe Canadian banks which will operate in this state. They can have our savings, they can operate our current accounts etc. Let them buy, if it thinks it is a good idea, the Performing Assets, from the failed banks at “reasistic” prices. As for the toxic sludge let it sink to the bottom of these banks. Let the share holders be wiped out, let the management be wiped out let the funds that got it wrong be wiped out and dare I say it the jobs too! Most of these jobs with their skill sets will be reabsorbed over time!

In my book pumping 64 billion into these entities to keep them alive does not make any sense. This money should be put into a healthy bank and loans of close to 640 billion could be created. This is our stimulate package that the economy needs and it could save thousands and thousands of jobs.

We don’t need towers, brown field sites,empty shopping centers and block after block of small sub standard and poorly located apartment blocks nor finished or half finished housing estates. They represent stunning miscalculations, they are surplus to requirements many stemming from stupidity and outright greed. Let the market place recycle them and let the scavengers pick them clean. There is billions on the sidelines waiting to mop up these assets and the government should let that happen and forget NAMA which will become a logistical and legal quagmire of “grotesque” proportions.

The Irish taxpayer is not a registered charity on who’s credentials NAMA can print up government paper or even the craziest idea of all raid the Credit Union movements savings. That idea, as far as the managing of credit unions is concerned, is even more reckless that putting the money into slot machines in Las Vegas. Their brief is to preserve the savings of members who’s only fall back position may be what thousands of Euro they have invested in the Credit Union. Putting this money into Irish government “bonds” as part of some patriotic gesture is misguided, reckless and ill advised. PS I hope your CV’s have not been shredded to much!

“Let the share holders be wiped out”let the jobs be wiped out ” let the government be wiped out is the only way forward really;, The Economists on this blog, the talking head intellectuals like Vincent Browne , George Lee ,David Mc Williams ,have been advising ,pleading suggesting and what do the government do,? THEY DO THE OPPOSITE,!Wake up they aint listening!During the Celtic Tiger mass delusion they had the deal all cosyed up, Berties social partners bull to gag the unions, the galway tent to pump up the builders with “incentives”the banks stuffed with stooges and a RTE media bankrolled by government to shut up and keep the happy music going! Remember Berties” doom and gloom merchants talking down the economy”,?The only solution is political and George Lee knows it,Fianna Fail must be destroyed

Now it turns out that even Michael Somers believes that the legal people would be feeding at the trough until they explode, and that is what Mr. Somers has done to NAMA. He, has deliberately let the cat out of the bag by telling the world and anyone prepared to listen that NAMA is a non starter! That NAMA is impossible! That he is very interested in NAMA but not that nobody passed him the envelope that Lenihan did his calculations on.

I now firmly believe that it will be stillborn and if it is not, that it should be strangled by the the electorate the first chance they get!

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