NAMA and possibility of Ex-Developers earning fat consultant's fees in the future

Slideshowbob

Seems this may happen

What an appauling vista

How much would they be entitled to an hour / day / year?

Remember it was they that got their investments wrong.

If the had suceeded - they would have reaped the benefits, but they didn't so where is their downside?

As part of their repayment of debts - should they be obligied to work for nothing for NAMA?

Some are saying they are the ones who are best placed to advise NAMA on sites etc they are familiar with - however, if they essentially made such fundamental mistakes with the maths before a sod was turned - can they be trusted or does they previous record even warrant any trust.

The same would all go for consultants who acted in these deals in the good times - although some have already been appointed to NAMA as consultants :rolleyes:

Of all the implications for taxpayers that seems to come with NAMA - the above would surely be the most difficult to stomach!?!?

Nijmegen

Yes, they should be forced to provide consulting services to the value difference between what NAMA paid for their crappy loan and the real value, we the taxpayers, have inherited.

Slideshowbob

Nijmegen wrote: »

Yes, they should be forced to provide consulting services to the value difference between what NAMA paid for their crappy loan and the real value, we the taxpayers, have inherited.

Ya

At what rate though would they supply these services?

Consideration should be given to their previous track record / experience hmmmmmmmmmmmm hence a negitive rate :D

Slideshowbob

On page 8 of today's Sun Bus Post it's reported that Bernard McNamara is asking NAMA for a 300k salary to help 'manage' his 1.5 bn debt



Lord save us ............

Laminations

They should provide assistance on a work placement program basis. Other quite qualified people who are struggling are providing their services for the price of their dole. Why? To gain experience, to look good on the CV, to keep from doing nothing. These developers really need something good on their CV and they need to experience humility. So they should get nothing more than dole for any time they give helping their creditors. If they want to provide advice in the private sector on a salary of 300k let them, and take everything of that salary bar the equivalent of the dole as repayments. If your creditors are your employers then they should have you by the balls and you should work for next to nothing

dan_d

I've a vague memory of a recent article somewhere that referred to a company in Northern Ireland that was involved in property - buying,selling,renovating......one of the "consultants" that advised them was non other than Mr. Bertie Ahern. For the life of me I can't remember if they were expanding or going bust, but I thought the whole thing sounded ridiculous!