Property dealings of our Public Representatives - Why no proper investigation?

gandalf

During the discussion on Eamonn Gilmores wifes sale of property a thought occurred to me.

How many members of the Oireachtas have dealings in property and how many are now compromised by those dealings?

We all know about Ivor Callely and his problems. Fianna Fáil Senator Francie O Brien is mentioned in a judgement for an unpaid property loan that also involves Michael Fingleton today as well. Even Brian Cowen has had his own property issues. We know that the leader of the Seanad makes a major portion of his income from property as well.

I am genuinely surprised that no journalist has looked at how many of our representatives are involved in property deals especially members of this and the previous government. Surely there is a major story there for a talented investigative journalist?

ei.sdraob

our media is truly incompetent, especially compared to UK media, watch here for an example of proper investigative journalism at work

edit: actually they are bloody dangerous! they are after all one of the parties responsible for brainwashing people into a property frenzy during the bubble ...

Einhard

The fact that there has been no major story broken on this issue, doesn't necessarily mean that there has been no journalistic investigation. It's more likely that there is no story there to break. AFAIK, there's no law against politicians owning property as long as it's declared.

ei.sdraob

Einhard wrote: »

The fact that there has been no major story broken on this issue, doesn't necessarily mean that there has been no journalistic investigation. It's more likely that there is no story there to break. AFAIK, there's no law against politicians owning property as long as it's declared.

But there is a massive and very obvious conflict of interest
we have the likes of Frank "40 gaffs" Fahey being a member of a party which socialised billions of bad loans in order to artificially prop up a property market

Do the likes of Frank represent and care about the people or his portfolio...

Einhard

ei.sdraob wrote: »

But there is a massive and very obvious conflict of interest
we have the likes of Frank "40 gaffs" Fahey being a member of a party which socialised billions of bad loans in order to artificially prop up a property market

Do the likes of Frank represent and care about the people or his portfolio...

I don't think there's necessarily a conflict of interest unless it can be proved that a) Fahy actually benefitted materially from the NAMA legislation to a significant extent, and b) that he was instrumental in NAMAs creation.

ei.sdraob

Einhard wrote: »

a) Fahy actually benefitted materially from the NAMA legislation to a significant extent

The purpose of NAMA is to prevent firesales and hold up prices, to quote Brian Leninham "in order to put a floor on their house price"
Every property owner "gained" or not lost as much for that matter as they would have if a normal market forces been allowed to operate.
40x so if you have 40 properties no and they are of course not his primary residencies....

Einhard wrote: »

that he was instrumental in NAMAs creation.

That would require some investigative journalism now wouldn't it :P (or a court-case)

I can see tribunals arising around NAMA decade from now, whole thing reeks of FF cronism

PeterIanStaker

ei.sdraob wrote: »

our media is truly incompetent, especially compared to UK media, watch here for an example of proper investigative journalism at work

edit: actually they are bloody dangerous! they are after all one of the parties responsible for brainwashing people into a property frenzy during the bubble ...

the media's job here seems to be to maintain the status quo at all costs.

gandalf

Einhard wrote: »

The fact that there has been no major story broken on this issue, doesn't necessarily mean that there has been no journalistic investigation. It's more likely that there is no story there to break. AFAIK, there's no law against politicians owning property as long as it's declared.

Maybe not but what I would be concerned at is our politicians have overstretched themselves and left themselves be vulnerable to manipulation based on these difficulties.

We have seen how Ivor Callely was trying to use his expenses as an income boast. Obviously that can be understood given his precarious financial situation. How many other of our representatives could be in similar delicate situations because of bad investments. I mean our Taoiseach has 3 investment properties based on the last Register of Interests for Dail Eireann (Word Document).

The Seanad (Word Document) one makes interesting reading as well.

The NAMA side of the arguement would be a serious worry as well.