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NAMA scam underway?

  • 27-01-2011 10:28am
    #1
    Iwannahurl
    Closed Accounts Posts: 8,156 ✭✭✭


    A former auctioneer/valuer, Sen. Mark Daly I think, is warning that the Irish taxpayer is being scammed again, this time via flaws in NAMA. On Today PK (RTE Radio 1 now).

    As far as I can gather, this is what is happening.

    NAMA is selling assets through competitive tendering, which is not an open and transparent process.

    In some cases properties are being sold well below their current market value. "People in the know" -- possibly including developers who were the former owners of these properties -- are organising groups of friends to buy up the assets at the knock-down NAMA price. The asset is then sold on at a realistic market price, and the syndicate divides the spoils.

    Nice one, if true. And if it is true, it's a massive scandal.


Comments

  • #2
    Dannyboy83
    Registered Users, Registered Users 2 Posts: 4,236 ✭✭✭Dannyboy83


    Any more detailed info available yet?


  • #3
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    Iwannahurl wrote: »
    A former auctioneer/valuer, Sen. Mark Daly I think, is warning that the Irish taxpayer is being scammed again, this time via flaws in NAMA. On Today PK (RTE Radio 1 now).

    As far as I can gather, this is what is happening.

    NAMA is selling assets through competitive tendering, which is not an open and transparent process.

    In some cases properties are being sold well below their current market value. "People in the know" -- possibly including developers who were the former owners of these properties -- are organising groups of friends to buy up the assets at the knock-down NAMA price. The asset is then sold on at a realistic market price, and the syndicate divides the spoils.

    Nice one, if true. And if it is true, it's a massive scandal.

    I heard him on the radio too. He wasn't very clear on what was going on, offered nothing more than rumour, couldn't explain how the property owners were getting finance, has not gone to gardai about his "discovery" and either cannot or will not name names (in Senate where he would have privilege). Is he running for election to the Dail because it sounds like he is.

    By the way, as an aside looking at his website he looks almost ashamed to be a member of FF. The logo is tucked away in the corner, no mention of FF anywhere.


  • #4
    PCPhoto
    Registered Users, Registered Users 2 Posts: 6,584 ✭✭✭PCPhoto


    sounds like a FF'er is trying to deflect attention ..... who "created" NAMA in the first place?


  • #5
    sollar
    Closed Accounts Posts: 2,007 ✭✭✭sollar


    So some of the golden circle brigade will make tidy little profits at the end up


  • #6
    recedite
    Closed Accounts Posts: 13,992 ✭✭✭✭recedite


    beeno67 wrote: »
    Is he running for election to the Dail because it sounds like he is.
    Senators get elected (or dumped) soon after the Dail anyway. If he has something to say, he should say it now while he still has privilege.


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