NAMA paying developers salaries of up to €200k

Freddie59

I really think someone is trying to provoke a revolution in this country:

http://www.rte.ie/news/2011/0909/ntma-business.html

NAMA chairman Frank Daly told the committee that the agency did not set salaries for developers. But it approved business plans from which developers took salaries. These business plans had seen overheads reduced.
He said that developers frequently took salaries of between €75,000 to €100,000. He said in some cases there were salaries paid of €200,000

Are these people for real? PAYING someone to honour their debts? FFS where is all this going to end. It's just one farce after another.:mad:

Snakeblood

Freddie59 wrote: »

I really think someone is trying to provoke a revolution in this country:

http://www.rte.ie/news/2011/0909/ntma-business.html

NAMA chairman Frank Daly told the committee that the agency did not set salaries for developers. But it approved business plans from which developers took salaries. These business plans had seen overheads reduced.
He said that developers frequently took salaries of between €75,000 to €100,000. He said in some cases there were salaries paid of €200,000

Are these people for real? PAYING someone to honour their debts? FFS where is all this going to end. It's just one farce after another.:mad:

THere should certainly be a limit on this sort of thing. I'm not srue what I'd approve, but maybe 75 grand. If they were worth more than that, they probably wouldn't be in NAMA in the first place.

Yakult

Is it NAMA or NTMA?

Executive Steve

Not another dole thread!

Freddie59

Yakult wrote: »

Is it NAMA or NTMA?

NAMA.

SEPT 23 1989

RICH + DEBT=WE PAY YOU
POOR + DEBT=JAIL

Freddie59

SEPT 23 1989 wrote: »

RICH + DEBT=WE PAY YOU
POOR + DEBT=JAIL

In a nutshell. The more you owe, the better you're treated.

mickdw

This is only the tip of the NAMA scandal. Properties are being sold out of nama back to the private sector with little regulation yet again. Much possibility of corruption again.

smash

Freddie59 wrote: »

Are these people for real? PAYING someone to honour their debts? FFS where is all this going to end. It's just one farce after another.:mad:

Here's a bit of info for you. All loans containing over 5m in property debt were moved to NAMA. They weren't all bad loans. If a company is doing well then the director can take whatever salary they want from it.

7sr2z3fely84g5

The whole system is a joke,paying developers for their corporation of their debts,where they should had been jailed for debt and their mansions/cars sold off.

Another outrageous part is the taxpayer is paying rent to a nama developer!-
http://www.swp.ie/editorial/one-law-rich-and-another-poor/3927

Johnny Ronan and Richard Barrett of Treasure Holdings also own the building NAMA pays rent to

mickdw

smash wrote: »

Here's a bit of info for you. All loans containing over 5m in property debt were moved to NAMA. They weren't all bad loans. If a company is doing well then the director can take whatever salary they want from it.

Yes but that is not the story here. Deals have been made with developers who are not solvent, developers who are billions in debt, to come on board and manage their now bankrupt empires.

In the case of the good loans, NAMA would be simple acting as the mortgage lender to a performing business and as you say, the salary of the director is none of its business. In the case of bad loans, NAMA have various roles ranging from lender through developer, property speculator down to single unit rental landlord I believe.

I am I said

It's a joke , a bad joke.

Jobs for the boys is alive and well despite them having taken us to the brink of financial ruin.

LittleBook

Nama Salaries

Check your link Freddie.

And WTF does "the agency did not set salaries for developers. But it approved business plans from which developers took salaries" mean?

I don't take my salary, it's given to me.

smash

mickdw wrote: »

Yes but that is not the story here. Deals have been made with developers who are not solvent, developers who are billions in debt, to come on board and manage their now bankrupt empires.

Where are you reading that?

The op linked to this story http://www.rte.ie/news/2011/0909/ntma-business.html

And quoted:
NAMA chairman Frank Daly told the committee that the agency did not set salaries for developers. But it approved business plans from which developers took salaries. These business plans had seen overheads reduced.

Which is not mentioned at all in the link. But the piece you need to look at here is "approved business plans". Everyone who had loans moved to NAMA had to submit a business plan, these plans passed which means the developers were not insolvent.

LittleBook wrote: »

I don't take my salary, it's given to me.

That's because you don't own a company, they do.

dermo88

NAMA chairman Frank Daly

Surely his parents should have called him Arthur instead. It would fit in with the character of "Minder"

mickdw

smash wrote: »

Where are you reading that?

Sorry, Im talking more on the wider case where well known bankrupt developers are being paid over 100k a year even though there businesses will never cover billion in debt owned and are complete lost causes. The argument for this is that the business/properties might realise a better return for the tax payer if all the knowledge of the developer is utilized such is the tangled web company structure that all of these developers were operating.

smash

mickdw wrote: »

Sorry, Im talking more on the wider case where well known bankrupt developers are being paid over 100k a year even though there businesses will never cover billion in debt owned and are complete lost causes.

Insolvent developers can not take a salary from their companies:
http://www.irishtimes.com/newspaper/finance/2011/0907/1224303634698.html

mickdw wrote: »

The argument for this is that the business/properties might realise a better return for the tax payer if all the knowledge of the developer is utilized such is the tangled web company structure that all of these developers were operating.

There will NEVER be a return for the tax payer. Any taxes we are paying now to cover NAMA will never be removed. And any money that NAMA make, if they make any, will just go back to the banks, not to the tax payer.

Phill Ewinn

This is news from years ago OP. People voted for this kind of thing. It's their democratic right to be ripped off and laughed at. Programme on RTE last week interviewed developers who have no intention of managing their estates and take the 200k unwillingly. Some of these people still make big money abroad. Acting as ''consultants'' (not directors or CEOs) in companies they don't own.

Freddie59

smash wrote: »

Here's a bit of info for you. All loans containing over 5m in property debt were moved to NAMA. They weren't all bad loans. If a company is doing well then the director can take whatever salary they want from it.

Define 'doing well'.

Freddie59

Phill Ewinn wrote: »

This is news from years ago OP. People voted for this kind of thing. It's their democratic right to be ripped off and laughed at. Programme on RTE last week interviewed developers who have no intention of managing their estates and take the 200k unwillingly. Some of these people still make big money abroad. Acting as ''consultants'' (not directors or CEOs) in companies they don't own.

Indeed. It would be laughable were it not so serious. IT IS TRULY SURREAL.

charlemont

Executive Steve wrote: »

Not another dole thread!

When the dole gets cut and c*nts in NAMA still have the life of Reilly that's when sh*ts got to change, Protests wont solve nothing, Violence unfortunately will, The IRA should never have disarmed.

charlemont

I am I said wrote: »

It's a joke , a bad joke.

Jobs for the boys is alive and well despite them having taken us to the brink of financial ruin.

The people here just use more and more vaseline.

7sr2z3fely84g5

irish monopoly rules should be changed-

Your property that you own loans on has been taken over,do not go to jail.

other news on welfare etc,o leary in herald today-
http://www.herald.ie/news/put-10pc-tax-on-dole-and-sell-off-esb-oleary-2872097.html

Mr O'Leary considers much of the public sector to be "rotten to the core".
He said the country's former top civil servant Dermot McCarthy should have been sacked for "10 years of abject failure" instead of receiving a €600,000 retirement payment.
"There are 1,000 quangos that cost about €6bn a year, I would close every single one of them next Tuesday, starting with FAS, which costs €1bn a year.
"Unemployment would rise, but most of them are useless anyway, but they all would have to get jobs somewhere else."

of course he would never be elected for saying things like that!.