Sensitive information leaked from NAMA to developers' 'vulture funds'

IvaBigWun

Fianna Fail senator Darragh O'Brien told the Seanad today that he has come into possession of information that will rock NAMA to its core.

He claims that information is being leaked to so-called 'vulture funds'.

Vulture funds, such as private equity firms and hedge funds, have descended on Ireland and the rest of Europe since the downturn, seeking assets that have plunged in value and are now under-priced.

Traditionally they buy up the debt on companies that are perceived to be on the verge of collapse for cents in the dollar and hope to turn a profit when the company defaults on its debts.

Mr O'Brien requested that Taoiseach Enda Kenny, Finance Minister Michael Noonan or Justice Minister Alan Shatter come into the Seanad to address the claims.

He also asked whether Garda Commissioner Martin Callinan has been asked to investigate.

“Information is being leaked from the National Asset Management Agency, and it is being given to vulture funds, and it is being given to other investors for advantage on them, financial advantage on them, and to them, to ensure that they are going to profit off the back of the taxpayers," he said.

"And they're going to profit and shut down viable businesses also."

http://www.independent.ie/incoming/sensitive-information-leaked-from-nama-to-developers-vulture-funds-claims-fianna-fail-senator-29842595.html

More corruption? Ah sure why not

cantdecide

The big question is: how can we get in on the act?

Daqster

Doubt any of it is true.

He's always making stuff up for the craic sure.

Have you never seen Mock The Week?

Donkey Oaty

Daqster wrote: »

He's always making stuff up for the craic sure.

Have you never seen Mock The Week?

Sorry, I have to correct you on that, but your error is understandable due to a common misunderstanding.

He does not make stuff up on Mock The Week.

It is entirely scripted.

Specialun

I want a slice of that pie please

hansfrei

FF senator? And he only found out now?


Yeah fcuking right!!!

Cnut

Why did he not go to the guards himself or why did the person who gave him the information not go to the guards?

shedweller

Well it's hardly a surprise when we see properties being sold but not to people that didn't have the cash to do so. The type of people that have cash to buy properties are......investors!
They are playing the game and are not stupid. This is the time to buy property but not if you're a pleb.

renegademaster

IvaBigWun wrote: »

http://www.independent.ie/incoming/sensitive-information-leaked-from-nama-to-developers-vulture-funds-claims-fianna-fail-senator-29842595.html

More corruption? Ah sure why not

why not exactly, until we make it a dangerous move to even consider tryin to fcuk us all over why wouldn't it be game on!!

shame on us for not acting sooner to show who has the real power in Ireland!

NuckingFacker

renegademaster wrote: »

why not exactly, until we make it a dangerous move to even consider tryin to fcuk us all over why wouldn't it be game on!!

shame on us for not acting sooner to show who has the real power in Ireland!

Denis O'Brien?

KyussBishop

Inflate record-breaking potentially economy-destroying property bubble with regulation-breaking excessive loans and fraud, gain massive profits in salary and bonuses, with friends in finance also gaining massive salaries/bonuses, from speculation within the asset bubble (selling off assets while the bubble is peaking, gaining huge amounts of money).

Watch potentially economy-destroying bubble burst, get government to bail out banking debts under fear of destruction of the banking system, watch government get plunged into massive debt, and watch previously sustainable private debt, become unsustainable due to ensuing crisis.

Watch asset prices decrease due to the private sectors debt burden, unemployment and higher taxes (due to crisis) all put a strain on the publics ability to spend, and due to general economic malise - and watch government finances become so unsustainable that they are forced to sell off assets on the cheap.

Using money gained at height of boom, partially from same bubbles that brought on the ensuing crisis, buy up tons of both public and private assets on the cheap (even services that were previously public - allowing you to seek 'rents' off the public, by providing these services privately instead). Even better if you've got corrupt officials flipping them even cheaper (and I don't restrict this to just NAMA/housing either...).

When the economy is near exiting the crisis (a long while away yet), begin the cycle again, by loosening restrictions on credit, and getting asset bubbles pumping-up/inflating again to unsustainable levels - in order to begin the next economic crisis.


People need to be put in prison for a very long time for this shít - this kind of white collar crime isn't victimless, it's the most damaging of all kinds of crime - it's hidden enough to be respectable, and it destroys entire countries.