Wednesday, 2 November 2011

Nama pays failed developers €200,000 a year salaries - bonuses extra, of course

When Brian Lenihan ushered Nama (National Assets Management Agency) into our lives in 2009, he – and others in authority – denied it was a bailout mechanism for failed builders and developers.

Nama, for those of you who might have been on an Antarctic expedition over the past year or two, is an official scam whereby the “bad” bank loans of Irish builders and developers where bought (with taxpayers’ money) for a sum that they might possibly be worth some time in the future.  But won't be.

It means that stupid, greedy developers and speculators – with the collusion of dodgy bankers – who gambled and failed, will be rewarded by the public purse, rather than find themselves begging with no arse in their trousers beside every city centre ATM, as they might in the US for instance.

That is not the Irish way, oh no. The Irish way is to pay them a “salary” of €200,000 a year. Here is a list, cogged from Daniel McConnell in the most recent Sindo, illustrating how we do things in Ireland.


Nama is paying at least two developers €200,000 and up to 120 others between €70,000 and €100,000 a year in salaries.

Nama admits it is now realistically only chasing the amount it paid for loans – €31 billion – and not the original €78 billion amount.

Nama is now willing to pay bonuses, potentially worth millions, to developers on all “profit” made above what it paid for loans.

Nama has allowed €2bn to cover legal and other advisory fees during its 10-year lifespan.

Nama is currently paying about €100,000 a day on financial and legal experts according to its latest report.

Nama remains a secret society, and is not accountable under the Freedom of Information Act.

122 senior people at NTMA/Nama are being paid more than €100,000. Nama CEO Brendan McDonagh’s salary is €430,000.

The difference is we’re Irish, as the slogan goes.

Back to Gombeen Nation main page.


Anonymous said...

MR GM iwould remind you that if you pay peanuts you get monkeys NAMA does not do monkeys ,MR NOONAN made it clear recently that we are northern europeans and sooooooh unlike those oily chaps along the med is any body listening? to this brilliant bufoooooon,this blasted soap opera come gong show in EZ is making me and my portfolio sea sick its time to bring in BOLLICKS BERTIE AHERN with a few tax breaks for builders toget this gong show on the road CHEERIO ---BH

Dakota said...

Ah yes GM a short while into this great Irish institutions' establishment and the salaries of these financial gurus was made known. Not one individual even mentioned this on any of the boards I looked through at the time. Silence. The payments to the Irish developer geniuses was then "leaked" again an uproar of indignation from sections of "society" here? No, nothing. It makes no sense. There are fractious tribal societies but this is beyond anything which could explained way.

I honestly belief the Irish actually like this country the way it is. Why else would they let the elite run riot again and again?

Em, what has been produced what's left over from the celtic tiger? A spurious hybrid of greed, begruddery and cowardice. Throw into the mix the Irish actually believe the self aggrandisement propagandist nonsense they spin for the themselves on a daily basis and you have a lethal combination. Fact, the country was a disaster during the celtic kitten it's worse now. If some believe a return to the former state is the solution then there is no hope for this island just different levels of hell.

Cute hoorism is hardwired into the DNA. There is no willingness to change here. Sure it's only a bit craic.......

John said...

Would we expect anything different?,GM, we elected a far right goverment with the assitance of the Anti- Labour party trying harder to demonstrate their right wing credentials. Interesting the backlash the Greeks get for having a referendum. I refer back to our first constitution of 1922, that allowed citizens on collecting signitures, I think the figure was 100,000 to call a referendum on any issue.
In 1928 Irish Democracy was sverely weakened when the presiding Oireachtas amended the constitution by removing Articles 47 & 48.
This one act ended the people’s right to initiate referendum as a way to have a final say in the political decision making process. And guess who were in power?, Cuman na Gael or better known today as Fine Gael.

anna said...

Tonight on radio I heard another hospital was closing, some where in middle of country, was it Abbeyleix?? There is a long list of closed/ half closed/ under threat hospitals:
Dundalk( closed)
Roscommon- half closed
Mullingar, Monaghan- threatened ...
Re latest hospital- HSE says 'it hasn't got the money'
I paid 110 for a blood test with my doctor in Dublin in Jan. Over the summer holidays and just there now, over the Oct bank hol I availed of blood tests in NI- both free. UK is also in a crisis - its hospitals are Not closing though.
Did anyone else see the RTE programme a few days ago' What did the British ever do for us?'
Historian Diarmuid Ferriter said the amount of unjust enrichment during the recent housing bubble here was on a scale Far worse than C19 Anglo Irish landlords did to the peasant Irish population.
Get out and Riot!!! Did 50 yrs of forced fluoridation in the water here make people docile or what? We are a cowed peasant people who are spun the lie, that now the Brits are gone, we are all Irish,Equal and Free. The Greedy Nama class who have Bled our hospitals should be Jailed- these people have no interest in their fellow Irish other than as cash cows.

The Gombeen Man said...

@ BH. Bertie is the man to give us a d-d-dig out, alright. A giant among giants. And eeeeeh Charlie McC, or course!

@ Dakota. Cute hoorism - it's part of what we are, it would seem. Tribal? Let's blame it on the 800 years....

@ John. Wasn't aware of that. So 1928 dealt one body blow and our friend Dev delivered the KO nine years later?

@ Anna. You have to wonder. Hasn't a right to healthcare got to be be most basic of them all, in a supposedly developed country?

John said...

true, GM, there are many facts like this that they never taught us in school history. I had the same air brushed history like most of my generation.
A very interesting book called "Preventing The Future: Why was Ireland so poor for so long?"
by Tom Garvin, who teaches politics at UCD, covers the social history of Ireland from 1922 till 1970. The book covers the history we never got in school. For example, why we had no proper road infrastructure? the reason was that the business people of Irish did not want passing traffic not going through every village in the land in case they lost business. I can recommend this very readable book for anyone interested in how the mind set of the few shaped the entire politics of this country.

The Gombeen Man said...

Thanks for that, John. Yes, read Garvin's book (must have missed that referendum reference). It is excellent. Just got RF Fosters "Modern Ireland 1600-1972" which promises to be an interesting one too...

When I think of the version of history we got at school, it brings the Radiators (a Irish punkish band of the time) "Faithful Departed" lyrics to mind:

"Look over your shoulder, hear the school bell ring
Another day of made-to-measure history
I don't mind if your heroes all have wings
But your terrible beauty is torn."

Anonymous said...

Thanks for the tip,GM, looks like a good read for xmas, I must get a copy. I wonder if you could put a book section on the blog , for suggestions of any good reads in area of history, politics etc.
Another good read is Bruce Arnolds "Irish Gulag"The State's industrial schools were a 'Gulag' or prison system for children.
The referendum, I first came across that I think in Gene Kerrigans book "This Great Little Nation" dealing with the history of Irish scandals, you probably have read it.

John said...

Sorry , gm, pressed the button befor name, John, cheers

The Gombeen Man said...

I'll watch out for those the next time I'm in Chapters, John.