CORRUPTION – THE SCOURGE OF NAMA

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Nama

By Liam Deegan

Why did the chief executive of NAMA, Brendan McDonagh go in front of another government talking shop and sit there with a look on his face that conceals nothing but disdain for the taxpayer, while he tells us that the developers deserve their salaries of up to €200,000 all the while owing us billions of Euro in unpaid loans that NAMA have elegantly and quietly absorbed by bailing out their friends in the banking sector?

Well, Mr. McDonagh, whether you actually know it or not, you run a show that is clearly corrupt and that you and your senior managers appear to have no issue in letting insider information become a cash cow for your employees and their friends. The reality is that this little charade has been going on for a long time but this is clearly a sign that corruption is rife on all levels of government including on a level that is supposed to be helping the taxpayer recoup their money back rather than NAMA employees help themselves to a quick profit at our expense.

I was given information that I am going to challenge NAMA and the government with, because the people who supplied the information don’t trust the mainstream media to get the message out there anymore than the rest of us do… Information like a current NAMA employee recently buying a site still worth millions of Euro, beside Tesco in Maynooth, County Kildare, for a massive discount (lower end of hundreds of thousands) even though the site had a firm offer of over €1.5 million on the table from a developer that isn’t in NAMA!

So a couple of questions arise out of this:

1 – Can Mr. McDonagh explain how one of his employees was able to carry off the purchase of a tract of land (worth millions of Euro in the heady days of 2007), which was subsequently brought under NAMA after paying a pillar bank millions more than it is now worth?

2 – Why did no one in management not notice, the checks and balances NAMA claim to have in place to stop the very same fraud taking place amongst his employees were being bypassed?

3 – Why did the pillar bank lending the funds for the purchase not question where the land was originating from, ie. NAMA? How did the banks securities department not question what was a gaping hole in the legality of the documentation supplied to them?

4 – The Department of Finance (Minister Noonan) has to personally give his authorisation to the sale of property and land by NAMA and this sale had to go up the chain of Civil Servants all the way to Mr. Noonan, so why did no one call foul along the way?

This is called insider trading and is a criminal offence punishable by jail time every where else but not in this country. What will be done with this information is anyones guess but one thing is for sure… There will be no jail time for anyone involved. Mr. McDonagh and his senior managers will still be on huge salaries and no doubt the NAMA employee who bought the land is having the best Christmas ever, at our expense!

* Oh and by the way, nearly forgot… Mr. Sean Barrett TD (The Ceann Comhairle) has a Christmas present on the way that he won’t want to open or show off on Xmas or ever for that matter.

But one thing is for sure… He is going to need a bigger boat!!