Category: NAMA

Putrid bog of corruption still in place

I see the editor of the Irish Times shares my suspicions regarding political interference in NAMA.

When Minister for Tourism Mary Hanafin talks about meeting the National Asset Management Agency (Nama) to discuss the management and disposal of hotels that have been acquired by way of bad bank loans, alarms should blare.

Any political interference in the management of these assets by Nama will destroy public confidence in the agency and fuel suspicion that political cronyism is at work.

Editorials like this will become very common over the coming decades as political cronyism eats away at the fleshier elements of NAMAs treasury.

There will be a long line of politicians, from every party, carrying out smash and grab raids on NAMA to enrich themselves and their friends.

This will happen because, despite the destruction of our country by a corrupt body politic, that corrupt system is still fully in place.

Corruption, financial and political, is the putrid bog on which our country operates and nothing substantial will change until those who support and benefit from it are removed from office.

Fianna Fail: Still arrogantly confident

An event occurred yesterday morning that should have sent shivers down the spine of every poverty stricken taxpayer in this country.

It was announced on Morning Ireland (5th report, 2nd item) that Minister for Tourism, Culture and Sport Mary Hanafin was planning to meet the National Asset management Agency (NAMA) to discuss the problems of the hotel sector.

When Hanafin was asked would she be encouraging NAMA to get rid of surplus hotels she replied:

We will be encouraging NAMA not to leave it run for a number of years. I need them to look at it at the end of the year. To take a look and see, area by area, what exactly is required of the market to see how many of those hotels are going to be viable.

I need them to look at it at the end of the year??? To see exactly what is required of the market??? This is direct political interference in NAMA, something we were told would never happen.

Hanafin, one of the most ruthless politicians in the country, is a very loyal member of the most corrupt political party in the country.

A party that’s principally responsible for the destruction of the country, a party that provided the very generous tax breaks to developer friends to build all the surplus hotels now residing in NAMA.

This is the politician who is now going to tell NAMA what to do with all these hotels and there’s not a word of protest from anybody.

This arrogance coupled with the recent blatant appointment of a Fianna Fail hack to the board of Anglo Irish Bank are clear signs that Fianna Fail still believe they are untouchable, that they can do as they please.

There is not the slightest indication that they are mistaken in their arrogant confidence.