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Anglo latest announcement

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    #32
    Mr.Micro
    Registered Users Posts: 5,336 ✭✭✭Mr.Micro


    cyclopath2001 wrote: »
    To know that we'd need to know the details of the contract. We don't even know if the loans were made directly to actual people or to some shelf-company, registered and controlled in God-knows where.

    This is sounds like another money-go-round similar to the one with the 8bn transitting ILP.

    Why did the 'golden circle' boyos get involved? There must have been some promise of profit/gain? And those guys are not stupid, they must have known before many of us that Anglo was one very naughty bank.

    I suspect there is /was massive fraud involving this golden circle and the bank which is political dynamite that would reach far and wide IMO. Lenihan is determined to save the Anglo no matter what price. It defies logic financial or just plain, so there has to be other reasons. It always makes me laugh now when I hear regulated by the financial regulator and the AIB advert, be with AIB, ah sure we are since the taxpayer owns a massive chunk of it .


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    #33
    cyclopath2001
    Closed Accounts Posts: 3,359 ✭✭✭cyclopath2001


    Mr.Micro wrote: »
    Lenihan is determined to save the Anglo no matter what price. It defies logic financial or just plain,
    It would be interesting to know of the government is paying rent on properties, which are in the 'bad loan' (or not-very-well-behaved loan) book...or to companies which owe money to Anglo.


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    #34
    ejmaztec
    Registered Users Posts: 24,078 ✭✭✭✭ejmaztec


    SEPT 23 1989 wrote: »
    this will be the religous orders abuse scandal of the future how will we explain this scam to our children and grandchildren we really are bloody idiots

    Hopefully by telling them that there used to be a party called Fianna Fail that got disbanded due to lack of support, and take it from there.


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    #35
    AlekSmart
    Registered Users Posts: 14,005 ✭✭✭✭AlekSmart


    Eh did Fitzpatrick run a giant Ponzi scheme while I wasn't paying attention? Compare like with like, do you see any of the CEOs of the American banks being led around in leg-irons?

    It`s not really germane as whether Seanie Fitz "ran" a Ponzi scheme or not.

    His all too flamboyant actions and the equally obvious benefits that he reaped from this flamboyance,which we now know know to be based on highly dubious and most likely illegal stewardship of the Bank,served to encourage other less pushy movers and shakers to venture forth on the same track.

    It may not be like for like in strict comparitive terms,but it`s pretty damn close in my book :rolleyes:


    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.

    Charles Mackay (1812-1889)



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    #36
    Seth Brundle
    Moderators, Politics Moderators Posts: 39,827 Mod ✭✭✭✭Seth Brundle


    NAMA will use compulsory purchase

    By Dearbhail McDonald

    Tuesday June 02 2009

    COMPULSORY Purchase Orders (CPOs) will be deployed by the National Assets Management Agency (NAMA) to quell legal challenges by developers and acquire their lands.

    The Government will seek Dail approval for dedicated CPOs to overcome planned legal actions by developers who fear they will be subjected to predatory and aggressive targeting of their assets by Ireland's 'bad bank'.

    CPOs are an existing power used by the State to acquire land in private ownership and the mandatory process is used by local authorities to acquire lands for road construction or for other public purposes.

    But developers fear that lands compulsorily acquired by the NAMA at a discount could result in the Government or other developers to whom the land is sold reaping significant profits at their expense.

    Plans to deploy CPOs are under way at the Office of the Attorney General, which is setting out sweeping powers for the new agency, including mandatory powers to acquire assets.

    A number of legal firms have been commissioned to protect developers' interests ahead of the new legislation and the Construction Industry Federation has set up a "war chest" to fight any legal challenges it deems necessary.

    Though many of the country's builders are resigned to the establishment of the new agency, they are concerned that the State will fuel large profits to any new owners of lands which are sold by the NAMA without compensating them for any losses.

    Valuers will play a key role in discounting the sales of troubled assets and the NAMA, which will send teams of experts into banks to perform legal and financial due diligence on toxic loans, will face a range of legal difficulties as many assets are multi-banked and the vast majority of loans are "bespoke" and do not have uniform legal documentation.

    Last week, the CPO-style procedures were confirmed by Brendan McDonagh, interim managing director of the NAMA, who signalled that government approval will be sought for a range of powers including, potentially, CPOs.

    Since the announcement of the decision to establish the NAMA, a steering group comprising the National Treasury Management Agency, the Department of Finance and the Office of the Attorney General has been meeting twice a week to consider a range of issues, including CPOs, which will be included in the draft NAMA bill.

    - Dearbhail McDonald
    http://www.independent.ie/business/irish/nama-will-use-compulsory-purchase-1757814.html

    I wonder how much compensation we will end up paying the developers who defaulted on their loans!


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