Anyone else scared of what's going to happened if NAMA is passed?

funnyname

John Mulcahy is advising the Government on the value of properties which will end up on the NAMA book.

Mr Mulcahy led the team that advised South Wharf plc when it sold the Irish Glass Bottle site for a record €412 million in October 2006. The deal, which involved complex legal issues, took six years to complete.

- From the Irish Times

In a week when the value of the Irish Glass Bottle site in Dublin was officially downgraded from the €413 million that was paid for it to just €60 million – a fall of 85 per cent

- From the Irish Times

Mr Mulcahy said NAMA’s valuation will chart trends going back to 1971 to arrive at what each site is worth.

On the basis of his analysis every global property crash has led to recovery and he expects sites to return to 88% of their peak price in seven years.

- From the Irish Examiner

Last one out please turn out the lights.

AlekSmart

You may have a Funnyname,funnyname,but you are BANG on the money here !!
For me,the entire NAMA thing represents the last contrived throw of a massively unprepared and morally suspect Governing Class,best represented by the Fianna Fáil rural TD.

This of course is unfair,as the disease is not specifically FF in nature,but rather a manifestation of the True nature of Irishness.

NAMA as a concept is not totally devoid of the possibility of success,however NAMA as it`s now being moulded,drafted and traduced through Dáil Éireann is something definitely not for the good of greater Ireland.

The initial manifestation of this was in the very appointment of John Mulcahy.
John is,I`m sure a grand lad with the highest credentials and respected by all who have had dealings with him in his line of business.

However,to an independent minded person of limited knowledge and qualifications this very "Club Membership" SHOULD have immediately disqualified him from the job...In fact he should have rerfrained from applying or accepting a job offer ...IN THE NATIONAL INTEREST !

If Bill Shipsey SC can wax lyrical in the Supreme Court about his client`s (Zoe) respect and concern for the Public Interest then I take it we (The Public) can assume our interests are paramount....Yes ??

NAMA,if it`s to succeed,always required a sense of dislocation at the very top...It required(s) a top layer of management prepared to ACT and to be totally impervious to Irish Political nuances.

I put it to the court that Mr Mulcahy simply cannot demonstrate this level of forensic detachment which therefore impacts upon his ability to take the necessary action to SAVE IRELAND ?

NAMA in effect needed to be a small scale property focused version of the IMF with all the attendant risk for the Happy Valley lads...

What we now have is nothing like what IRELAND needs,but it`s what we`re getting.

Oh well what can we do.