Frank Fahey, what an embarrassment

Sponge Bob

Frank basically does not understand NAMA but because it is FF policy Frank sees his job as defending NAMA ( and not forgetting him hoping it will recapitalise his own property speculation portfilio. It won't do that Frank. It can't. )

Yesterday Peter Mathews the banking expert was interviewed by the Finance Committee in the Dáil ....on which FF placed Frank Fahey. Franks talks utter crap for nearly 5 minutes, the demolition starts at 5 mins in.

I cringe every time I realise that Galway West elected this thing.

( the flickering comes from the picture source, the audio is perfect)

https://www.youtube.com/watch?v=wNFbl525fkM

Fey!

We all know that you hate the man (hate is possibly not a strong enough word), but shouldn't this be in either politics or finance?

Sponge Bob

I would think that 1 in every 4 or 5 people in Galway today will end up emigrating because their TD Mr. Fahey will always defend the indefensible for as long as it is party policy and because he knows it is the only way he will get his property sepculation underwrittten by the taxpayer.

Galway West has a high population of 18-25 year olds by Irish standards. The Longer NAMA goes on the more likely it is that 1 in 3 of you will emigrate.

As to the more complex financial issues, go here or here or here or here ......but remember that those people did not elect it....we did

PopeBuckfastXVI

Please step aside if you don't understand what's going on.

You heard the man Frank you greedy little piggy, you clueless buffoon, fumbling in your greasy till. Do your country a service for the first time in your life and GTFO of the Dáil - if you won't go of your own accord I hope to god the people of Galway see that their duty to our nation, to our future generations is to remove you. No more cronyism, no more gombeen government.

If you want to know more about where Franks interests lie, bear in mind he has the one of, if not the largest property portfolio of any TD while you read this account of him trying to sucker First Time Buyers, Galway people, the people he supposedly represents, into the property market in 2008 - after the crash had come and the dogs in the street knew the market was only going one way:

Fahey opened the evening by telling everyone that he had long experience of the property market, and that - although he would advise everyone to do their own research - there was definitely value to be had in the market (he kept mentioning Tuam for some reason - does he have interests there?). He was trying as hard as possible to give everyone the impression that if they didn't buy now, they might lose their opportunity to "get on the ladder". It was like stepping back in time to 2006.

http://www.thepropertypin.com/viewtopic.php?f=4&t=14766

On this basis Frank is either scamming his constituents, or so naive as to be incompetent, either way who in the name of god would want someone like that as their representative, sent to the Dáil to look after their best interests?

Wompa1

PopeBuckfastXVI wrote: »

You heard the man Frank you greedy little piggy, you clueless buffoon, fumbling in your greasy till. Do your country a service for the first time in your life and GTFO of the Dáil - if you won't go of your own accord I hope to god the people of Galway see that their duty to our nation, to our future generations is to remove you. No more cronyism, no more gombeen government.

If you want to know more about where Franks interests lie, bear in mind he has the one of, if not the largest property portfolio of any TD while you read this account of him trying to sucker First Time Buyers, Galway people, the people he supposedly represents, into the property market in 2008 - after the crash had come and the dogs in the street knew the market was only going one way:


http://www.thepropertypin.com/viewtopic.php?f=4&t=14766

On this basis Frank is either scamming his constituents, or so naive as to be incompetent, either way who in the name of god would want someone like that as their representative, sent to the Dáil to look after their best interests?

Yeah your probably right but I've always liked the name Frank plus my great grandfather always voted Finna Fail. Toot on Frank! Toot on!

PopeBuckfastXVI

Here's the property interests of a man we have defending NAMA valuations:

http://www.oireachtas.ie/documents/publications/RegofInterestsD%C3%A1il2007.doc

(1) 2 apts Castlerea, Co. Roscommon: letting; (2) Apartment 8A, 16 Eglinton Court, Galway: letting; (3) House at Kilbeacanty, Gort: letting; (4) Apartment at Dun Aengus, New Docks, Galway: letting; (5) House at Dun na Coirribe, Galway: letting; (6) House at Liscannor, Co. Clare: letting; (7) House at Rinawade Close, Leixlip: letting; (8) Shareholding in apartment at Dun na Coirribe, Galway; (9) Shareholding in extended family owned properties at Moydrum, Athlone: letting; (10) Shareholding 4 Apts & Shop, Lower Gerald Street, Limerick: letting; (11) Shareholding in Sage Construction Co. Ltd.; (12) Shareholding in retail unit, two offices and warehouse at Crowe Street, Gort; (13) House at Jumeirah Estates, Dubai; (14) Dwelling house at The Grove, Crowe Street; (15) Shareholding in apartment at Starthmore Road and one apartment at Tappan Street, Boston, Massachusetts: shareholding in Fahey Higgins L.L.C. Boston; (16) Five apartments owned in partnership at Rue Paul-Emile, Janson 1000, ten apartments owned in partnership at Rue Du Sceptre 1015, Brussels; (17) Apartment at Chancery Lane, Dublin 2; (18) Apartment at Cathedral Place, Limerick: letting; (19) House and site at Villefranche, France; (20) Deposit paid and contract signed on property at Porto De Mos, deposit paid at Lagos and Mongadoha Lameira, Alcantarilha, Portugal; (21) Apartment at Irishtown, Dublin.

Unbiased? You decide.

PopeBuckfastXVI

Wompa1 wrote: »

Yeah your probably right but I've always liked the name Frank plus my great grandfather always voted Finna Fail. Toot on Frank! Toot on!

Indeed... speaking of Frank being a tutor - doesn't he still draw his teachers salary? Two state salaries for a single half assed job - maybe I'm wrong about him, it seems the guys a genius.

Wompa1

PopeBuckfastXVI wrote: »

Indeed... speaking of Frank being a tutor - doesn't he still draw his teachers salary? Two state salaries for a single half assed job - maybe I'm wrong about him, it seems the guys a genius.

If he's getting away with it I'd say so! His property investments are impressive. I wonder is the down turn hitting him hard. The ones in Galway are in places that tend to always find tennants so maybe he's not so dumb

Sponge Bob

He did for years, I think they finally pried his hands off the teaching job in the past 2 or 3 years.

Incidentally Frank always pocked the difference between 'his' point on the pay scale and the bottom of the pay scale when paying his substitute because Frank was responsible for paying his substitute since about 1982 when he was elected until at least 2007.

Frank will not divvy up his 'retirement gratuity pro rata the years the substitutes did either, no sirree. His final teaching salary would be around €60k so he is entitled to a lump sum of about €60k tax free at some stage even though he actually taught for no more than 10 years.

Frank always understood hard cash...if not quite economics

Never voted for him - never will.

Sponge Bob

Forgot to mention, Frankeen was on the radio yesterday morning before Peter Mathew put him down. He was lying again. His lie is explained here.

http://www.irisheconomy.ie/index.php/2010/07/20/no-frank-nama-is-not-being-funded-by-the-ecb/

In the simplest terms.

Bank has €1bn of property loans. It transfers them to NAMA. NAMA 'values' them at something short of €1bn , usually around €300m or €400m

NAMA issues bank with €300m or €400m of special Irish Government bonds , not €1bn.

Bank may borrow 'up to' €300m or €400m of money from the ECB if it puts the special Irish Government bonds up as collateral to the ECB ( minus a small extra haircut which means they cannot borrow precisely €300m or €400m but maybe €270m or €370m max from the ECB)

Bank pays interest to ECB on their borrowings.

IMPORTANTLY

a) No free money from ECB
b) Bank chooses to borrow from ECB if it wishes.

But Frank knows all this and has been told many times. It is just that Frank feels there is some political capital in pretending to be a cute FF hoor who has worked out how to get free Euro money for our banks.

As to the 'other' €600m or €700m it is gone. The banks then come to Frank Lenihan looking for a recapitalisation ....not from NAMA..... to cover that 'other' money and sadly they get it. They use this to cover their balance sheet hole and do not lend it. We then end up with worthless shares when they refuse to pay a dividend on it to Lenihan.

Frank also knows that is happening but never mentions it.

notel70

Sponge Bob wrote: »

I would think that 1 in every 4 or 5 people in Galway today will end up emigrating because their TD Mr. Fahey will always defend the indefensible for as long as it is party policy and because he knows it is the only way he will get his property sepculation underwrittten by the taxpayer.

Galway West has a high population of 18-25 year olds by Irish standards. The Longer NAMA goes on the more likely it is that 1 in 3 of you will emigrate.

As to the more complex financial issues, go here or here or here or here ......but remember that those people did not elect it....we did

perhaps you should consider cutting back on the amount of time you spend on boards talking crap(esp the infastructure section) and look for a job, that way you could contribute to the exchequer with some tax and then people wont have to emigrate


I hope you dont come back and tell us that someone out there is actaully paying paying you to post 14k posts on boards :eek:

kodute

notel70 wrote: »

perhaps you should consider cutting back on the amount of time you spend on boards talking crap(esp the infastructure section) and look for a job, that way you could contribute to the exchequer with some tax and then people wont have to emigrate


I hope you dont come back and tell us that someone out there is actaully paying paying you to post 14k posts on boards :eek:

I, for one, am interested in what Sponge Bob posts. At least he is literate.

?Cee?view

kodute wrote: »

I, for one, am interested in what Sponge Bob posts. At least he is literate.

Agree 100%.

...and his explanation of NAMA above is very succinct.

PopeBuckfastXVI

Let's keep it civil when referring to each other folks.

/moderation

mikom

notel70 wrote: »

look for a job, that way you could contribute to the exchequer with some tax and then people wont have to emigrate

Don't know the dudes situation, but at present contributing to the exchequer is the same as pissing money up against a wall.

skelliser

Fahy has consistently interfered with the property market and mislead the people of galway.

Irish Independent, March 15 2008:

"If I was to give advice to people, I would say, go out and buy some property now. It's great value."


Galway Independent, 28 Jan 2009:

"This is a great time for first-time buyers to buy. It is now a buyers' market. There is unbelievable value out there at the moment [...] "The banks are giving loans at the moment. But be ready to make your move."


Irish Times, 1 September 2009:

"The property market will rebound... it has already started [...] Look at what the foreign banks have done to Ireland at the moment....

Newstalk radio, 12.45pm, 7 July 2010:

"I tell you one thing, Damien, [...] if I could get my hands on money at the moment, I'd be buying property"

swe_fi

PopeBuckfastXVI wrote: »

Here's the property interests of a man we have defending NAMA valuations:

http://www.oireachtas.ie/documents/publications/RegofInterestsD%C3%A1il2007.doc



Unbiased? You decide.

Lord above, I just saw this in the link you posted. I am not easily shocked but this is just...

On a side note, my GF is a teacher in a school in county Galway somewhere. The local school was offered to buy land for approx a) 100K by a local farmer which was well suited for a school development. They were also offered b) crap land for 500K not at all suited for school development.

They chose b) because this land is (was) owned by a TD. Happened this year.

Wompa1

skelliser wrote: »

Fahy has consistently interfered with the property market and mislead the people of galway.

In fairness he never said do it for monnettary gaine maybe he really like owning property because it makes him feel like a big man which in turn boosts his ego. That's value right there, boosting a politicians ego. The man is a saint!

PopeBuckfastXVI

Wompa1 wrote: »

In fairness he never said do it for monnettary gaine maybe he really like owning property because it makes him feel like a big man which in turn boosts his ego. That's value right there, boosting a politicians ego. The man is a saint!

Wompa - if I ever need PR for anything I'm hiring you! Alastair Campbell has nothing on you!

Wompa1

PopeBuckfastXVI wrote: »

Wompa - if I ever need PR for anything I'm hiring you! Alastair Campbell has nothing on you!

I accept your offer of a highly paid glamorous do nothing job. Be warned though, I have been known to partake in some laundering...

I have to say the Galway section on here is pretty active politically. In good ways too, not so much of the bleeding heart bull crap from the Shell To Sea and GAAW gangs. I'm Wompa1 and I endorse this message

PomBear

Posted this in another thread, think it'd be pretty apt to show what Galwegians think of him!

electricblue

there must be an investigative journalist among you all to figure out why this Fianna fail TD has been pushing for an outer by-pass over the river corrib since god knows when. Does he own land there? Does he have friends that can profit from it?

It really is very suspicious and reminds me of that old film Mr. smith goes to washington where Jimmy Stewert fights off corrupt politicians trying to flood a beautiful valley with a big dam project.

Sponge Bob

electricblue wrote: »

there must be an investigative journalist among you all to figure out why this Fianna fail TD has been pushing for an outer by-pass over the river corrib since god knows when.

Quite a few investigative journalists were looking at Frank "20 properties and 7 for herself" Fahey in around 2005 and 2006 when he was a junior minister for justice. The investigative journalists looked at his antics as minister for marine pre 2002 ...eg marinas in Kerry fishing quotas and deaths at sea etc , possibly even his antics in Rossport too.

Another investigative strand concerned his Russian hairdressing promotion during the 1990s while a senator.

Leaving aside the issue of how Frank and co acquired about another 13 properties by 2008 or so and where the money came from the really interesting bit was how Frank shut them all up with a stroke of genius in 2006 especially with an election coming up the following year .

He invented a 'republican plot' in Galway and as the guards were bound to thoroughly investigate an allegation made by a minister for justice investigate they did.

Sam Smyth told that story very well. You should read it.

Kristopherus

The clown is spouting rubbish on Prime Time at the mo.:rolleyes:

cranky bollix

Kristopherus wrote: »

The clown is spouting rubbish on Prime Time at the mo.:rolleyes:

missed it what was he lieing about now

doubleglaze

electricblue wrote: »

there must be an investigative journalist among you all to figure out why this Fianna fail TD has been pushing for an outer by-pass over the river corrib since god knows when. Does he own land there? Does he have friends that can profit from it?

It really is very suspicious

Totally agree.

doubleglaze

I was at that extraordinary performance of Fahey's at the Home Choice Loan meeting in Galway where he was almost begging young people to buy property at a time when clearly property prices were still at crazy levels.

It struck me, listening to him, that his true vocation might be Auctioneering. Credit where credit is due - he's a top-class property shill. I'd happily employ his services were he an auctioneer and I were selling a property. Except, even then, I'd constantly wonder if he'd screw me over in order to maintain his own vested interests.

Can anyone tell me of even one thing he has done as a politician to enhance this country?

In most of what he does politically, one is constantly left wondering whether he is, at heart, merely trying to prop up vested interests, not least his own...

Researching,buying and selling property is a VERY time-consuming business. His considerable personal property activities cannot leave him any time to properly do the job he is paid/elected to do.

Kristopherus

cranky bollix wrote: »

missed it what was he lieing about now

Trying to defend Cowen's statement that some elements of the media were being too negative:rolleyes:. Got mauled by Pat Rabbette:D

skelliser

Think his brother or brothers are heavily involved in property development in south galway around gort.

chilloutman

biggest gangster in galway fact!!!