When you think that you have seen most of the stuff that there is to see, there is always something that comes toddling along, that’s worse than you think.
Take a bite of this one;
Some of the developers and banks that got bailed out by the state, and got their bad loans transferred to NAMA, a debt collector for the state, owns a large chunk of that very debt collector.
In other words, the state takes the loans off the banks in return for giving them money (bailing them out), and the state has said that the NAMA is a recovery vehicle for the state, to recover the money for these bailouts of the banks, but since the banks (and developers) that caused the whole disaster, owns a large chunk of nama, they effectively retained ownership of the stuff they already got paid for, and that they will get paid for again.
The state owns 49% and private interest 51%, just so the state can keep the debt off it’s books.
I know this is rehashing and re-reporting of what others has written, but this is important and needs all additional exposure it can get.
Gavin Sheridan has done some research and written a piece called “NAMA and the Master SPV” on his site thestory.ie.
I am lost for words…
