The Irish Dream Team

[leicestersq]

I see that the BBC are reporting that the directors of NAMA have been chosen.

http://news.bbc.co.uk/2/hi/europe/8427861.stm

Given that their role is to manage a bunch of failed assets, I guess that they are the best team for the job.

• Eilish Finan, an independent financial consultant who formerly worked for AIG Global Investments;
  

• Michael Connolly, a banking consultant who spent much of his career at Bank of Ireland;
  

• Peter Stewart, a partner in a firm of chartered accountants;
  

• Brian McEnery, an insolvency expert with a firm of chartered accountants;
  

• Willie Soffe, a local government administrator;
  

• John Corrigan, chief executive of the National Treasury Management Agency, the government body under which Nama will operate as an independent commercial entity
  

• Stephen Seelig, a financial restructuring expert who will join Nama upon his retirement as an International Monetary Fund adviser next May.
  

Eilish Finan, an independent financial consultant who formerly worked for AIG Global Investments; - So, AIG Global Investments. Is this the same lot that insured the trillion dollar housing market from collapse?

Michael Connolly, a banking consultant who spent much of his career at Bank of Ireland; - Was that a career in lending huge amounts of money to stoke up the bubble to people who can now not repay the bank who paid him all of his wages?

Peter Stewart, a partner in a firm of chartered accountants; - And how exactly, did the accountants value of the assets before they were sold to NAMA?

Willie Soffe, a local government administrator; - Presumably the local government he helped administer dont have crushing pensions and wages obligations?

John Corrigan, chief executive of the National Treasury Management Agency, the government body under which Nama will operate as an independent commercial entity - The same treasury that lumbered the Irish taxpayers with years of penury by taking these assets onto the books of the taxpayer for prices far higher than what the market would have paid?

Stephen Seelig, a financial restructuring expert who will join Nama upon his retirement as an International Monetary Fund adviser next May. - Arent 'financial restructuring' experts people who help creditors escape their obligations? And if the IMF were dealing with this situation, wouldnt the first thing they would do is devalue the currency? Tricky when you are in the Eurozone, so I guess Stephen will be out of ideas before he has even started.

I see also that 800 applied to work on the board. Managing failed assets sounds like my kind of job. As they have failed already, even further failure will look like success. Pay rises all round.

[Deckard]

Managing failed assets sounds like my kind of job. As they have failed already, even further failure will look like success. Pay rises all round.

Yep, it's happening with Lehman's too...

Meanwhile, Ireland’s ‘Dr. Doom’ Says Mortgage Losses to Drown Zombie Banks

[uptherebels]

Well AIB shareholders seem to be pleased

http://www.rte.ie/news/2009/1223/aib.html

99.7% of AIB shareholders back NAMA

Wednesday, 23 December 2009 17:28

AIB shareholders have agreed to transfer €24bn of loans to the National Asset Management Agency at an extraordinary general meeting in Dublin.

99.7% of shareholders voted to approve the bank's participation.

AIB management told shareholders the bank expects to be paid an estimated €17bn worth of bonds in return for transferring the €24bn of loans to NAMA.

[leicestersq]

Well AIB shareholders seem to be pleased

http://www.rte.ie/news/2009/1223/aib.html

99.7% of AIB shareholders back NAMA

Wednesday, 23 December 2009 17:28

AIB shareholders have agreed to transfer €24bn of loans to the National Asset Management Agency at an extraordinary general meeting in Dublin.

99.7% of shareholders voted to approve the bank's participation.

AIB management told shareholders the bank expects to be paid an estimated €17bn worth of bonds in return for transferring the €24bn of loans to NAMA.

You would be pleased too if the Government were to set up an organisation designed to overpay for your assets.

[Guest DissipatedYouthIsValuable]

The directors of NAMBLA?