,
10 tweets,
3 min read
Read on Twitter
Kelleher v Nama case in Chicago is an embodiment of two key aspects of Irish-styled ‘governance’. (1) Nama argument that it is a state agency (not even state owned) is obviously flying the face of thousands of Nama, Irish Government, ECB, Eurostat etc statements claiming +
+ or agreeing with the claim that Nama is a ‘privately-owned’ ‘arms-length’ agency, with 51% ownership by private investment funds, albeit with State veto. (2) Kelleher case is about fire sale that Nama carried out at a massive loss to the taxpayers of his Chicago Spire site +
+ - a sale in which Nama could have recovered the entirety of the debt it sold at roughly 30 cents on the dollar. From Chicago point of view, this Nama ‘deal’ has resulted in ZERO work having been done on the site since 2008, because Nama never bothered to concern itself with +
+ comprehending how the original asset was structured, so de facto, current owners of the site can’t do much with the site. Irish taxpayers subsidised, over the last 11 years (and will continue to subsidise into the foreseeable future) a pack of functionaries, who pretend to +
+ understand how real estate works. Nama does NOT understand how property development actually works. It does not have incentives to make property development work. It is simply dumping assets in bulk without any serious regard for maximising the value at recovery. All of this +
+ is made feasible by the nature of Nama - a dressed up agency of opacity, ambiguity, and subsidies transfers from the taxpayers to a swarm of vultures.
+ As a result, we now have the Mother Load of Farce: Nama, a quasi-Government agency that tells everyone that it is a privately-owned agency is arguing that it is a fully state-controlled agency. Can someone, for the sake of our sanity, call Eurostat and the ECB and tell them +
+ they have been publicly exposed in the U.S. court as having engaged in Sovereign financing? And let Germans take another Constitutional Court case on this basis? I bet Irish Government will have arguing against Nama in no time on a threat of that 'pile of the proverbial'.
Nama is the first ever Blackhole that emits all objects it consumes to reconsume all it emits. A Cat of a Schrodinger Cat. A zero divided by infinity raised to the power of a fraction of infinity to zero. A matter of antimatter. Welcome to what Irish Govt calls law & order.
Here is the Official record from the Tail (Irish parliament) fully defining #Nama as a majority ‘private investors’ owned’ entity, compliant with such exact Eurostat rule: oireachtas.ie/en/debates/que… 
