A bird's eye view of the vineyard
Trade ? States ? Markets Fri Jun 24, 2022 15:37 | amarynth
by Francis Lee for the Saker Blog The customary argument that ?free-trade? promotes global growth will, given an appropriate policy mixture of specialisation and comparative advantage, result in a rise
Open Thread for today Fri Jun 24, 2022 13:12 | amarynth
This is an open thread for discussion of everything Saker related. Two notes to start it off: The Russian MoD released a very interesting additional statement, beyond their usual factual
BRICS Summit Fri Jun 24, 2022 11:58 | amarynth
Vladimir Putin took part in the 14th BRICS Summit, held via videoconference and chaired by China. The meeting?s topic is Foster High-Quality BRICS Partnership, Usher in a New Era for Global Development. President of Brazil Jair Bolsonaro, President
Sergey Lavrov?s Presser at a joint news conference with Minister of Foreign Affairs of Iran Hossein ... Fri Jun 24, 2022 11:48 | amarynth
Foreign Minister Sergey Lavrov?s statement and answers to media questions at a joint news conference following talks with Minister of Foreign Affairs of Iran Hossein Amir-Abdollahian, Tehran, June 23, 2022
About Telegram Thu Jun 23, 2022 23:37 | amarynth
Quickie news by Amarynth We all started using Telegram when the Russian voice was completely blocked, just after the Ukraine SMO started. I remember very clearly a 2 week period
The Saker >>
Interested in maladministration. Estd. 2005
RTE bias complaint
Fergus Finlay and the maternity hospital ‘gotcha’ trap Anthony
Irish Examiner and fake news Anthony
Labour Party: The unvarnished truth Anthony
Humanity: Zero chance of survival Anthony
Public Inquiry >>
A Blog About Human Rights
UN human rights chief calls for priority action ahead of climate summit Sat Oct 30, 2021 17:18 | Human Rights
5 Year Anniversary Of Kem Ley?s Death Sun Jul 11, 2021 12:34 | Human Rights
Poor Living Conditions for Migrants in Southern Italy Mon Jan 18, 2021 10:14 | Human Rights
Right to Water Mon Aug 03, 2020 19:13 | Human Rights
Human Rights Fri Mar 20, 2020 16:33 | Human Rights
Human Rights in Ireland >>
As Infections Rise, the Government Tells Over-75s to Get a Booster. But How Effective Really Are the... Sat Jun 25, 2022 11:00 | Will Jones
It's hard to reconcile the vaccines being 90% effective against death with the numerous highly vaccinated countries which have experienced large waves of excess deaths since mid-2021.
The post As Infections Rise, the Government Tells Over-75s to Get a Booster. But How Effective Really Are the Vaccines Against Death? appeared first on The Daily Sceptic.
Who Really Exercises Power in Contemporary Britain? Sat Jun 25, 2022 09:00 | Toby Young
Who comprises the current Establishment? According to Douglas Murray, it's the public sector elite ? the people running universities, museums, regulators, the BBC and all the major charities. And they're all woke liberals.
The post Who Really Exercises Power in Contemporary Britain? appeared first on The Daily Sceptic.
NEJM Paper Falsely Claims Infants are at ?High Risk? From COVID-19 to Justify Vaccinating Pregnant W... Sat Jun 25, 2022 07:00 | Thorsteinn Siglaugsson
A study in NEJM makes the false claim that infants are at "high risk" from COVID-19 to justify vaccinating pregnant women. This blatant falsehood in a leading journal undermines trust in science and medicine.
The post NEJM Paper Falsely Claims Infants are at “High Risk” From COVID-19 to Justify Vaccinating Pregnant Women appeared first on The Daily Sceptic.
News Round-Up Sat Jun 25, 2022 00:24 | Will Jones
A summary of all the most interesting stories that have appeared about politicians? efforts to control the virus ? and other acts of hubris and folly ? not just in Britain, but around the world.
The post News Round-Up appeared first on The Daily Sceptic.
How Did Universities Become Woke Madrassas? Fri Jun 24, 2022 18:44 | Toby Young
Why have students turned their backs on free speech? According to an excellent piece in UnHerd by Matthew Goodwin, it's a combination of generational change, victimhood culture and the marketisation of universities.
The post How Did Universities Become Woke Madrassas? appeared first on The Daily Sceptic.
Lockdown Skeptics >>
NAMA Has Been a Dream Come True for Many US Vulture Funds...
Monday July 20, 2015 21:27 by postman
Mick Wallace Dail Diary for 10th July
The controversy over NAMA's sale of the Nothern Ireland loan portfolio, Project Eagle, has not gone away. It suited the Government just fine when the PAC said they would bring NAMA before the committee. - It also suited NAMA, whose polished performance was always going to give them some breathing space, given that the PAC, - no disrespect to any of it's members - just doesn't have the wherewithal to hold them to account. Here is a part of my piece on the workings of NAMA from last Tuesday, when we were debating a Housing Bill . -
"Aside from what seem to be a lot of spurious deals where it appears the taxpayer could have fared a great deal better, NAMA is actually boasting that it will make approximately €1 billion in profit over the six to eight year period. That still leaves the taxpayer about €40 billion short. Given that the market has been rising for a while, it is outrageous that more was not realised.
The point the Deputy made about the social dividend and NAMA's failure to provide it is a frightening one. What is really uncomfortable is the fact that we have a serious level of inconsistency in how NAMA has done its business. Sometimes it applies its rules rigidly and sometimes it does not. A simple example is that of the Dublin GAA trying to get hold of the Spawell but failing to do so. It beggars belief that a sporting organisation in Ireland would not have been facilitated and given a little bit of an extra chance. It is not like the GAA was going to make money on it. It intended to provide a social outlet for young people and should have been helped by NAMA. NAMA will argue that it is under an obligation to maximise the potential of the asset for the taxpayer. When it makes that argument, I would like NAMA to explain its approach when a bidder went to buy not the loans but the debt of the Chicago Spire, which was at $78 million plus costs which brought it to approximately $93 million. An investor sought to buy the debt, and this was every penny that was owed to the bank. This was not the reduced value, but the par value.
In other words, this investor was prepared to pay the debt in full but NAMA gave it to Jones Lang LaSalle in New York to sell. This was a site in Chicago. Even if NAMA thought it could get more for it, it was not in New York that it would have got it. It would have been interesting if it had marketed it in Chicago. Why could NAMA not accept the debt being bought out? It is estimated that it was sold for $35 million. NAMA refused $78 million, plus the cost, and it accepted a figure in the region of €35 million. That was claimed to be in the interests of the taxpayer in the same way as NAMA not accepting the bid from Dublin GAA for the Spawell because it claimed it was maximising the potential of the asset.
It is horrendous that NAMA could not deliver housing units for Dublin, in particular where there is such a serious housing crisis. It beggars belief. The argument was spun that certain property was not really suitable. The funny thing about that is that NAMA did not want to give much of the property that was suitable to the State because it was attractive to investors. What has happened is that vulture funds, mostly from the US, were allowed to cherry pick the best of it because NAMA sought to sell the best of it to them. It then considered some of the other property, which was not quite as attractive to the vulture funds, for social or affordable housing.
NAMA is a State body over which governments - this one and the previous one - do not seem to have much control. Issues are raised about it. The idea that the Comptroller and Auditor General has it all in hand beggars belief. I have seen too many things which I do not believe the Comptroller and Auditor General has seen, and I am going to give him the benefit of the doubt that he is honest. It would be an incredible challenge for the Comptroller and Auditor General and the few people working with him to keep tabs on everything that is happening within NAMA. It would be a massive challenge, and it is not only about auditing. Does the Comptroller and Auditor General have expertise in the area of markets, construction and the future potential of assets? Does he have all those people working for him in order to be able to test the waters and ensure NAMA is doing what is best for the taxpayer at every turn? It is asking way to much of the Comptroller and Auditor General to think that he could come up with all those answers. He would be an amazing man, irrespective of how many people he had working with him.
Sadly, there is now the idea that the Committee of Public Accounts can examine this, behind which the Government can hide, as if it is an Oireachtas investigation and the committee will see if everything is all right. That is not what will happen. If those in government want to know the truth and if they really want to know if the taxpayer was best served in these deals, they will eventually have to initiate an independent inquiry into the workings of NAMA. It is extremely important because not only are we dealing with things that have happened - people must be held responsible for what they have done - but there are so many assets still to be sold. Will that be done right? At present, we do not know and given that NAMA remains a secret society, we do not have a real opportunity to see how it operates. An independent investigation might bring us that. There is a great deal of money at stake. The figures are astronomical so it is extremely important the State addresses this.
The Government should not put this off and kick the can down the road. We need an independent inquiry established right now. How it would be structured is an argument for another day. The Government will probably have to bring in some people from outside the country. I refer to many of the more senior players in the services the Government might use. There is such an incestuous nature to much of what goes on this country that the Government will probably have to bring in some external expertise."