Quote Originally Posted by Smarty View Post
No I am not talking about the most wondrous shag from an fantastic Escort.

I am referring to Brian Lendahand (Lend-a-hand to his building buddies) unveils the amount NAMA will be paying for the "distressed assets" (worthless buildings).

When Liam Carroll was in the high court it was revealed that some of his assets were only worth 20% of what they were originally valued. Which means much of his "distressed assets" took a 80% "haircut" (loss to us plebs, but haircut sounds less painful).

The papers reckon Lenihan will Pay 70% of the value of the property thats only a 30% haircut.

Based on Liam Carrols property portfolio he will be paying up to 50% over the odds.

Prepare as a taxpayer to have the best Fuck ever, as you are fucked up the ass for the next 20 to 30 years to pay for Lenihan banker and builder buddies.
Nama is only a sideshow. The real decision that affects everyone was the goverment guaranteeing the deposits in the banks. These deposits were, to a large extent, used to fund property loans. The ability of the banks to refund these deposits depends on their ability to realise the value of these property loans or to secure loans from other sources based on these property values. In a nutshell, what this means is that the goverment turned every single person in this country into property speculators when they guaranteed those deposits.