NAMA? Ask Me Bollix!

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Mick Wallace has been to the cops. Enda isn’t interested. Probably wishes he went to the Carrickmines fire victims’ funeral instead now.

Wallace remarks that Cerberus are under criminal investigation in the UK and the USA. Why is NAMA selling it Project Arrow? Frank Daly (NAMA) replied last week to Wallace to say that he was not aware that Cerberus was under investigation in any jurisdiction.  Wallace continues:

Aside from the National Crime Agency in Britain, in the US, Taoiseach, the Dept. of Justice are investigating the role of American companies in the Project Eagle transactions. Now, the investigation involves the Attorney General’s office in New York, the New York office of the FBI and the Security & Exchange Commission – and NAMA thinks that Cerberus are not being investigated? Can you explain that to me Taoiseach?

And Taoiseach, you might remind your friend Mr. Daly that these boys in America they’re not in the wedding planning business. And Taoiseach, will you do this country a service and suspend the sale of Project Arrow now? Now rather than later. There’s a serious amount of assets…over half of it is residential in the Republic and God knows we could do with it to address the housing crisis. It’ll be sold for a fraction of what it will cost NAMA to build units. They’re saying it will cost 285,000 a unit to build their 20,000 units. This stuff in Project Arrow will be sold for a pittance.

You should freeze it now, Taoiseach. Under no circumstances is this a legal process given that Cerberus are under criminal investigation.

Enda brings out the eyebrows and tries to turn it against Wallace. Hasn’t he a lovely tie? Ceann Comhairle interrupts Wallace’s reply telling him he shouldn’t be asking hard questions.

Watch it.

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