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Indymedia Ireland is a volunteer-run non-commercial open publishing website for local and international news, opinion & analysis, press releases and events. Its main objective is to enable the public to participate in reporting and analysis of the news and other important events and aspects of our daily lives and thereby give a voice to people.
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Tuesday October 07, 2008 18:19
by Paula Geraghty
mspgeraghty at yahoo dot ie
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Comments (8 of 8)
Jump To Comment: 1 2 3 4 5 6 7 8Great People Of Saint Michael's Estate ,Inchicore ,Dublin.
We Are All Behind You ,Rest Assured .
Images (c)
Best o' Luck to you all and demand your rights
rte radio 1
http://www.rte.ie/radio/index.html
Former Fianna Fáil councillor and property developer Bernard McNamara has admitted that he is "broke" and will probably have to sell his house to pay off creditors.
http://news.bbc.co.uk/2/hi/europe/8458667.stm - BBC News - 'Broke' Irish developer Bernard McNamara has £1bn debt.
Maybe he should be offered a flat in O'Devanny Gardens.
St. Michael's Estate. Well done with your postings.
Yes, it appears from today's papers that McNamara may be coerced by the Supreme Court to repay Davy Stockbrokers clients i.e. Naughton, Quinlan and possibly others who bought into a 'private equity type vehicle'.
Nama is a vehicle and there are lots of these around these days. At the end of the day it is about Bankers trying to make money for investors at above the ordinary bank deposit rates. It is all about people willing to take risk and as always some get caught in the swell; while others make it big and then end up bankrupt, stripped of all acolade, wealth, family homes, assets, art, cars, etc.
Who are we hanging out to dry?
Maybe we are lucky that Mr. McNamara now retired from Michael McNamara and Co. decided to call a halt to the Private Public Partnership. At least now if the company goes under, the government are free to find an alternative developer or even provide accommodation elsewhere under social housing schemes, without any threat of foreclosures or bankruptcy.
Meantime, we must not forget that builders like McNamara started out in the depressed 1950's Ireland and it was entreprenneurs like his father, himself, the Gallagher brothers, their sons, and of course their often questionable links to FF politics that economically constructed the Ireland we have today.
Nama has bought a portfolio of assets. Now they must sell these wilting flowers for as much money as they can get.
We all must learn to market ourselves in a more positive light.
Blake
We all must learn to present ourselves in a more positive light.............
There is not much light shining through the boarded up windows of O Devenney Gdns or St Michaels Est thanks to McNamara,this inconsiderate all for the rich government and the incompetency of Dublin City Council.
I wont shed a tear for the McNamaras of this world.The neck of him whinging on live public broadcast about losing millions,how unfortunate while communities lie broken,their dreams and hopes in tatters around their feet,real people,many people.
How ironic would it be if he actually lost his house in exclusive Ailesbury Road and found himself and his family living in O Devenney Gdns.Maybe some of the dignity and spirit of the community might remind him of where he came from in the first place.
This guy ran up a debt of 1.5 billion and the likelihood is he won't do a day in prison. Meanwhile you or I would do time for not paying our TV licence. His debt will sit on the shoulders of our children for many years to come. Yet he gets to cry for 5 minutes on prime time TV to elicit sympathy for his plight so we'll go easy on him and his ilk when they try to let them off. Fuck that crap. Stick him in prison and confiscate everything he owns to pay off the debt just like they do when you are a poor person.
Greedy people like him make me sick.