Irish Banks to ripoff NAMA

That headline isn’t really news, at least to the people of Ireland. And only the, very disconnected, Irish Government believe that their spinning of any other message has changed that public attitude.

But here is another one, Rent, the very nature of the overinflated rents, which are driving companies out of business. This has only one value, and that is to the Banks which are utilizing the higher rents to increase the apparent value of their holding before passing them on to NAMA. In any other country, this is called Fraud

Accounting fraud
In order to hide serious financial problems, some businesses have been known to use fraudulent bookkeeping to overstate sales and income, inflate the worth of the company’s assets or state a profit when the company is operating at a loss. These tampered records are then used to seek investment in the company’s bond or security issues or to make fraudulent loan applications in a final attempt to obtain more money to delay the inevitable collapse of an unprofitable or mismanaged firm.

While this deceit may be well know to many, it was new to be. I could not understand why anyone would increase rents which were driving out tenants. Or how the rents were still overinflated with all the empty property’s currently on the markets. This more or less points to a second issue, that of Price Fixing and is, in reality, another for form anti-competitive fraud.

And there is no revolution yet? I suppose the bankers can have, and eat your cake too…