NAMA-Land

Book excerpt: The National Asset Management Agency (NAMA) was created in 2009 to contain the spiralling fallout from Ireland's property crisis. Its job as Ireland's 'bad bank' was to act impartially to get the maximum return from the sale of assets for the Irish people and help pay down the state's massive debts. Now, after NAMA has presided over the transfer of €70 billion in assets, the Irish economy is once again beginning to recover. But the basic arithmetic of assets valued and assets sold hides a multitude of sins. Beneath NAMA's veneer of impartiality lies a world built on political patronage and nepotism, rife with conflicts of interest and vulnerable to shocking instances of corruption. Here, and for the first time, bestselling investigative journalist, Frank Connolly, unravels the scandal at the heart of NAMA's mission. Based on exclusive interviews with a wide range of interested parties, NAMA-land is the shocking story of how the sale of public assets conspired to disinherit the Irish people and enrich a new elite. 'Frank Connolly's careful and penetrating investigative research has exposed critical truths about malfeasance in high places and the often ugly workings of political power generally, actions that have caused great harm to the general population.' Noam Chomksy 'Without Frank Connolly we would not know about the scale of corruption that has infected Irish political and business life. He is the best investigative journalist we've had in this country.' Eamon Dunphy