sean fitzpatrick (6)

sean fitzpatrick did not hold a gun to anybodies head.He didnt ask all those people to trot into their banks and ask for mortgages they knowingly couldnt afford. The FSRA, are responsible for the mess in the country, they did not do their jobs, the banks loaned money to people they shouldnt have had, sean fitzpatrick included, it was the FSRA allowed this to happen, it is their job to regulate the banks and they didnt,its as simple as that.

work for the fsra bulmoon? or are you just up to your moobs in debt

By David McWilliams


Wednesday July 14 2010

IF Seanie Fitz is bust, well then so too is much of Ireland's professional class. Because they were all at the same game -- buying into syndicates, borrowing against their incomes and hoping to make fortunes.

But now that history is being rewritten, FitzPatrick suddenly is painted as a man who acted alone. This is ludicrous. But when you are white washing you need a "baddie", and Seanie fits that bill for many of his erstwhile associates who this time four years ago were all "Seanie this and Seanie that". He has, in classic Irish fashion, become a "moral skip" into which many can throw all the sins of the boom.

Meanwhile, unlike Seanie, these guys are busy lining up to throw their own commercial sins into that financial skip that we term NAMA. This is (as predicted) turning out to be a horrible mess where no one who runs it seems to have the faintest idea what they are at, how much the thing will cost, and what effect it is going to have on the property market. In fact, no honest man can put a finger on any of this because, honestly, we can't know. So what we get is dishonesty dressed up as certainty.

But a few things are clear: NAMA is full of fees for the professionals who get on this peculiar gravy train; the cost will be borne by you; and the underlying land will eventually have to be sold off cheaper than NAMA (ie the taxpayer) is paying for it because that's what happens when the only buyer in town eventually begins to sell.