‘Cerberus Told Me I Was Going To Get Sorted’

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Independent TD Mick Wallace told the Dáil today that he was ‘summoned’ to a meeting by a ‘public figure’ during which he was warned by a ‘leading member of Cerberus Ireland’.

Mr Wallace said the message relayed to him was that he was ‘going to get sorted’.

Cerberus bought NAMA’s Northern Ireland loans, otherwise known as Project Eagle.

Mick Wallace: “Taoiseach, in January 2014, US investor Blackstone acquired three properties from Project Platinum for €100million. They’re now looking to offload them for €170 [million]. That’s a profit of 70%, not 7, 70. Despite the fact that the buildings were yielding around 6% per annum in rents while Nama’s costs of money was less than one. Still, there was a panic to sell them. Taoiseach, following Pimco’s allegations, regarding kickbacks for fixers, why did Nama allow the deal to proceed with the same players, Brown Rudnick and Tughan’s involved. Did Nama report the Pimco allegations to the relevant law enforcement of the Government? And if they did, when? In a confidential letter, from Brown Rudnick, the minister for finance in the North, Sammy Wilson, Brown Rudnick admit to acting for two clients with strong interests in Project Eagle. Brown Rudnick ended up acting for Pimco and Cerberus which isn’t legal. This matter is now being investigated by the Securities and Exchange in America. Why did Nama have no concerns about the involvement of Brown Rudnick and Tughan’s, despite the revelations? Taoiseach, the reserve price for Project Eagle was €1.3billion. This was adjusted to €1.24billion, in April 2014, to reflect, Nama told us, asset disposals which took place in the intervening period between the launch of the loan sale and its closing. Can you find out, Taoiseach, what are the details of these disposals? Can you tell me Taoiseach, why the reserve price was reduced by €60million? Could you find out if this is connected to reports of a developer whose loans were in Project Eagle and he came to Nama to complain about being approached by fixers who were looking for a backhand in order for him to buy his loans back at 50p in the pound from Cerberus in the autumn of 2013, months before Cerberus even bought it. Can you find out, Taoiseach, if Nama actually done a deal with this developer? Can you tell us what disposals were involved with this €60million? Taoiseach, I raised this with you before the summer. Why are you insisted on doing nothing about this? Why don’t you want to get answers to the questions that are being raised? We have loads of questions, and there’s more every week, but we’ve no answers. Why aren’t you interested?”

Enda Kenny: “It’s not a question of not having interest, Deputy. The issue in respect of Nama and the Northern Ireland portfolio, for instance, there are two investigations going on here, one by the police and one by the parliamentary commission. Questions have been answered at some considerable length here in the house by the Minister for Finance on this matter and whatever papers or correspondence is necessary and available will be presented to either of those two investigations. Now, Pimco was dropped as you’re aware. Under the legislation, setting up Nama, Nama are responsible to the Houses of the Oireachtas, they’re before the Public Accounts Committee on Thursday. I suggest that the questions you’ve just asked here, and any other questions you have, be given to a member of the Public Accounts Commmittee to ask Nama directly on Thursday. They are responsible to the Houses of the Oireachtas. You have made, you have made strong statements, you’ve made comments or allegations about fixers, about bags of money, I suggest to you, Deputy Wallace, that if you can back up that information, you should bring it to the notice of the Comptroller and Auditor General immediately and to the police authorities. These are very serious allegations. And the questions that you raise, can be legitimately asked of Nama, at the Public Accounts Committee on this Thursday, they are responsible to this House here. And in respect of the matter of the Northern Ireland portfolio, there are two investigations going on there, outside this jurisdiction.”

Wallace: “Taoiseach I get the impression that you’re trying to hide behind the fig leaf of Oireachtas committees, I’ve already been to the guards, I’ve been to the National Crime Agency, the British who are looking into it. I’ve already been to both of them. Right. What I can’t understand is why you don’t want to know anything about it. Cerberus are under investigation, criminal investigation, in two countries and they still haven’t been disqualified into looking at Project Arrow and threatening to buy it. Project Arrow has a par value of €7.2 [billion] and it looks like it might be sold for something in the region of €1billion, despite that we have…and 50% of it is residential units in the Republic and we have a housing crisis. Where’s the logic of selling Project Arrow to someone like Cerberus, who are being investigated for criminal activity in two countries. Taoiseach, you couldn’t make this up. It’s absolute nonsense. Now listen, I realise these are serious players and actually, only recently, I was summoned to a meeting by a public figure and a message was passed on to me from a leading member of Cerberus Ireland that I was going to get sorted. Now why would they have to say that, if I’m telling the truth? Why would they? Can you understand that? Taoiseach…”

Ceann Comhairle (Sean Barrett): “Sorry this is Leaders’ Questions.”

Wallace: “…Are you actually going to seriously allow the questions that are swirling around Nama, as I’ve said before, Taoiseach, the workings of Nama have left too much to be desired and there’s a lot rotten about it. And Taoiseach is it going to be on your legacy that you ignored all this? Is it going to be a part of your history that you choose to ignore what’s going on in Nama?”

Barrett: “Thank you.”

Kenny: “That’s another allegation that you make and it will not be a part of our history. Nama is responsible to the Houses of the Oireachtas here, of which you are a member. You come in here, week after week, with very strong statements and allegations, I can’t say whether what you say is true or not, or whether you can back that up. I’m glad you’ve gone to the police force, I’m glad you’ve gone to the crime investigations unit but you yourself maybe don’t want these questions raised or have somebody raise them for you at the body to whom Nama is responsible and through whom they’re responsible to this House here. It’s not good enough for you, Deputy Wallace, to come in here. And if you’re the centre of attention for receiving these kinds of allegations, I hope that when they’re made to you, that you demand that proof be given because you have full privilege in here and…”

Wallace: [Inaudible]

Kenny: “…and I’m sure, I’m quite sure Deputy Wallace that you want to use that with responsibility. If there’s an issue here, the questions have been asked and the questions that have been answered by Nama mean that there’s nothing wrong on the seller side. If there’s anything wrong, it seems to be on the purchaser’s side. So I’d suggest to you, you write out your list of questions, these can be raised. You want to find out the truth about these issues well then we need to use the facility available to public representation in the public interest to ask these questions. I’d like that you’d furnish, to the Public Accounts Committee, the basis of the evidence given to you that will make the allegations you make stand up.”

Previously: The Eagle Has Landed

Project Eagle And The €3.5billion Haircut

Who Took The Bribe-In-A-Bag?

82 thoughts on “‘Cerberus Told Me I Was Going To Get Sorted’

  1. tomkildare

    i told every one what would happen with fg in power. rob rob rob, give to the ultra rich take from poor. give there mates loads of jobs get loads of back handers from denis, send the really really bold ones to europe and definitely fub up peace in the north, they always fub up the north. FF were socialist compared to these robbin scum.

    1. sǝɯǝɯ ʇɐ pɐq

      @tomkildare;

      I don’t normally read comments that aren’t written in English, but I read yours.
      I hesitated when I got to ‘there mates’. I should’ve stopped there, but curiosity got the better of me. I continued…
      It dawned on me that you didn’t seem fond of Capital Letters.
      -And then you did it.
      -You brought out the two most reviled and disgusting capital letters in the country, ‘FF’.

      Shame on you.

      1. tomkildare

        Well I am going back voting FF we always did well under them and better of than fg or labor or sf and you cant run a country with independants. Yee can all say what yee like but I always did well under FF

          1. tomkildare

            People are fed up of fg antics (the robbing, the guards, political policing, dennis ob, lowry, big phill, water, corruption around nama and unwillingness to investigate, site serve and many many more. people wont keeping taking this and the turn around of the economy has fub all to do with fg its natural economics and would have got better sooner with less austerity. so you keeping voting for your heros

          1. tomkildare

            well kenny and co make me sick to the core, would never and have never voted lobour, and sf are fine for up north but but not down south for me. Again some independants do good work in opposition but I want my vote to make decisions for the country so back to FF for me

          2. sǝɯǝɯ ʇɐ pɐq

            PS.
            He’s not messing, I think.

            What I really think is that he’s in the ‘Horse’ business.
            -It could be that selling horses to Charlie and his successors is his money-spinner, or he might use a shovel when he’s working.
            I don’t know.
            (It smells like the second one to me.)

            …but I’m convinced that there’s at least one horse involved.

          3. sǝɯǝɯ ʇɐ pɐq

            Steady on there tom.
            You let a capital ‘A’ slip in there.

            Stop getting excited.
            Nobody is going to vote FF.
            Forget about it.

        1. Tonycl

          Dead right Tom. Bring back FF. Make Bertie Taoiseach again and allow him to bet total exchequer funding on horses , he had great success on that, He could keep all the loot in his safe. Make P Flynn Minister for housing he had great experience running 3 houses , Ray Burke Minister for Planning, Calelly Minister for telcommunications very experienced with Phones, and Michael Martin minister for Hot Air.

          Look frward to it.

          1. tomkildare

            big phil and lowry have more experience with mobile phones, burke is dead a long time. and berte didnt rob fub all except paying civil servants too much with stamp duty and building money. And I would have him back look what he did up north and what he did to grow our economy, we all had fub all before he came to power just look back at pictures from that time

        2. Gock

          “Yee can all say what yee like but I always did well under FF”

          The problem with Irish politics in a nutshell.

          1. sǝɯǝɯ ʇɐ pɐq

            Clampers, there’s two Z’s in Whizz.
            You should know that.

            Here have a look at this;

            Which one is going faster, A or B?
            A. -=Billy Whiz
            B. -=Billy Whizz

            I rest my case.

  2. tomkildare

    kenny: i cant here you, please stop asking dificult question, dont dare question our robbing under privilege or we could have you sued, damn privilege get dennis to sort out all this open speak

      1. sǝɯǝɯ ʇɐ pɐq

        I’m only having a laugh.
        Lighten up.

        I too am intrigued at this, but until something concrete* comes from it all we can do is joke about it.

        *a little joke there, for anyone who didn’t catch it.

        1. Deluded

          I too am intrigued by this, but until something concrete comes of it all we can do is joke about it.

          The rest was fine.

  3. Adamski

    If only the country had listened to you Tom.
    Maybe it was your lack of capitalisation and punctuation that stopped your message getting across. Oh what could have been.
    *hangs head and sighs

      1. sǝɯǝɯ ʇɐ pɐq

        Yeah. What about that threat?

        I watched the video, thinking to myself, ‘When is it coming, when is it coming?‘…
        It came, then just as quickly it was gone.
        It never came back.

        Is Mick as mad as he tries to look, or is he holding back on a massive bombshell?

        1. tomkildare

          is 7,000000 in an channel island bank account not enough for you. the site serve deal? He is probing more sinister deals that should be open and transparent. it looks to be rotten to core with previous employees now involved in purchasing property from previous employer and setting up of investment vehicles. what more do you want? do you really need to see the suit case of money

          1. Pawel

            Tom, the other commenter above look like stupid man to me.
            He has not got a clue about the substance of article.
            He just trying to look clever.

  4. tomkildare

    you really are a smart arse thick! your probably living in your parents gaff or paying loads of rent thinking you are the smart one, not owning a car because a bus gets you every where, with a beard and hipster clothes tight jeans, looking like a c**t

    1. sǝɯǝɯ ʇɐ pɐq

      I don’t own a car.
      I don’t care what I ‘look like’ to anybody.

      You got the rest wrong.
      (Apart from ‘Smartarse’, which I presume to mean that I was correct in my assumption?)

      1. tomkildare

        the main part of what i wrote was you are a thick yes a thick you would miss that bit, and busses really can take you every where

        1. sǝɯǝɯ ʇɐ pɐq

          Where I come from we have taxis, we have trams, and we have buses every 10/20 minutes.

          (You’ll like this bit…)
          We have horses too.

          I’m only messing.
          It’s only the scumbags around here who have horses. 99% of us don’t.

          1. tomkildare

            when you are standing in the rain on a cold windy morning half dark and your waiting for your bus and its only late when its comes its full its warm moist and sweaty people inside and the smell of the public hits you, please think of me you bus W**ker

          2. sǝɯǝɯ ʇɐ pɐq

            No problemo, as they say in your parts when they want to look educated.
            -And when you’re next riding a four-legged animal, please, please…
            DON’T think of me.

            Thank you and goodnight.

  5. Steve

    Great response by Kenny. Because the Taoiseach should have an indepth knowledge of the workings of every deal of NAMA and be able to respond to every random allegation made by backbenchers like wallace.

    Anybody else see that the unemployment rate dropped again this month?? Keep up the good work FG/Lab.

    1. tomkildare

      is 7,000000 in an channel island bank account not enough for you. the site serve deal? He is probing more sinister deals that should be open and transparent. it looks to be rotten to core with previous employees now involved in purchasing property from previous employer and setting up of investment vehicles. what more do you want? do you really need to see the suit case of money

      he is a great lad not knowing anything . well done he did a great job

      unemployment is great news but that is down to natural economics, what did he do to organise that?

        1. Anomanomanom

          I’m not getting into this one but the unemployment rates massive drop under this government is down to people leaving and cooking the books.

          1. Steve

            No do.

            Here’s my take. CSO publication on migration . Between April 2014 and April 2015 Ireland lost around 11000 people to migration. Some voluntary. Most probably involuntary.

            http://www.cso.ie/en/releasesandpublications/er/pme/populationandmigrationestimatesapril2015/

            In largely the same period (one month out apologies) Ireland added 40000 jobs.

            http://www.cso.ie/en/releasesandpublications/er/mue/monthlyunemploymentmay2015/

            It’s worth noting that the trend for migration is constantly decreasing, while job creation figures are increasing. Do you want more links to that??

            So you’re incorrect that the drop in unemployment is down to migration.

            On you’re allegation of cooking the books. You know I can’t respond to that. It’s like the rest of the spurious ill informed crap that you and the rest of the Shinner/AAA brigade on here spout when they can’t think of anything else to say .

          2. Anomanomanom

            like i said cooking the books. Do these figures take into account that some people getting social welfare and who do jobs bridge are not counted as unemployed. Or the many other schemes they used to lower the numbers.

          3. Anomanomanom

            Also iv no idea what shinner/AAA is meant to mean, It seems to be most people who are incapable of accepting or debating other people’s comments who throw that around.

      1. Steve

        Bad news = it’s the government’a fault. Kenny and co are criminals / liars / thugs who need to be thrown out.

        Good news = it can be no way connected to the policies of the government and would have happened anyway.
        Lol.

        There may be criminal actions involved in these NAMA dealings which should be investigated by the relevant authorities, not the Taoiseach.

        Your comment implies that our Taoiseach had direct knowledge of illegal payments being made to offshore bank accounts. Provide proof, bring it a Garda station.

        Hey bodger any caption competitions for AAA/ independent politicians coming up on broadsheet soon?? Thought not.

        1. tomkildare

          no where your are wrong is there is an investigation in northern ireland and the usa but there is no investigation here nor will the government help those investigations. They are in the business of hiding all what was done and brushing it under the carpet and refuses to call for our own independent investigation.

          especially with the site serve deal? that deal was rotten to the core. while more and more emerge.

    2. Deluded

      Hi Steve.
      The economic recovery is dependent on hundreds of thousands working for low wages.
      My experience and my reading of the migration stats, http://emn.ie/emn/statistics, is that we exported our expensive and redundant irish workers to the colonies and replaced jobs with a cycle of tenuous contracts and dependence on social services. This is why the median wage is €27,000, the poorest are subsidising the better-off.
      Arguably the only socialist government we ever had was under Bertie, every policy and payment FF/FGers complain about was introduced by them.
      Lastly, a planning enquiry would tell us who decided to build 250k houses outside of the zones for towns and infrastructure so we can admire their economic genius. (Hint. It wasn’t AAA)

      1. sǝɯǝɯ ʇɐ pɐq

        Arguably the only socialist government we ever had was under Bertie

        Perhaps it was the closest we ever got, but don’t kid yourself into thinking it was Socialism.
        It could be better described as Gangsterism.
        It was organised, and it was criminal.

        The only excuse that be made for Bertie is that it takes Allsorts.
        -Even then you’re left with a horrible aftertaste.

  6. realPolithicks

    Yiz’ll think I’m nuts, but there’s a certain poetic quality to what Mr Kildare has to say. (p.s.I may have missed a couple or three) Read on:

    i told every one what would happen with fg in power. rob rob rob, give to the ultra rich take from poor. give there mates loads of jobs get loads of back handers from denis, send the really really bold ones to europe and definitely fub up peace in the north, they always fub up the north. FF were socialist compared to these robbin scum.
    Well I am going back voting FF we always did well under them and better of than fg or labor or sf and you cant run a country with independants. Yee can all say what yee like but I always did well under FF
    People are fed up of fg antics (the robbing, the guards, political policing, dennis ob, lowry, big phill, water, corruption around nama and unwillingness to investigate, site serve and many many more. people wont keeping taking this and the turn around of the economy has fub all to do with fg its natural economics and would have got better sooner with less austerity. so you keeping voting for your heros
    well kenny and co make me sick to the core, would never and have never voted lobour, and sf are fine for up north but but not down south for me. Again some independants do good work in opposition but I want my vote to make decisions for the country so back to FF for me
    big phil and lowry have more experience with mobile phones, burke is dead a long time. and berte didnt rob fub all except paying civil servants too much with stamp duty and building money. And I would have him back look what he did up north and what he did to grow our economy, we all had fub all before he came to power just look back at pictures from that time
    kenny: i cant here you, please stop asking dificult question, dont dare question our robbing under privilege or we could have you sued, damn privilege get dennis to sort out all this open speak
    is 7,000000 in an channel island bank account not enough for you. the site serve deal? He is probing more sinister deals that should be open and transparent. it looks to be rotten to core with previous employees now involved in purchasing property from previous employer and setting up of investment vehicles. what more do you want? do you really need to see the suit case of moneyhe is a great lad not knowing anything . well done he did a great job
    unemployment is great news but that is down to natural economics, what did he do to organise that?
    its called an economic cycle.
    no where your are wrong is there is an investigation in northern ireland and the usa but there is no investigation here nor will the government help those investigations. They are in the business of hiding all what was done and brushing it under the carpet and refuses to call for our own independent investigation.

    especially with the site serve deal? that deal was rotten to the core. while more and more emerge.
    well done adam

    fair play to you

    1. sǝɯǝɯ ʇɐ pɐq

      Don’t just thank Adam.
      Thank Robbie too, or Bobby, or whatever other name you call yourself.

      I can’t remember either.

        1. sǝɯǝɯ ʇɐ pɐq

          I’d call you a horse-w**ker if I didn’t think that it was part of your actual job already.
          Seriously, I can’t think of any comeback that could offend you.

          We are mismatched and should stop this, now.
          I’m going to stop, but be careful. I haven’t gone to bed yet.

          1. sǝɯǝɯ ʇɐ pɐq

            In all honesty tomkildare, I think me and you could get on well with each other in real-life. We could have a drink and a good laugh together..
            -Perhaps in one of those ‘modern’ youth-friendly’ bars with a pool-table and a jukebox and everything. Darts, crisps, etc.

            I hate the same people you hate.

            Oh yeah, I also hate the people you love for the wrong reasons, but we can steer clear of that as a topic of conversation. Agreed?

            Do you have any sisters?

  7. Owen C

    why doesn’t Mick name the public figure who was at the meeting? Dail privilege would mean no danger of a lawsuit. But a public figure proving that the meeting never happened or who had minutes of the meeting etc would be problematic for Mick if this is all in his imagination.

  8. Steve

    @ethereal and @deluded

    We will be tripping over ourselves with all these links. There is a wealth on information on the CSO website, I’d recommend a visit.

    For example, in response to your points. In latest QNHS the cso state that between Q2 2014 and Q2 2015 the largest rates of increase in employment were recorded in the construction and financial, insurance and real estate sectors. The cso section on average weekly earnings show that these sectors earn 700 quid and 993 quid respectively.

    That’s a lot more than the ‘weekly living wage’ of 458 euro (11.45 euro x 40 hours).

      1. Steve

        Any official link to that 27k median wage??

        All I can find is a January 2013 journal article (when recession was still deep) posted by an employee of the nevin institute. They have an agenda, which is fine, one which I agree with, but I wouldn’t say it’s fully independent. But anyway.

        Looking at nevins latest quarterly survey autumn 2015, it doesn’t provide an insight into median salaries. Maybe the cso pointed out some inaccuracies in their 2013 analysis. But nevin autumn 2015 chart 2.4 shows a huge upswing in real average weekly earnings in 2014. Table 3.1 shows average hourly earnings, presumably gross, of €21.68 in 2014, or 45k per year (21.68 x 40 hours x 52 weeks).

          1. Steve

            Ah ok thanks. tasc’s interpretation of cso data. I note their median of 28500 is an estimation. And includes “450,000 part time workers” which drags the total employment median figure down. I read your 27000 to be full time employees, apologies.

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