Jul
14
Lawyers, Funds and Money in Toxic Irish Stew
By
Harry Campbell
An unfolding scandal in Northern Ireland has cast a harsh light on what can happen when a private equity firm goes trolling for distressed assets and a big return. It is a toxic mix of money, lawyers, politicians and the continued wreckage of the financial crisis.
Let’s start with the financial crisis. Ireland was one of the countries that ran into a brick wall as its banks toppled mightily under bad property loans and the collapse of the country’s real estate bubble. In the wake of the crisis, the country set up the National Asset Management Agency, or NAMA, as a so-called bad bank, which acquired problem loans and later started to sell them at discounted prices…
Lawyers, Funds and Money in Toxic Irish Stew
