Comptroller & Auditor General issues review of acquisition of assets by NAMA

[David Cochrane]

The Comptroller and Auditor General has carried out a review of the Acquisition of Bank Assets by the National Asset Management Agency. The purpose of this initial report is to give an early account of the structures, systems and procedures put in place by NAMA to implement its functions. The report also sets out the outturn of the first loan acquisitions and the arrangements for governing and resourcing the agency.

[ame="http://www.scribd.com/doc/40735441/C-AG-Special-Report-76-National-Asset-Management-Agency-Acquisition-of-Bank-Assets"]C&AG - Special Report 76: National Asset Management Agency - Acquisition of Bank Assets@@AMEPARAM@@document_id=40735441&access_key=key-29yrfsydchp7u9y44pa2&@@AMEPARAM@@40735441@@AMEPARAM@@key-29yrfsydchp7u9y44pa2[/ame]

 

[consultant]

What is the value of this exercise and report?

A guy, an auditor, audits a function created by his boss against criteria specified by that self same boss and tells the boss "you did a great job, gov."?

Who audits the auditor and his boss?

We are going to have his boss, one of a gang who conned us into appointing them into office and then proceeded to squander all of our money, tell us what we have to further cough up to pay for his and his buddies' crimes.

What is more, we can't fire any of them but must wait until they decide to move out. In the meantime, they can continue along their immoral ways and we have to listen to how it (their treacherous behaviour) is our fault.