Frightening, bewildering, undemocratic – but true

HERE’S the real, frightening and ugly truth about NAMA. Its bosses say they will diligently chase all developers for the full repayment of their loans, totalling more than €70 billion.

They may as well be chasing moonbeams.

Like many business people, big and small, here and elsewhere, developers will have carefully salted away a substantial portion of their wealth, well before the crash, and well out of reach of both NAMA and Revenue.