Nama Is a Giant Accumulator Bet. That's Fine If All Our Horses Come in First:But If Any One of Them Falls at a Fence, We'll All Lose Our Shirts [Eire Region]

Summary

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I'M NOT much of a gambling man, but I know a bad bet when I see one. Nama is clearly a bad bet. And on this I have the Department of Finance to support me - with a little reported set of 'risk factors' that they say could undermine Nama. These factors highlight the fact that Nama is like an exceptionally longodds accumulator bet with you and me putting e54,000m down as the stake.

With an accumulator bet, one result after another has to come good before you can cash in at the end of the sequence. If every horse or team you back doesn't win, then you lose. It's a high-risk option that rarely comes off. But that, in effect, is what the Department of Finance is saying we are doing with Nama. If any of the assumptions or projections Fianna Fail have made fail to come good, we are all in trouble.

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Nama Is a Giant Accumulator Bet. That's Fine If All Our Horses Come in First:But If Any One of Them Falls at a Fence, We'll All Lose Our Shirts [Eire Region]

When you consider that this is the same Fianna Fail and the same Minister Brian Lenihan who find themselves already e2bn short on their tax projections from the budget just five months ago, you realise how scary a proposition this is. Accurate forecasting and projections are not what they are goo...

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