Results 381-400 of 7,283 for speaker:Josepha Madigan
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: The higher the price achieved, the more money Lazard would have received.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: I thank Mr. Long for his forbearance thus far. I do not believe anybody has actually asked him whether he has had any dealings with Cerberus prior to acting in the Project Eagle sale..
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: So Lazard and Cerberus have worked together before.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: So the answer is "Yes". Has Mr. Long had personal dealings with Mark Neporent?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: On page 77 of the Comptroller and Auditor General's report, there is a very revealing paragraph on Lazard's position in these proceedings. Paragraph 4.44 states:In response to a series of questions put to them by NAMA, Lazard stated to NAMA on 31 March 2016 that - Apart from the nine global investors who participated in the process, there is no evidence that any other investor existed at...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: It is difficult, as an average taxpayer, to understand how Lazard could remain impartial in those circumstances when the higher the price paid, the more money Lazard would get.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: That is very concerning when we consider the process from the perspective of Cerberus and take account of the complaints made by other bidders. Does Mr. Long understand my point?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: Yes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: That means what I have said is correct. Mr. Long spoke about managing bidders' expectations.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: There was no point in them having expectations other than the amount they wanted to pay.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: A successful sale for NAMA is a successful sale for Lazard. That is how it works.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: It is common practice. I disagree with it and believe there should be a set fee in these circumstances. The Chairman mentioned there is a case of no foal, no fee. I am a solicitor so I know how the system works.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: I do not think it is a good idea. Did Lazard have a break-even fee? If Lazard did not secure a certain amount in the sale, surely with overheads and everything else, Lazard was in line to fall off a cliff and lose a significant amount of money and labour, albeit over a short period.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: Therefore, Lazard was motivated to get the highest bidder possible. Did Mr. Long have a reserve break-even price?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: Yes.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: I understand that perspective. Please forgive me if my question was unclear. I referred to the competitiveness of other bidders, how they were introduced and how they would remain a competitive bidder. I questioned how Lazard could remain impartial when it was obvious that Lazard would want the highest bidder. Does Mr. Long know what I am saying? Therefore, some bidders may have been...
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: It is a farce for Mr. Long to say that other criteria other than the highest price would be of relevance.
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: Does Mr. Long believe that the Irish taxpayer got the best value for the sale?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: What is Mr. Long's personal view of success fees in general?
- Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (22 Nov 2016)
Josepha Madigan: Does Mr. Long think they are worthwhile?