Results 9,221-9,240 of 21,440 for speaker:Mary Lou McDonald

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: The fee arrangement that it found problematic had been suggested by Brown Rudnick.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Okay. Could Mr. Stewart tell me when the bombshell was dropped? It is reiterated again that Brown Rudnick was the originator of the deal and that it brought it to PIMCO and not alone that but it was the originator of the fee and it confirmed that there was a three-way split – Brown Rudnick, Tughans and Mr. Cushnahan. What questions were asked or what reference was made in terms of...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: I can read that too, but that is not what I asked Mr. Stewart. He was a party to the conversation so I am asking him to recall what was asked in respect of the timing - at what point the obvious question to ask is-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: No. When was it agreed?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: It is an entirely reasonable question.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Who asked the questions? I do not mean to be disrespectful. Was Mr. Stewart taking the notes and listening?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: So Mr. Hanna was leading the conversation. Mr. Stewart's testimony is that Mr. Hanna did not ask when it came about, only when they had become aware of it.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: I am sure Mr. Stewart would have. Was it not very strange that he did not ask? It is a fairly obvious question.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Let us not speculate. I would speculate rather differently than that. Let us move forward to a subsequent conversation on 11 March, the following day, at 5 p.m. It involved largely the same cast, Mr. Tom Rice, Mr. Hugh Mildred from PIMCO, Mr. Stewart and Mr. Hanna. They picked up the theme again regarding Mr. Cushnahan and the success fees or fixer's fees, whatever term was used. Mr....

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Reference was made to a draft letter of engagement. Once the amount was queried, it became evident the payment was to be split three ways, and clarification was sought from the firms afterwards. There is set out the fact that PIMCO, on examining the letter of engagement became aware and concerned about the fees and the manner in which they were to be split. It also demonstrates that PIMCO...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Explain why.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Mr. Stewart has the letter from PIMCO.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: It stated: "In April 2013, PIMCO was approached by Mr. Tuvi Keinan, a partner at the law firm Brown Rudnick who then introduced PIMCO to Mr. Ian Coulter of Tughans and Mr. Frank Cushnahan", who was part of NAMA at the time, given that he was a member of NAMA's Northern Ireland advisory committee.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Mr. Stewart, the gentleman, whom I will refer to as Mr. Stewart's boss, if that is not disrespectful to him, chaired the Northern committee. Please do not dance on the head of that particular pin. I would find it quite disconcerting.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Let me repeat this, for the purposes of clarity.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: In April 2013, PIMCO was approached by Brown Rudnick and introduced to Tughans, in the person of Mr. Ian Coulter, and Mr. Frank Cushnahan, who was a member of NAMA's Northern Ireland advisory committee. From their point of view, it was not unreasonable for Mr. Rice to reference a NAMA involvement back to April-May 2013, given that it was the PIMCO experience. That is what that reference in...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: Mr. Stewart was on the call and I am sure he would not mislead me or the committee.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: I am speaking to Mr. Stewart, thank you.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: I do not disagree with much of what Mr. Stewart said. It is his perfect right to expect this level of clarity. I would go further and say he had an absolute responsibility to demand that kind of clarity at that point. We are not in disagreement.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (Resumed) (24 Nov 2016)

Mary Lou McDonald: On 11 March 2014, Mr. Stewart had become aware that as far as PIMCO and Mr. Tom Rice were concerned - Mr. Stewart says it is wrong - there was a NAMA involvement in the transaction going back to April-May 2013.