Results 10,441-10,460 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 (29 Sep 2016)

Mary Lou McDonald: Mr. McEnery has also cited other deals and portfolios. The key distinction is that in the recommendation of those discounts, the loan sales adviser gave that advice. Does Mr. McEnery have a piece of paper where Lazard or anyone else gave NAMA that advice, and not in a generic sense but in respect of Project Eagle? It seems from the documentation that NAMA does not have that. To simply ask...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I accept that the delegates are giving their view but I am stating categorically that they have nothing documented to substantiate that that was objectively arrived at, discussed and offered in the course of the process.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: The documentation reflects that.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: May I ask a question?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Did Cerberus indicate to Mr. McDonagh when it had acquired the services of Brown Rudnick? Did it give him a date?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Did Mr. McDonagh ask?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Okay. Let me take the witnesses right back to the beginning of this process and Brown Rudnick speaking on behalf of two clients. One was PIMCO. Did it ever ask whether the second client was Cerberus? Did it occur to Mr. Daly that, in fact, Brown Rudnick may have been acting on behalf of, or advising, Cerberus and there was not simply a transition? Did that thought occur to Mr. Daly?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It was passed on to NAMA.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It never occurred to Mr. Daly to ask?

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Yes.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I understand the chronology of it and Mr. Daly has made that point well. However, I am simply suggesting that, as people who had been involved in this process and had run into very serious difficulties in terms of success fees that involved Brown Rudnick, Tughans and, in the first instance, PIMCO, I would expect that they would make some effort to join the dots - not to jump to conclusions -...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Mr. Daly has said that repeatedly but that is not the question I am putting to him. Anybody looking at this turn of events would say:You run into this problem with Brown Rudnick, Tughans, PIMCO and Cushnahan. Cushnahan is off the pitch. Another bidder is in and, lo and behold, it is Brown Rudnick and Tughans. Let us not forget that further down the process a controversy and an allegation...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Yes, but I want to come to this point.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: I want to raise two issues. First, Mr. Daly is making a kind of arm's-length argument. As the Chairman pointed out, when it suits Mr. Daly, it is the purchaser and the seller, which are two sides of the one coin. When that argument does not suit Mr. Daly, however, he tries to say, "Well, that had nothing to do with us." Everything that happened in the course of this transaction had...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: May I respectfully suggest that Mr. Daly did not manage them terribly well because the guy ended up with a fixer's fee and the whole thing went bust on him.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: That is Mr. Daly's account of matters. It would be misleading if I told him that I find that convincing because I just do not. However, in the course of this our examinations, we will get to the bottom of it. I want to raise another matter. A couple of times Mr. Daly has, I think very disingenuously, suggested that the investigation carried out by the Comptroller and Auditor General was...

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: It analyses the process on its own terms, and Mr. Daly's records, actions or inaction as they happened.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: No.

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: No, sorry, the actual conclusion is that, taking NAMA's process on its own terms, with all the flexibilities or irregularities contained within it-----

Public Accounts Committee: Special Report No. 94 of the Comptroller and Auditor General: National Asset Management Agency Sale of Project Eagle (29 Sep 2016)

Mary Lou McDonald: Mr. Daly can use whichever term he wishes. The question is, had NAMA played by its own rule book, what might or what would the probable outcome have been? This is very different from what he is suggesting.