Once again Minister Lenihan has demonstrated both his arrogance and his ineptitude.
In rejecting Nobel winner Joesph Stiglitz’s trenchant criticsm of NAMA, Min. Lenihan said that Stiglitz criticism of the American TARP rescue program had proved unfounded.
In fact, Stiglitz’s criticism were a major contributory factor in forcing the US to change from a ‘NAMA’ type asset purchase program to recapitalisation one (under the same name so as to spare Treasury Secretary Paulson’s blushes).
The US abandoned the NAMA style program completely.
Once again, Min Lenihan is either ignorant of the facts or misrepresenting deliberately.