System is rigged for the rich so the poor borrow to get poorer
Published 07/09/2016 | 00:00
Sometimes you could be forgiven for feeling the best qualification to participate profitably in this Irish recovery is not being Irish.
Last week, we had Apple squirrelling away billions and now we have Nama selling large chunks of the Irish economy, billions of euros of assets, cheaply to foreign funds. Yesterday, we had confirmation that rather than paying tax on their earnings here, these funds are using a loophole to avoid tax.
A question worth considering today is whether Nama sold to these funds knowing the funds would use a loophole to avoid tax? This is impossible to answer, but it's a question worth asking.