GAA WTF

[Baile Brigín 2]

These writedowns happen when the person has little or no means to repay.
If Carey was repaying the debt at €1,000 a month, it would take him 750 years to reach €9 million.

The bigger question is how did he get so much credit in the first place?

I think that is the question. I'd say his profile was reason he got so much, which in itself calls into question AIBs credit underwriting standards.. if the man is broke,  no other option really then W/O.

I see more details have come out.

DJ got the loans totaling 9.5m to buy a few houses on the K Club and Mt Juliet (either 3 or 4). This was at the height of the Celtic Tiger in 2005-2008.
This was at a time when banks were giving money to anybody who wanted it (even sending letters offering pre-approved loans to those who didn't ask for it).

DJ had no real means to service the loan, other than by renting the houses out. But he and the bank were probably presuming he'd sell up for 15m or more in a few years, and they'd all be on the pigs back.

But then the crash happened. DJ completely underwater. Banks then in panic mode. So they have choice where the force the person into bankruptcy (which usually doesn't give anyone a good answer) or they come to a settlement, and in DJs case he had to give them 60k cash, and sell all the houses and give that money to AIB (which came to 1.8m) and an agreement that that if he came into money in the next 5 years he hand to hand it over to the bank. So overall that's possibly slightly better result for the bank than forcing him to go through bankruptcy and certainly no worse.
And the very same thing happened to many property investors who got in at the wrong time.

So it's not like DJ walked away with 9m of AIB's cash. The people who benefited were the sellers in 2005-2008 and the buyers in 2014. The bank were more at fault than DJ.

Of course this doesn't take away from the fact that he seems to be awful human being from the other stories all week where he's been asking for money from people far and wide to fund treatment for seemingly phantom illnesses.

Bt that's not really the argument. He sold the properties, gave them 60k and that was that. There is a step in the middle before bankruptcy that is a judgement against him to keep paying them. That's what happens to the plebs

[armaghniac]

Bt that's not really the argument. He sold the properties, gave them 60k and that was that. There is a step in the middle before bankruptcy that is a judgement against him to keep paying them. That's what happens to the plebs

I have to say that recent revelations, as discussed by Hound, suggests that he gave AIB the properties and €60k. Still a big writedown, but a big writedown of the difference between the property value and the loan, not the total loan one third of which was repaid by the property sale.
Probably not totally different from other speculators at that time. That said the cancer thing is a whole other kettle of fish. 

https://www.rte.ie/news/primetime/2023/0221/1358055-dj-carey-settlement/

[yellowcard]

These writedowns happen when the person has little or no means to repay.
If Carey was repaying the debt at €1,000 a month, it would take him 750 years to reach €9 million.

The bigger question is how did he get so much credit in the first place?

I think that is the question. I'd say his profile was reason he got so much, which in itself calls into question AIBs credit underwriting standards.. if the man is broke,  no other option really then W/O.

I see more details have come out.

DJ got the loans totaling 9.5m to buy a few houses on the K Club and Mt Juliet (either 3 or 4). This was at the height of the Celtic Tiger in 2005-2008.
This was at a time when banks were giving money to anybody who wanted it (even sending letters offering pre-approved loans to those who didn't ask for it).

DJ had no real means to service the loan, other than by renting the houses out. But he and the bank were probably presuming he'd sell up for 15m or more in a few years, and they'd all be on the pigs back.

But then the crash happened. DJ completely underwater. Banks then in panic mode. So they have choice where the force the person into bankruptcy (which usually doesn't give anyone a good answer) or they come to a settlement, and in DJs case he had to give them 60k cash, and sell all the houses and give that money to AIB (which came to 1.8m) and an agreement that that if he came into money in the next 5 years he hand to hand it over to the bank. So overall that's possibly slightly better result for the bank than forcing him to go through bankruptcy and certainly no worse.
And the very same thing happened to many property investors who got in at the wrong time.

So it's not like DJ walked away with 9m of AIB's cash. The people who benefited were the sellers in 2005-2008 and the buyers in 2014. The bank were more at fault than DJ.

Of course this doesn't take away from the fact that he seems to be awful human being from the other stories all week where he's been asking for money from people far and wide to fund treatment for seemingly phantom illnesses.

He gambled in order to win big on the properties continuing to increase. So to get away with a loss of €60k was a huge result for him. But I do think the bank have more questions to answer than DJ Carey on that matter. Everybody knows someone who received a write down of a speculative loan though maybe not to that extent. The cancer stuff if true is a whole different ball game altogether though. 

[Bord na Mona man]

The bank obviously believed in his speculation plan by extending him the loans.
Carey had the to surrender the properties and they all get burned as fools.
I sense that some of those outraged at the write-down are people who want a write down on a negative equity property but still get to keep it.

[seafoid]

It looks as though he didn't want to accept his reduced circumstances after the deal. Other people reinvented themselves in new businesses. He doesn't seem to have.

[armaghniac]

It reported today  that his sister has been arrested
https://www.independent.ie/irish-news/crime/catriona-carey-arrested-as-part-of-investigation-into-alleged-company-law-breaches-42354383.html

[Armagh18]

It reported today  that his sister has been arrested
https://www.independent.ie/irish-news/crime/catriona-carey-arrested-as-part-of-investigation-into-alleged-company-law-breaches-42354383.html

If that cancer scam story is true he should be locked up and the key thrown away

[rodney trotter]

The former GAA player arrested   https://t.co/Kt6mgD9aLM

[Baile Brigín 2]

So long story short. You can fleece the banks and local businessman all you want. Try it on with Denis O Brien and he will f*ck you so hard your ears will ring.

[Wildweasel74]

Sums it up in short!

[onefineday]

These writedowns happen when the person has little or no means to repay.
If Carey was repaying the debt at €1,000 a month, it would take him 750 years to reach €9 million.

The bigger question is how did he get so much credit in the first place?

I think that is the question. I'd say his profile was reason he got so much, which in itself calls into question AIBs credit underwriting standards.. if the man is broke,  no other option really then W/O.

Bt that's not really the argument. He sold the properties, gave them 60k and that was that. There is a step in the middle before bankruptcy that is a judgement against him to keep paying them. That's what happens to the plebs

Nonsense, the bank was being pragmatic in the same way it was with thousands of others all over the country. Where do you think the billions written off by our banks went to - as someone else pointed out, the problem was in extending the credit in the first place.

[armaghniac]

So long story short. You can fleece the banks and local businessman all you want. Try it on with Denis O Brien and he will f*ck you so hard your ears will ring.

I'm not sure about the local businessmen, but in the case of the bank you go along and put your plan to them and they decide to loan you money or not, there is not necessarily any deceit involved in that particular transaction. Poor judgement, and negligence on the part of the bank, but not deceit.
The cancer lie is something else altogether.

[rosnarun]

Denis o'brien does not have to go for Election not even Deal with the Public. So he doent nee to give 2 sh!ts

[seafoid]

Armagh haven't been in the Ulster final since 2008

[seafoid]

Galway have 8 matches to win the all Ireland. Armagh have 13