The National Assets Management Agency (NAMA) came into being as a result of a panicked government reaction to the collapse of the economy.
It was given enormous powers and cloaked in a blanket of secrecy laws that would have been the envy of the most ruthless KGB chief.
The organization has not been slow in exercising its power.
The Taoiseach, allegedly the most powerful man in the state, was recently publicly humiliated by the head of NAMA, Frank Daly when he, Enda Kenny, dared to ask questions of the organization.
The Government has now expressed alarm at the latest madcap scheme dreamed up by this all powerful agency which involves manipulating the property market.
The key sentence in the report is:
The agency does not need Government approval for the scheme to proceed.
This is an incredible and extremely dangerous situation.
An all powerful organization that’s accountable to nobody, that operates outside state control; that operates in absolute secrecy, and, most disturbingly of all, that operates within a state where business and political corruption is still endemic.
The future is not bright for the people of Ireland.