July 29, 2009

Dublin Docklands Developers Autocracy Pulls A Stroke (DDDA)?

It's Galway Race Week. The Galway Tent is still in action, safely offshored in Manchester, England.

Is this PR stunt of a Developers Autocracy (DDDA) chief 'resigning' just another scam ? Surely Anglo-Irish has no more bananas for the training of the DDDA monkeys?

If N. Brennan has integrity as a 'governance expert' then perhaps the public employee should recommend shutting down DDDA entirely in the national interest.

The recession ended on Thursday in Wall Street, so investors will be on the move, perhaps even looking at Dublin.

PS: Google is still paying rent to Zoe Developments inside the 'docklands' but guess who pays for the Developer Autocracy chief's payoff. "Developers"? Or hospital operating theatres in Crumlin?

Estate Agent: Mr. Gormley's Fianna Fail.
Bank: Anglo-Irish Bank
Funds: New Property Taxes
Planning: DDDA
Jobs Fired: 300

Press: N.Brennan

July 27, 2009

DDDA Damages Investment in Ireland? [Dublin Docklands Developers Autocracy]

[2009] The Anglo-Irish Bank director is a beetle, which from the moment in the summer time when it began to use its wings and fly about, went about Poolbeg, not attracted by any flower in the field or any flower in the garden, no matter how beautiful they were, whether they were roses or lilies. Anglo-Irish Bank directors went about looking for some cow ddda or horse ddda in which they might roll themselves.
- Adapted from
EAMON de Valera

Does DDDA drive investment out of Ireland?
Why does Minister John Gormley allow DDDA to exist?

Perceptions of corruption discourage private and foreign direct investment and limit economic growth.


"Foreign investment executives rely on perception-based indicators used by commercial political risk-assessment firms such as Standard and Poor’s, Political Risk Services and the International Country Risk Guide.

Perception matters. Research has shown that perceptions of corruption discourage private and foreign direct investment and limit economic growth (Mauro, Quarterly Journal of Economics , 1995)."

The quoted text above has been clipped from an article on the €200 million investigations into alleged Mobile Phone Operator Fraud
Findings almost irrelevant as perceptions rule - by ELAINE BYRNE.


Mr. de Valera's
Original Words:
[1940s] TAOISEACH EAMON de Valera’s patience was worn out by the end of the 1940s. He told the Dáil that persistent corruption allegations reminded him of “the primpealláin, a beetle, which from the moment in the summer time when it began to use its wings and fly about, went about, not attracted by any flower in the field or any flower in the garden, no matter how beautiful they were, whether they were roses or lilies. The primpealláin went about looking for some cow dung or horse dung in which they might roll themselves”.

July 26, 2009

Poolbeg Incinerator Run by New Jersey's Culture?

Is Covanta influenced by New Jersey's Culture? Will the proposed Poolbeg Incinerator be run using New Jersey's best?

The arrests come in a state that is no stranger to political corruption. The former mayors of Newark, Paterson and Camden, to name but a few, have or are serving time in prison. Wayne Bryant, a former state senator, is due to be sentenced for fraud and bribery on Friday. Until recently, “double-dipping”, holding two elected positions, was the norm.
  • Handing out public-sector contracts to political donors, “pay to play”, is common practice.
  • Cronyism is practically accepted.
  • Mob ties are not unusual [blog-edit: especially in waste management and construction].
- The Economist, Jul 24th 2009, NEWARK, NEW JERSEY

New Jersey is not Sweden. Covanta is HQ'ed in New Jersey. Which quite possibly has no influence whatsoever on the corporate culture, apart from sharp suits and haircuts. Covanta is not a gonzo outfit. As far as is known Covanta is a mighty fine corporate citizen. Except perhaps for Dioxins violations reported for all of its New Jersey waste incinerators and about 6,000 violations at Ogden and conflicts with employees and other legal concerns in Florida and a recent 'bankruptcy' issue and the odd explosion forcing people to run indoors.

Like Wall Street bankers also based in New Jersey, Covanta's CEO Tony Orlando is heavily bonus driven with recent official compensation of about $3 million.

US websites list the legal political donations made by Covanta staff to local politicians. In 2008 the Irish lawyer for the Poobeg Incinerator Promoters, 'Willem Schipkijk', had a legal fundraiser in his Dalkey house for at least one American Presidential candidate (Obama) in Dublin. Curious?

DCC's choice of operator for the proposed Poolbeg Incinerator is a Covanta entity legalised in the secret banking haven of Luxembourg. Curious?

In Ireland of course the secret contract DCC made with Covanta was not influenced by any form of "pay to play" nor cronyism nor the total dismissal of scientific facts and the public's interest in favour of secret political diktats. The secret contract may involve a "put or pay" contract which will burden the bankrupted taxpayers who are not killed prematurely by incinerator nanoparticles (PM0.1).

Bertie 'Won It On De Horses' Ahern can confirm this, even if it's actually true. So will the public servants now retiring on the world's highest pensions. These are honest men.


20 Years of Sandymount-Ringsend Property Taxes to Pay for DDDAs Glass Bottle Site: €20,000 per house by 2020. NAMA, Commission on Taxation.

Feck Dem & Deir Bay

Twenty by 2020

€20,000 per house per year by 2020.

It looks like all of the property taxes on all of the houses in Sandymount and in Ringsend
accumulated over the next twenty years will be used to pay off the debts of speculator's at just ONE local site - the deliberately destroyed Irish Glass Bottle recycling plant(5).

Watch out for patriotic DDDA spinning a "strategic national interest fast-tracked" Poolbeg caper to "save the taxpayers" and, luckily, public service pensions for DDDAs friends and families.
  • Taxes will start at €1,500 and rise to €5,000 per house per year by 2015.
  • Taxes will be €20,000 per house per year by 2020 (for those not prematurely killed by John Gormley's Incinerator).
  • The Galway Tent Cartel will spin up some crony-experts to give the diktats to the Biffo and the Brian.
€20,000 per house per year by 2020.

  1. The bank controlling the show is famed Anglo-Irish Bank.
  2. The plannng department for Anglo-Irish Bank seems to be the Dublin Developers Autocracy (DDDA). There is no visible connection between the newest head of DDDA and Ulster Bank (confirms to Galway Tent good governance standards). There is no visible connection between the head of DDDA and Political Democrats (steel beams can not support the load).
  3. The concrete-pourer for Anglo-Irish Bank is something named BecBay, as Bertie's choice of Feck Dem & Deir Bay is inappropriate on the south side. A friend of Becbay is on the board of DDDA.
  4. The methods will be Galway Tent Cartel inventions called NAMA and the Commission on Taxation.
  5. This scenario was not denied by a former Finance Minister when postulated in early 2008.

Who stole the people's money?

July 25, 2009

The Back Story on Zoe Developments

Click here for a blog with interesting views on Zoe Developments.

Be sure to check the facts independently, but consider avoiding taxpayer funded spin from Seanie's Dublin Developers Autocracy (DDDA) and Dublin Council (DCC) of course.

July 24, 2009

Poolbeg Borrowings & Green Party "Untruths"

  • Covanta seems to confirm the Green Party was telling totally innocent untruths before the June elections about funding for the waste-to-toxins incinerator.
The Green Untruth of may 2009 was immediately corrected by the Wall Street Journal.

Now in July 2009:
  • Covanta confirms it has borrowed a sum of money - the $389 million is equal to the estimated amount needed for the Poolbeg waste-to-toxins factory. A secret contract with the sharp business men at DCC no doubt makes it easy to borrow money in a depression- by transferring the big risks to Irish taxpayers.
  • Covanta's net debt is said to be $1.7 billion.
  • Liabilities for premature deaths are not mentioned.

Carefully worded Covanta press release clipping [22.07.2009]:

Our balance sheet was significantly strengthened by the $460 million convertible note financing completed during the quarter.

We added approximately $389 million to our unrestricted cash, after giving effect to underwriting discounts, offering expenses, proceeds from the issuance of warrants and the purchase of the convertible note hedge. The entire $300 million of our revolving credit facility continues to be available.

In the quarter, we paid down $72 million of debt, bringing our net debt to $1.7 billion (total debt less cash and restricted funds set aside explicitly for project debt principal repayment).


Poolbeg Incinerator "Rogue Employer"

The USA's National Labor Relations Board this week issued a comprehensive complaint charging Covanta Energy Corp. and all of its U.S. subsidiaries with violating federal labor law.


AFL-CIO Local 369 President Gary Sullivan:
The board’s action confirms our first-hand experience that Covanta is a rogue employer with no respect for the rights of its employees.

Dublin City Council has a secret deal with Covanta to run the proposed Poolbeg Waste-to-Toxins incinerator. Possibly to dodge US courts the deal is with an offshore Covanta outfit - a special purpose entity firewalled in secretive Luxembourg (guess why).

The USA's National Labor Relations Board is an independent federal agency created by Congress in 1935 to administer the National Labor Relations Act, the primary law governing relations between unions and employers in the private sector.

July 19, 2009

Dutch To Bankrupt Poolbeg Polder?

Ierland Nee

Ierland Nee

75 per cent writedown for the banks

In Holland it's not unknown for people to read under the street lamps outside their houses to save a few Euro-cents on electricity. So it's no surprise that Utrecht's Rabobank is now after the developer of goedkoop flats in Ireland. Rabobank, localised as "ACC", is using a ploy to get Irish taxpayer cash from the NAMA gravy-train.

Zoe Developments apparently owns a site on a Sandymount Strand nature reserve possibly named after a mobster's girl called Fabrizia. It is very curious how this public beach was liberated from the public with the apparent help of esteemed Allied Irish Bank. AIB does a lot of business with Zoe and is perhaps in this hole for 400 million Euro - a sum high up on the list to be transferred to those fools, the Irish taxpayers, using the ninety thousand million NAMA scam, sorry strategy. This caper has already shut down hospital operating theatres.

Right beside the Fabrizia site is the 450 million Euro and NAMA-ready Irish Glass Bottle site. Do our Downtown Niggers(*1) use their disposable cellphones to do business with Anglo-Irish Bank and the Dublin Developers Autocracy (DDDA)? Or is it now exclusively with NAMA?

Just a few hundred metres from these spec-sites is Europe's, and Africa's, largest planned waste-to-toxins incinerator - to be run by a New Jersey outfit which has been fined for dioxins pollution and six thousand other violations.

(*1) See HBO's The Wire for appropriate language examples.

2. The lawyer for the incinerator promotors seems to be the same lawyer as the lawyer representing the owner of the Fabrizia site. There is only a limited pool of honest professional talent in Ireland.

3. Irish Times:
Applying for court protection Zoe said that if the group of six companies, which have total debts of €1.2 billion, was liquidated, they would have a deficit of €900 million. Based on this writedown value, properties on which it has borrowed €1.1 billion from eight banks would fetch €275 million if they went on sale this morning.

That means a 75 per cent writedown for the banks. For ACC it means a loss of about €100 million, which is more than manageable for Rabobank. For AIB it is proportionally larger €367 million. For Bank of Ireland, which is owed €113 million, it is €84 million. But when you apply it across the rest of the distressed part of its commercial property book, which would be the consequence of liquidating the other insolvent property companies, you really are looking into the abyss.


July 14, 2009

The Purple & The Pinstripe.


The Purple & The Pinstripe.


The purple and the pinstripe
Mutely shake their heads

A silence shrieking volumes
A violence worse than they condemn

Stab you in the back yeah
Laughing in your face

Glad to see the place again
It's a pity nothing's changed