August 15, 2009

Did American CBRE Try To Spin Ireland's Supreme Court

'Fool me once shame on you,
fool me twice shame on me'.


CBRE and ZOE Developments and The Poolbeg Incinerator.

Toni Soprano would be proud.
Omar and Prop Joe would be proud.
McNulty would see the rat.

CBRE is an American corporation which may or may not have had the arrogance to game the Irish Supreme Court.

In August 2009 The Irish High Court and The Irish Supreme Court were presented with 'fanciful' valuations for Liam Carroll's Zoe Developments. Fanciful may be or may not be Judicial language for complete fabrication or spin or Big Lies.

It is amazing that CBRE apparently believes it can allow its good name to be used to spin to honest Irish Judges.

Dublin City Council presented very curious paid-for information to the 2007 Poolbeg Incinerator Oral Hearing.

DCC's lead man may have retired on a lucrative public service pension since then. Colleagues from the EPA have retired to be paid by the waste-to-toxins incineration industry, and of course did not influence the selection of employees for the subsequent EPA Incinerator hearing.

Oral Hearing information was presented for DCC by a paid employee of CBRE. The presentation contained no hard data. It did include some apparently highly misleading spin. Professional research managers know how to correctly present visual information.

Is CBRE also a member of the Galway Tent?
Feel free to email any insights or corrections to

CBRE And Fianna Fail

Peter Malone chairs property company, CBRE Gunne.

CBRE Chairman Peter Malone ticks a few appropriate boxes. He is a well-known hotelier -- not an engineer -- and was the boss of Jurys; but Peter is also a favourite of politicians. Apart from being parachuted into the NRA chair by ministerial patronage, he has served as chairman of semi-state Bord na Mona, was a member of the review body on higher public sector remuneration and chairs property company, CBRE Gunne.

What is interesting about CBRE Gunne is that they gave Fianna Fail generous donations in 2004 and 2005. The NRA annual report tells you none of this.

Read more at “M50 directors unmasked” by Shane Ross, Sunday August 31 2008


Q: What's the difference between an American realtor, a prostitute, a car dealer, a bank, a public official, a property speculator, a financial regulator, an environmental reguator, a german toxicity expert and a monkey?

A: The prostitute is effectively regulated - in the canals of Utrecht surrounding Rabobank HQ.

1 comment:

The Galway Tent said...

Zoe Ruling Exposes Conspiracy of Silence at Heart of Govt’s NAMA Gamble
September 10th, 2009

Ruling Exposes how Govt/Bankers/Developers Trying to Fool Taxpayer on Assets Value

The Zoe ruling in the High Court today has exposed the conspiracy of silence at the heart of the Government’s bailout of bankers and developers via the NAMA gamble, according to Fine Gael’s Enterprise Spokesman, Leo Varadkar T.D. He was speaking today (Thursday) after the High Court ruled against appointing an Examiner to the Zoe Group of companies.

Commenting on the ruling Justice Clarke said that the accounts presented by Zoe - where they were arguing in a similar fashion to NAMA that their property portfolio would recover in 3-5 years - were “…plain wrong” and had “very many inaccuracies”.

Commenting on the ruling Leo Varadkar said:

“Just like NAMA, Zoe’s figures don’t add up. That is what the High Court’s confirmation of its original refusal to grant the Zoe companies protection from ACC banks means.

“The whole case also reveals the conspiracy of silence that now exists between the Government, large Irish banks and big developers. Despite the fact that Carroll is unable to give any credible evidence whatsoever that his companies can recover and repay their debts, six of the seven banks that have leant about €1 billion to his companies, including the State-owned Anglo Irish Bank, were willing to roll over his interest payments and give him more time.

“The reason for Carroll’s special treatment is simple. The banks don’t want to publicise the likely huge losses that will made on these loans before they pass them over to NAMA and the taxpayer. Only ACC, which is likely to be left out of NAMA because it is foreign-owned, has decided to reveal the true extent of the insolvency of one of Ireland’s biggest developers.

“The whole saga has laid bare the fatal flaw underpinning NAMA – the absence of any credible evidence whatsoever to suggest that property prices are only temporarily depressed and will recover their recent losses. As confirmed by the continuing commitment to the concept of long term economic value in the NAMA Bill as published, the huge threat still facing taxpayers is that they will be forced to over-pay the banks for toxic developer loans, potentially hobbling the public finances for a generation.

“The action by ACC Bank also raises huge questions about how the Government and NAMA will deal with smaller banks that are part of lending consortia to troubled developers. The nightmare scenario now for the Irish taxpayer would be if small banks like ACC were bought off either by the bigger banks or NAMA and the whole lot passed onto the taxpayer in a few months’ time.”