September 6, 2009

NAMA's Ground Zero for GUBU Culture

"Illegal" Anglo Irish Bank HQ 
GUBU-Approved by 
Developers Autocracy DDDA.

NAMA Is GUBU Culture.

Will Bord Pleanala politically approve and introspectively legalise the 'illegal' Anglo-Irish Bank HQ building GUBU-ed by The Developers Autocracy, DDDA?  Will pseudo-bankrupt Anglo-Irish Bank rob €68,000,000 from taxpayers to give to examinership-challenged Zoe Developments to complete the 'illegal' building?  Will NAMA approve taxpayer money to complete the HQ absurdity?

Will Mr Brian Lenihan use NAMA to keep this apparently unprecedented misuse of taxpayer money secret and outside the Feedom of Information Act?
Being situated on The Liffey the 'illegal' Anglo Irish Bank HQ is an ideal location for a State Casino to be run by Ireland's Wild West Indians.  Space can be made available for solid patriots politically appointed to DDDA, Bord Pleanala,  EPA-Ireland, Anglo-Irish Bank and NAMA.  The grotesque Green Party could be in charge of protecting The Final Nail, Fianna-Fails bicycle shed, from the barbarians in Sheriff Street.

Apparently the speculative Anglo-Irish Bank HQ was declared 'illegal' by the courts - work has stopped. The builder was a Zoe Developments entity.  Instead of being liquidated, Anglo-Irish Bank was unbelievably sold to the Irish Taxpayers as part of Green-FF's €490,000,000,000 guarantee and bailout of Wall Street equity and bond speculators.   The bizarre  Developers Autocracy (DDDA) recently fired another of its bosses but he may be just the scapegoat for the absurd HQ.  He was fired by an alleged governance expert who until recently received director's remuneration from Ulster Bank/RBOScotland (lender to ZOE).   The alleged governance expert has a financial-contract by marriage with the fired boss of a failed political party which promoted greedy delusions for creating Manhattan in Poolbeg, beside Europe's and Africa's Biggest Incinerator.  

Curiously ZOE in its unprecedented bankruptcy proceedings to 'overturn' the Supreme Court with 'new' information is using the same lawyer as the Poolbeg Incinerator promoters.  The waste-to-toxins incinerator was politically approved by Bord Pleanala and pollution agency EPA.   

Allied Irish Bank apparently sold a large part of Sandymount Strand disguised as a "sports field" for a pittance to ZOE.  ZOE companies now owe AIB perhaps €1,200,000,000 or €600 million or so, depending on the accounting standards used.  The Irish Supreme Court seems to have credibly said ZOE is effectively bankrupt.  But sure now why would that stop ye having another go at the NAMA gravy train.

Haughey was an amateur. 
URL to this image is lost - if known, please insert link as a comment to this blog posting

Ultra Vires [Latin, Beyond the powers.] The doctrine in the law of corporations that holds that if a corporation enters into a contract that is beyond the scope of its corporate powers, the contract is illegal.

A man in Longford, Ireland, was recently given 10 months in jail for stealing a cooked chicken from UK company Tesco.  In the good old days when Ireland was run by The Empire a chicken stealer would be simply shipped off to Australia - like Ned Kelly's ancestors. The Kelly's fixed banks.  Now the traffic is reversed. An Aussie will go to Ireland to fix the Anglo-Irish Bank
Green-Fianna-Fail's new spelling for GUBU is NAMA. 

Aussies use esteemed DDDA to influence Paddy to move to Australia.

1 comment:

Anonymous said...

Pasted From Shane Ross, Sunday Independent:

The entire Irish establishment is backing Carroll's bid for an honoured place in the world of fantasy valuations.


Somehow, the hopelessly insolvent Zoe has made a monkey of the examiner process, designed to protect a troubled business from its creditors. Zoe's appeal from ACCBank's attempts to put it into receivership has been thrown out by the Supreme Court -- but somehow Zoe is back again in the High Court seeking a different answer to the same question.

Like Nama, Zoe's survival depends on convincing the beak that property prices will rise. In pursuit of this goal, Zoe marched its own army of property fantasists into the courtroom.

Carroll's legal team produced a report from accountants KPMG, maintaining that Zoe could see its assets rise to €1.36bn in less than five years. KPMG also happen to be auditor to AIB, Carroll's biggest creditor. Presumably the blue- blooded auditors declared this fact. Carroll owes AIB nearly €500m.

An optimistic report from Goodbody Stockbroker's economist Dermot O'Leary was offered by Carroll's counsel as a reliable forecast that the general recession would bottom out in 2010, followed by a recovery in 2011. Goodbody is owned by AIB. Presumably this was declared in court?

AIB is not opposing Carroll's court bid to keep the receiver at bay. Like the other banks, it wants to see Carroll's loans bought at inflated Nama prices. All Zoe's other creditor banks except one -- the foreign owned ACCBank -- are taking the Nama line.

The entire Irish establishment is backing Carroll's bid for an honoured place in the world of fantasy valuations.