October 29, 2009

NAMA's SPV and Enron's SPE.

Special Purpose Vehicles and Special Purpose Entities.

'SPV' smells like 'SPE'.
So don't step in it.

Any chance Andrew Fastow of Enron is one of NAMA's state-secret advisers?  Enron only rigged energy markets (shutting Intel's HQ in Santa Clara).  NAMA will rig the markets for people's homes (throwing people onto the street).

Mr Fastow is an expert at concealing massive balance-sheet losses by using a complex web of off-balance-sheet special purpose entities (SPE).  NAMA will cook its books by using so-called SPiVs in a shell game of off-balance sheet "accounting".

Only the lawyers and teechers running Green-FF could dream up such absurdities.  Fools and crooks.

Andrew Fastow is currently serving a six-year prison sentence for charges related to this conduct. 

PS:  NAMA = DDDA = Cowboys = Anglo-Irish bank = Green-Fianna Fail

Andrew Stuart Fastow was the chief financial officer of Enron Corporation until the U.S. Securities and Exchange Commission opened an investigation into his conduct in 2001.

Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities or 'SPEs' (limited partnerships which Enron controlled) used to conceal their massive losses.

Enron - the largest bankruptcy in US history - was based in Texas.

Covanta is based in the polluted garden-state of New Jersey.

October 11, 2009

Mr Gormley Incinerates Taxpayer Cash To Spy On Voters

Starting with the letter G how do you spell Traitor?

This weekend Mr Gormley sold out any remaining Green Party principles.  The result is a massive psuedo-criminal transfer of tens of billions of middle-class cash to the Galway Tent friends of Fianna Fail in the NAMA scam.

Even their spin of 'breaking even' after ten years will cost €38,000,000,000 in lost interest.  Add on the cost in jobs of diverting €38 billion from quality investments.  And add on the cost of people made homeless by the house-price-inflation-rigging required by NAMA for the 'break-even'.

In 2008, was Mr Greenwash using "permissible" taxpayer cash to spy on:

  • Who considers Mr Gormley to be a traitor on the proposed Poolbeg Incinerator?
  • Who's aware his department gerrymandered the local constituency?  And why?
  • Who knows about the Ringsend Glass Bottle Factory scam involving DDDA, Anglo-Irish Bank and now NAMA?

  • Who knows about local Property taxes needed over 30 years to pay just for IGB?
  • Knowledge of his Ministerial Pension pot?
  • How to spend €2000 on a Mercedes instead of a train?

Bali & Incineration

Following the research or spying it seems Mr Gormley is very afraid of the public.  He keeps away from meetings in his local constituency.

It's reported that many comments left on his facade of a website will be censored and not published.  It seems very apt that  searching for " Incinerator" on Mr Gormleys website"   [Oct 10, 2009] comes back with the highly appropriate 'No matching results'.   For a long time this website was dormant - following Mr Gormley's permissible trip to Bali.

Taxpayers paid for this spinning farce of a website.  Its an excellent leading-indicator of true Green Party ethics.


The Sunday Tribune has also obtained details of Gormley's domestic expense claims whilst a minister at the Department of the Environment in 2008 and as a TD in 2006.

In November 2008, Gormley claimed back €12,638 for some research he had conducted in his Dublin South East constituency with Red C, as part of his special secretarial allowance.

It is understood that this research related to attitudes to the Green Party and was entitled 'Party Review Qualitative Research October 2008'.

Gormley's spokesman said:
"This research was on political attitudes in Dublin South East to assist the minister in policy formulation. This expenditure is permissible under the expenditure guidelines and fully receipted."

In the same year, the minister also claimed €8,796 for a redesign of his website, with a further €169.40 spent on maintenance and registration.

Printing of leaflets cost more than €6,500 while distributing the 40,000 flyers around Dublin as part of a "constituency campaign" cost the taxpayer more than €4,500. 


More of Mr Gormley's incineration of taxpayer cash is here

October 8, 2009

Fools & Crooks at DDDA-Anglo

DDDA's NAMA-Land in Poolbeg

Is Anglo-DDDA Stuffed With Fools & Crooks?

Obviously they are not fools at Anglo-DDDA as the taxpayer is now liable for the diddled €500 million or so (always add a safety margin of at least 25% to dodgy Irish banking-CEO's numbers).  Seven hundred hospital beds have already been shut down.

Are the named speculators really fronts for others operating from say Hong-Kong or Wall Street?

Even with the parish's best 'governance expert' on board the DDDA still refuses to publish its 2008 accounts.  What are DDDA's conditioned monkeys cooking up in order to screw taxpayers?

Mr John Gormley still allows Dublin Docklands Developers Autocracy (DDDA) to exist.  

Note: in the inbred-Irish context the word 'developer' has nothing to do with wealth creation such as bio-tech or optical-electronics. 


'Anglo 10' each borrowed sums of up to €56.5m

SIMON CARSWELL, Finance Correspondent
Fri, Oct 09, 2009

THE 10 Anglo Irish Bank customers who borrowed from the bank to buy a 10 per cent stake in the lender owed sums ranging from €9.7 million to €56.5 million just before the bank was nationalised last January, according to internal records seen by The Irish Times .

This newspaper has confirmed the customers and loan amounts at the start of this year were:

  • Jerry Conlan, property investor and owner of a hospital chain, €56.5 million; 
  • Patrick Kearney, a Northern Irish developer, €46.6 million; 
  • Seamus Ross, a developer and hotel owner, €46.4 million; 
  • Gerry Gannon, a Dublin-based developer, €46.4 million; 
  • Joe O’Reilly, the developer behind the Dundrum Town Centre in Dublin, €43.4 million; 
  • Brian O’Farrell, a north Dublin auctioneer and property developer, €41 million; 
  • Paddy McKillen, a Dublin-based developer, €38.9 million; 
  • Gerry Maguire, the owner of shopping centres in Drogheda and Dundalk, €31.7 million; 
  • John McCabe, a Meath-based builder, €31.6 million; and 
  • Sean Reilly, a Meath-based developer, €9.7 million.

Mr Conlan said he had “no comment to make” when contacted. A spokesman for Mr Kearney said his client had no comment. Mr O’Farrell said: “I am not going to comment on that.” Mr O’Reilly said he was unable to make any comment. Mr McKillen said he would return a call about a query relating to the loans but didn’t. When told about the nature of the query, he said: “Brilliant – appreciate that, thanks.” Calls to Mr Ross, Mr Gannon, Mr Maguire, Mr McCabe and Mr Reilly or their offices, seeking comment, were not returned.

The loans to the 10 long-standing customers totalled €392 million as of last January, the records show, and are listed by the bank as “personal” borrowings. The bank also noted there had been a decline in the value of the security backing the loans.

This refers to the fact three-quarters of the money borrowed by each individual was on a “non-recourse” basis, backed only by the shares they bought in Anglo Irish Bank with the money, meaning they could not be pursued for this part of the loans.

The bank’s shares are all but worthless following its nationalisation in January. Anglo Irish – now owned by the taxpayer – expects to write off about €300 million in respect of these loans.

Senior executives at Anglo organised the purchase of the 10 per cent shareholding – from businessman Sean Quinn – in a private transaction during the summer of 2008 to avoid the shares being disposed of on the open stock market, as this would have affected the share price at a time of severe volatility.

A spokesman for Anglo declined to comment, saying the bank could not discuss customers’ affairs due to confidentiality.

© 2009 The Irish Times

October 2, 2009

Danger! Catholics! Zoe Developments Occupying Sandymount Strand.

As Vincent Browne may have implied on Thursday night, how come this type of caper only occurs in Catholic Countries?  

Zoe Developments currently occupies part of Sandymount Strand.

The esteemed company of Mr Carroll acquired the beach in a murky process, allegedly, from esteemed Allied Irish Bank.   If you go to the company HQ offices in Parnell Street opposite esteemed FAS you will get a hostile reaction.

Mr Carroll is allegedly ill.  In 1974 Mr Nixon was allegedly ill and later had a miraculous recovery.  Godverdom de Heer Nixon.

Zoe Developments apparently has blocked off public access to public land at its 'Fabrizia' spec-site on Sandymount Strand.

Both ZOE and the Cement Company (which illegally built a causeway on the beach) drove Ireland's economy into the buffers. 

Both have cameras watching you even when you are out walking your dog. 

Both will absorb local Sandymount-Ringsend house taxes of €10,000-€20,000 per house per year for each of the next thirty years to pay off their dodgy dealings, along with DDDA and Anglo Irish at  Irish Glass Bottle factory.  Mr Lenihan or his follower will secretively fund this private-speculation with taxpayer money in the NAMA scam.

ZOE has signs warning you to keep off the public land they are illegally occupying, allegedly.

Meanwhile ZOE is using the same lawyer as was used by Dublin City Council  to promote sticking an incinerator into Poolbeg.


Does such dodgy behaviour only occur in Italy, Belgium, Bavaria, Spain, Austria, Portugal and Ireland but not in Sweden, North-Holland, Finland, Baden-W├╝rttemberg or Norway?