November 30, 2009

Poolbeg Scams Now At €950 Million.

A conservative estimate places taxpayer liabilities for shell games in "Poolbeg" at €950 Million.

Taxpayer liabilities for the "Fabrizia" site owned by Zoe Developments are a Fianna Fail state secret.  Zoe Developments and a myriad of associated companies are in the hole for €2 billion to €4 billion.  So let's guess the taxpayer-NAMA-liability for Fabrizia is only €200 Million.

The sale of the publicly owned Glass Bottle Site to a private company cost the taxpayers €300 Million.

DDDA's losses on its "investments" at IGB have cost €100 Million.   This sum excludes the costs in Billions grandfathered by NAMA from the Property Pyramid Scheme for which DDDA was the catalyst.   DDDA grooms locals with bribes labeled 'Community Gain' for which the bankrupt DDDA now conveniently has no more money, apart from the €11 million given to bankrupt Zoe Developments a few months ago.

Apparently Dublin City Council's secret put-or-pay contract with New Jersey's Covanta, in effective cooperation with an at best supine Minister,  is being used to threaten taxpayers with a €450 Million taxpayer liability for the incinerator.

Add the numbers up anyway you like.  To be fully professional you must use NAMA's totally accurate off-balance-sheet SPiV accounting, a secret methodology developed by Enron's Special Purpose Entities.  The total then becomes whatever you like.  Or exactly €950 Million.  The independent auditors at Arthur Anderson Consulting will confirm this.

The United States's EPA decides projects by sticking $8 million into a spreadsheet for each life sacrificed for the common good.  For Poolbeg you can reach an eye-candy €999.99 Million by adding on $8 million for each life lost to the Waste-To-Toxins incinerator.

Bad Joke Of The Day:  Enron's auditors Arthur Anderson Consulting have not been rebranded by the hierarchy as Assenture or Assenter.

No comments: