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Posts tagged ‘Michael Lowry’

Dail Eireann and Moral Leadership

By Christopher M. Quigley B.Sc., M.M.I.I., M.A.

17th. April 2012

Morals matter. Moral leadership is fundamental. It is sad that a humble lowly citizen must make this point explicit to his government.

Following very expensive public tribunals certain people of Irish birth were found to have acted corruptly.In summary lest we forget:

Bertie Ahern was found corrupt.

Padge Flynn was found corrupt.

Dennis O’Brien was found corrupt.

Michael Lowry was found corrupt.

These individuals should beshunned by elected politicians if not privately then definitely publically.This is normal operating procedure in a modern parliamentary democracy. In particular with the case of Michael Lowrey, the latter individual mentioned above, the following point mustbe stressed. The fact that a “crook” has been elected to a parliament does not mean they should be given access to power. In Austria a group of rightwing radicals were elected. The European Commission refused to meet orrecognize this group even when they went into a power coalition. This action bythe commission forced a change of leadership of this radical group. Similar moral action must be brought to bear in the Irish house of government lest that hallowed body lose all respect from the struggling people of Ireland.

One final point. Alan Shatter, a man I have great respect for, has completely lost his moral focus.Mr Shatter is Minister for Justice and Minister of Defence. The courts look tohim for representation. The army looks to him for representation. The Garda Siochana look to him for representation yet he cannot say whether or not he gave representation to a “crook”.

Ladies and gentlemen of the Dail, please reflect on this issue. It is fundamental. If the Dail continues to be brought into disrepute by Dail members openly associating with crooks of the Lowry and the O’Brien type folks in Ireland will start to vote with passive resistance rather that with active voting. A tipping point is quickly beingreached.

Denying the O’Brien/Hogan meeting

JOHN COLLINS

OPINION: BARRING AN adverse ruling by the Competition Authority, the €45.5 million acquisition of Siteserv by the Denis O’Brien controlled Isle of Man-registered Millington, is a done deal.

Although only a small number of non-institutional shareholders turned up at the egm last week to vote on the deal, lingering questions remain.

To recap: Siteserv is a broadly based support services group that had revenues of €92.2 million in the six months to the end of October last and generated a pretax profit of €1.1 million. Siteserv includes companies such as Sierra, a provider of services to ESB, Bord Gáis, Sky and UPC; Roankabin, a specialist of temporary structures; and Deborah Services, a British construction services group. But it was struggling under the weight of €150 million of debt to Anglo Irish Bank built up during a boom-era acquisition spree.

The board of Siteserv called on shareholders to approve the €45.5 million bid from Millington, even though at least two other parties suggested they were willing to pay more. Siteserv’s corporate advisers have, however, suggested that there were conditions attached to the other deals, which were at a preliminary stage.

Under the deal, shareholders, including the current management team, would share €5 million, while the State-owned Irish Bank Resolution Corporation, which is managing the Anglo run-down, would get just €40 million of its €150 million debt.

In many ways the involvement of O’Brien and his long-time lieutenant Leslie Buckley is a distraction. Since the publication of the Moriarty report, which found then minister for communications Michael Lowry “secured the winning” of the second mobile phone licence in 1995 for O’Brien’s Esat Digifone, media scrutiny of all his activities has been intense.

O’Brien’s bid for Siteserv came as a surprise, given that most of his investments are in media and telecoms. But Sierra’s business supplying services to telecoms and cable companies could benefit O’Brien, while Eventserv’s experience in infrastructure for outdoor events might have benefits for his radio and other media interests.

then we have this from the story

Denying the O’Brien/Hogan meeting

 

From the Department of the Environment press office on April 4 after a query relating to an alleged meeting between Denis O’Brien and Phil Hogan a couple of weeks ago and any mention of Sitserv as it relates to any future water metering contracts/tenders.

The Minister had no meeting with Denis O’Brien in recent weeks or recent years for that matter.  As regards, water reforms – including the Prog for Govt commitment to install water meters, this is very much a matter for Govt and the Minister will be bringing forward proposals on same for consideration of Govt in the coming weeks.

full article at source: http://thestory.ie/2012/04/10/denying-the-obrienhogan-meeting/

Comment:

What do you expect from Gombeen politicians ? This stinks to high heaven! Backroom deals ???

 

 

The country is broke as a result of gambling, and what do we do we open a casino

An Bord Pleanála has given the go-ahead for a casino, 500-bedroom hotel and racetrack complex at Two-Mile-Borris in County Tipperary.

The 800-acre project is supported by the Independent TD, Michael Lowry, who welcomed today’s decision. The board, however, refused permission for a 15,000-seater music venue at the site.

source: http://www.rte.ie/news/2011/0613/casino-business.html

Comment:

This monstrosity will be and is been view as a monument to Parish Pump Politics, Gombeeniesem and Irish political cronyism. This has been enabled by one local politician selling out the rest of the country to generations of debt slavery

Who exactly does these investors believe is going to frequent in this glorified temple to gambling?

What is going to happen when this is abandoned and ends up as a great big white elephant?

No doubt they will expect the taxpayers to bail them out too.

This is parish pump politics gone mad!

“You will be assimilated resistance is futile”

Has anybody noticed that every time bad news comes out regarding new charges or taxes, we get the same old spin from the reverent Minster that it is in the program for government and it was agreed with the EU/IMF agreement? So it was this afternoon when Phil Hogan decided to come on the radio and tell the people of Ireland we are going to have to pay for our water. So to recap the EU and the IMF are now dictating domestic policy. What Taxes we pay, what laws we must abide by. So what use are the likes of Phil Hogan and the rest of his sell out band of stooges in the so called new Irish Government to the Irish people? None! .There are no more than “Implementers of Policy” for our new masters in Europe .Last night I watched a documentary on Roman History and their use of hostages. The similarities are striking. Established Roman policy of drawing subjugated people’s into the administration of their own territories by Roman influenced natives was highly successful, the populations were thus Romanized and made compliant to the Roman imposed taxes and laws in this way.

Aren’t we now in the same situation?

We get Government ministers quoting IMF and EU agreements, (that were forced on us in the first place) as justification to impose new taxes and austerity measures on our people and our voice in Europe at the same time diminishing by the day. Listen to Minster Hogan here http://www.rte.ie/player/#v=1099645

Our country and its resources are been carved up and we are just sitting back and looking on while collaborators in the Irish government enrich themselves .

Surprise! Surprise!

Looking for a surprise? then look no further

Having destroyed the country, sold us out the their buddies in Fianna Fail who in turn spent billions baling out the toxic banks and having used  foul language in the Dail ,dumped hundreds of thousands onto the dole queues  and closed thousands of hospital beds and told Emmet Stag to F***off in the Dail  we now have to put up with this c***  from Paul Gogarty . This guy displayed  the inner thug inside Please tell me this is an April fools joke!All we need now is a Michael Lowry, Dennis O Brine and Ben Dunn band to announce their point dates .

Not “one red cent” Mr.Kenny!

The government says it will not put “one red cent” more into the banks until we know the size of the overall requirement.

By namawinelake |

 The expression “one red cent” is gaining a lot of currency here in recent times. The origin of the expression is said to be the copper-ish red colour of the lowest unit of currency, the cent, in the US in the early 19th century and is used to betoken the smallest sum of money possible – to not pay “one red cent” means to pay nothing. Not only did Denis O’Brien unconvincingly – in the sense that most respondents to an opinion poll published in last weekend’s Irish Independent, didn’t believe him – claim that he had not paid former Minister Michael Lowry a “red cent” in return for favours in awarding a mobile telephone licence in 1995, but it was only a month ago when then-Opposition parties were eager to tell us that they would not be putting “another red cent” into Irish banks until the results of the stress tests became known in March.
Well, here we are one month later, and the stress test results will be published tomorrow but as this is Ireland, we seem to have had a healthy dose of leaks already which has caused Irish Life and Permanent to suspend trading of its shares until 1st April and the consensus is that the stress tests will indicate that a further €20bn will be needed by the banks to meet stringent capital requirements. This is €15bn less than the €35bn allotted to resolving our banking difficulties in the EU/IMF bailout, though it’s not clear which contributor to the bailout – EFSF/EFSM/IMF/domestic resources – will see a reduction in their contribution. However if the additional cost of capitalising the banks is put at €20bn then that will still mean that the cumulative bank bill will rise to €66-71bn. The table below is from the Department of Finance last September 2010 and shows the commitments at that time.
Anglo was to have cost us €29-34bn and unless we get an update on Anglo’s needs tomorrow (remember the stress tests didn’t touch Anglo or INBS) then we will probably have a range of values tomorrow also.
So what next? Will the stress tests be debated in the Dail and will options be explored including default? Will the Coalition simply stump up the €20bn without debate? Is it imperative that we act on the results of the stress tests immediately or have we the freedom to ponder our options over the coming weeks? Is now the time to re-open the “burning the bondholders” debate
– remember this was the bondholder position in Irish banks in February 2011, although there has been a massive redemption of bonds since the guarantee in September, 2008 there are still substantial sums that can, theoretically, be burned. Here are a few scenarios for the next few days.
(1) The government tells our bailout partners, particularly the ECB, that when we accepted the bailout in November 2010, the understanding was that the maximum additional sum required for the banks would be €10bn – after all, that is what one of the key negotiators, Central Bank of Ireland, Patrick Honohan was saying – and now that it is €10bn more, this is an appropriate time to discuss burden sharing. Might the ECB be supportive of burning the €16bn of unsecured unguaranteed senior bonds, maybe by paying them 50c in the euro.
(2) The government accepts the €20bn additional cost for bailing out the banks, but requires the ECB “medium term” facility to be set at €190bn, not €60bn. In that way, Irish banks will have a strategic certainty which they presently don’t have – the ECB, which is providing exceptional liquidity support, might unilaterally pull the plug. No country should allow its banking system to operate on this hand-to-mouth basis, especially since the “hand” is the ECB and beyond the nation’s control.
(3) The government accepts the €20bn additional cost for bailing out the banks but requires the EU to provide its element of the bailout at a cost interest rate, that is 2.8%. The 3% saving would amount to some €10bn in interest savings over 10 years. Given the Irish nation is taking on 100% of the banks’ liabilities, including those to shaky banks in Germany, France and the UK, then the least that can be done is to provide these funds at cost.
(4) The government accepts the €20bn additional cost and seeks a stimulus grant from the EU to allow our economy to grow so that the debt can be repaid and we don’t default. The stimulus might be used to fund capital programmes in broadband and communications, energy, transport, education, health, security including prisons. It happened before in the 1990s. Surely we now need it more than ever.
(5) The government accepts the €20bn additional cost but seeks an extension of the term over which the EU loans can be repaid. If the EU element of the bailout has to be repaid by 2018 and repayments start in 2015 then that means we need find €10bn per annum which might still be costly to secure from the market.
(6) The government chooses the nuclear option and takes the position that not only is the additional €20bn not sustainable but the €35bn of promissory notes already created last year for Anglo and INBS will not be honoured. The government disowns the guarantee, perhaps justifying itself on the basis that the guarantee was founded on incorrect information. A bank resolution process is put in place which protects depositors to €100,000 or €20,000 and beyond that, the banks are wound down as would normal commercial companies. No-one realistically believes the nuclear option will be pursued but it should surely be made clear that it is an option.
I have a feeling that tomorrow’s stress test results will be a bit of an anti-climax but regardless we are likely to have an official point estimate of the “final” cost of rescuing the banking system and the moment of truth will have arrived for our new government. sourceURL: http://wp.me/pNlCf-1da

Comment:

Not only do I expect this Government to brake this promise I would also expect that they will add another corrupt toxic bank (Irish Life and Permanent )on the list of banks the taxpayers of this country will be lumbered with. This corrupt Financial insider trading institution has been fleecing its own customers out of millions in a hopeless attempt to fill the black hole at the centre of its toxic bank and at the same time Directors who are responsible for the worst financial meltdown of this state have continued to benefit from the perks of their lottery salaries and pension entitlements. So far this new government has done nothing to rectify this criminal activity and are turning a blind eye to this outrageous exploration of all Irish bank customers. It would appear that the new government is content in allowing the Irish banks to exploit their own customers in attempting to top up their diminishing deposits. Instead of shoring up these toxic brands, the new government should immeadely wash its hands of these criminal intuitions and start afresh with one new commercial bank. It certainly would be the cheaper option .I personally wouldn’t trust any one of the current Irish banks, they are damaged goods and thrust is long gone .Close them down now!  I am holding the Government to their promise “Not One Red Cent”

Irish Times columnist Sarah Carey resigns

The Irish Times reports that it had told Ms Sarah Carey that her credibility as a columnist had been damaged by the findings of the Moriarty Tribunal and its aftermath. In order to protect the reputation of the Irish Times, her position as a columnist was untenable. Earlier  this past week the Irish Times columnist appeared on Prime Time (see video below) and defended the reputation of Denis O’Brien, relying on the sworn evidence of civil servants that there was no political interference in the decision to award a mobile phone license to Digifone. Yeh! In the name of God should we the taxpayers of this country believe her or a high court judge? Should we just forget and ignore the dubious financial transactions that were found to have taken place? Should we just take her word for it that Denis O’Brien plays snap with Mother Teresa, Ben Dunn and Michael Lowry every Thursday night? I think not! I think the Irish Times got this one right!  

To quote Sam Smith

“If it walks like a duck, quacks like a duck, looks like a duck, it must be a duck”

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