I really dont know what to say about this baby and for once I am stuck for words. However I have to start somewhere and here is a good place... Look at picture on top and see how John Tierney (Irish Water) wasted millions of our Euros on the Poolbeg incinerator project. This is the project that he was unable to get off the ground due to his total incompetence, his atrocious management skills and style. Today it was announced that the Poolbeg incinerator was going ahead at a cost of €500 million Euro. OK, lets make that a neat figure of €600 million Euro due to Tierneys little ego trip that cost us almost €100 million in dodgy fees and dealings. Now the real issue is not just the cost to date but the agreed costs for operating the plant. It is going to cost us in three ways:.. 1. The 1st Rub: In business terms it will be funded by a combination of third party non-recourse project financing (€300 million courtesy of the taxpayer) and project equity invested by Covanta (approximately €200 million). What that really means is that should the project go belly up, we the taxpayers are going to be caught for a minimum of €300 million Euro. 2. The 2nd Rub: Just like the toll bridges,we are giving the project away to private enterprise for a total of 45 years then it reverts to us as a worn out and possible useless project that will require knocking down or substantial investment to modernise it. I know that most of us reading this wont be here so it probably doesnt matter to us but our children and grandchildren will be. 3. The 3rd Rub: After 15 years we get to share in the spoils but there is always a kick in the scrotum for the taxpayers isnt there? If the project goes well than happy days for us but If the project starts to fail or not operate to its full potential then guess what will happen?? Yeah, you guessed it... We get screwed for the losses again! In other words we make up the financial shortfall to make it a profitable enterprise for yet another private enterprise. Aside from all of that the CEO Mr. Samuel Zell,is a substantial investor and purchaser of property through his company Real Estate Investment Trust (REIT). In other words he is one of the vulture fund owners that NAMA are selling the plethora of apartments to for a song. Anyone else see the connection here... Again?
Posted on: Mon, 22 Sep 2014 22:07:23 +0000
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