gettafa Posted October 15, 2017 Share Posted October 15, 2017 1 hour ago, asitis said: A serious question .... when the loan was granted by Barclays, what security referred to a number of times above was taken ? When you are dealing with Government,especially Isle of Man Government, you don't need security. The biggest security you can have is to massgae the ego of the relevant government employees and politicians, butter them up and make then feel important. Remember, those people have access to huge amounts of cash and it's so easy to spend when it is other peoples' money. 24 minutes ago, Non-Believer said: Perhaps one question could be, "how many of those involved came out of it personally in a weak financial position"? Everyone who was involved with the MEA came out with their boots full. How couldn't they? Link to comment Share on other sites More sharing options...
Non-Believer Posted October 15, 2017 Share Posted October 15, 2017 3 minutes ago, gettafa said: Everyone who was involved with teh MEA came out with their boots full. How couldn't they? Precisely. No losses for those involved anywhere. Except for some loss of face by the Board when they resigned en bloc when it all came out. And presumably most had other positions to fall back to/on. The politicos denied any knowledge whatsoever. The only losers are the tax and billpayers, including employers and prospective businesses. For years to come. Potentially crippling for the local economy. But it's all neatly tied off otherwise, nobody to blame and "not in the public interest" to pursue further. £570M. Link to comment Share on other sites More sharing options...
twinkle Posted October 15, 2017 Share Posted October 15, 2017 5 minutes ago, Non-Believer said: Precisely. No losses for those involved anywhere. Except for some loss of face by the Board when they resigned en bloc when it all came out. And presumably most had other positions to fall back to/on. The politicos denied any knowledge whatsoever. The only losers are the tax and billpayers, including employers and prospective businesses. For years to come. Potentially crippling for the local economy. But it's all neatly tied off otherwise, nobody to blame and "not in the public interest" to pursue further. £570M. along with the robbery of mount murray this is the largest thieving operation in my lifetime. BASTARDS. Link to comment Share on other sites More sharing options...
notwell Posted October 15, 2017 Share Posted October 15, 2017 I'm really not sure how you can compare Mount Murray to the MEA. Link to comment Share on other sites More sharing options...
asitis Posted October 15, 2017 Author Share Posted October 15, 2017 7 minutes ago, notwell said: I'm really not sure how you can compare Mount Murray to the MEA. I can think of a common link ! Link to comment Share on other sites More sharing options...
notwell Posted October 15, 2017 Share Posted October 15, 2017 How do they compare though? Link to comment Share on other sites More sharing options...
gettafa Posted October 15, 2017 Share Posted October 15, 2017 The 'Great MEA Robbery' on Manx Radio Opinion Programme now. They've even dragged up Eddie Tear for his opinion. FFS. Edited to add: I've just been sick all over my keyboard hearing Eddie Teare glossing over the whole fucking saga and bumming up the character who appaerently sorted it all out. . . .Edited to add: I'm still being sick, it's covered the desk now and overflowing onto the carpet Eddie and the boys, the team, "actually saved the public £millions over the years". Link to comment Share on other sites More sharing options...
gettafa Posted October 15, 2017 Share Posted October 15, 2017 Roger Watterson and Eddie Teare, two beslippered gentlemen having a lovely relaxed cosy chat about the wonders of electricity generation and the MEA. Eddie going glassy eyed about the wonderful team. /being sick again icon Link to comment Share on other sites More sharing options...
Non-Believer Posted October 15, 2017 Share Posted October 15, 2017 21 minutes ago, gettafa said: Roger Watterson and Eddie Teare, two beslippered gentlemen having a lovely relaxed cosy chat about the wonders of electricity generation and the MEA. Eddie going glassy eyed about the wonderful team. /being sick again icon As per a comment on iomtoday which currently has an article, why was Enron chosen as the preferred constructor with no previous experience in the field when bids from established business (inc Rolls Royce IIRC?) were also tabled? Link to comment Share on other sites More sharing options...
WTF Posted October 15, 2017 Share Posted October 15, 2017 1 hour ago, notwell said: How do they compare though? Ding dong Link to comment Share on other sites More sharing options...
Jasper Posted October 16, 2017 Share Posted October 16, 2017 I'm new to this so please have a bit of patience. WhatI fail to understand is why the loan that has been declared to be legit is not paid off from the limited reserves? As it is the interest payments are being dumped on consumers by very high prices just to preserve money for the pay and pensions of the public sector. I have a credit card and pay the amount accrued each month in one go. On the odd occasion I have to draw from my savings a/c and make it up later but my lost savings a/c interest is far less than the interest I would be paying if I didn't clear my credit card a/c each month. Does the same not apply? As I say, I'm not in any way au fait with the history of how or why this situation came into being but the way that it has been dealt with, and continues to be dealt with from my perspective is strange to say the least. Link to comment Share on other sites More sharing options...
Albert Tatlock Posted October 16, 2017 Share Posted October 16, 2017 They are writing off part of the loan that is owed to treasury, a simple govt cross charge (£95m). But in essence you are correct Jasper. It is a nasty vicious set of charges that the tax payer is paying not just through MUA charges, but via charges for the gas network too also being dumped on the taxpayer (a gas network the taxpayer already owned). The whole thing needs a public inquiry. We are being taken for fools. Link to comment Share on other sites More sharing options...
twinkle Posted October 16, 2017 Share Posted October 16, 2017 12 minutes ago, Albert Tatlock said: The whole thing needs a public inquiry. We are being taken for fools. whats new???????????????????????????????????????????????????????????? Link to comment Share on other sites More sharing options...
Non-Believer Posted October 16, 2017 Share Posted October 16, 2017 7 minutes ago, Albert Tatlock said: The whole thing needs a public inquiry. We are being taken for fools. +1. There would be little or no chance of monies being recovered but the taxpayers are at least owed a full and proper explanation of what went on and by whom. Warts and all. From the selection of Enron in the first instance to how Proffitt managed to secure the loans despite being conflicted with involvement with both MEA and Barclays and why oversight failed re the MEA board and the situation between he and Williams. God knows, we're all going to be paying for it for long enough. We deserve a proper explanation IMHO. Not the whitewash brush. Link to comment Share on other sites More sharing options...
notwell Posted October 16, 2017 Share Posted October 16, 2017 15 minutes ago, Albert Tatlock said: They are writing off part of the loan that is owed to treasury, a simple govt cross charge (£95m). But in essence you are correct Jasper. It is a nasty vicious set of charges that the tax payer is paying not just through MUA charges, but via charges for the gas network too also being dumped on the taxpayer (a gas network the taxpayer already owned). The whole thing needs a public inquiry. We are being taken for fools. We've already had a very costly enquiry and no one was held accountable. It makes no sense to waste further time and money on it. What are you expecting to see that is different now? Link to comment Share on other sites More sharing options...
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