EU nations, food and non-alcoholic beverages 1996 to 2010:

EU nations, restaurants and hotels 1996 to 2010:

Former banker, journalist and political adviser Michael Murray, who previously worked in the cabinet of Ireland’s former EU commissioner Charlie McCreevy, has been appointed a portfolio asset manager at the National Asset Management Agency (Nama).

Judge for yourself.

Irish minimum wage growth, relative to other EU nations:

Irish unemployment, seasonally adjusted, under 25 males, 1983 to January 2010.

HICP data, EU countries, all categories. Ireland in blue:

Synopsis: “Government; you’re doing it wrong.”

Contextual note: most (all?) of the signataries would be generally perceived to be of the Left. Members of TASC and contributors to Ireland After Nama are amongst the 28.

- HOME

Splintered Sunrise; debating feminism in the 21st century.

Nyder O’Leary is class. When I’m editing GreatNewsWebsite.ie in 25 years he’ll be my lead opinion writer, whether he likes it or not. What he says about the idea that ministers should have experience running companies is on-the-ball here…

If anything, the role of the politician is to sift through all the weighted advice, and make a decision that’s best for everyone from a social, economic, legal and cultural point of view. The only overriding passion needs to be a broad social vision, coupled with pragmatism about putting it into place. That’s a hell of a job description. The bunch we have now clearly aren’t up to it, but you’re certainly not going to get any social vision by embracing The Cult of The Entrepeneur.

Gerry Adams blogs from the Sinn Féin Ard Fheis.

Dear Irish editors, please read this Reuters’ piece before making moves towards online in the next few years. (CC it to your journalists too.)

Big mainstream-media publications, when they hire people to write their blogs, generally hire people with no blogging experience at all — something which is both ill-conceived and dangerous. Some journalists make good bloggers; most don’t. So rather than gamble that you’ve found one of the rare exceptions, why not make prior blogging experience a prerequisite for such positions?

The fundamental problem with Kouwe was that when he saw good stories elsewhere, he felt the need to re-report them himself, rather than simply linking to what he had found, as any real blogger would do as a matter of course.

John McHale; “resolution regime“.

The Sunday Independent parodies itself. Niamh Horan gets 1,800 words – a whole page – to cover the story that’s supposedly “gripping the nation”, something to do with Rosanna Davison, Glenda Gilson and Johnny Ronan. Read it for the hilarity. Brendan O’Connor (!) gets another few hundred words in with a comment piece also.

The Sunday Independent, Serious Newspaper.

Meanwhile, during a separate encounter minutes later with Ronan, eye-witnesses say Gilson kicked her ex-lover twice. Once in the groin and once in his upper-thigh, leaving the property developer bent in two and wincing in pain.

As an onlooker explained: “He buckled over the minute she kicked him, and he was shouting ‘my fucking balls’. It was madness. As she turned to leave, Johnny then took a swing at her and made contact with her backside.”

“Eye-wtinesses”, “sources close to…”, “her inner circle”… the story is so SIndo it’s funny. It’s like the time the Guardian had an offer of free gift-wrapping paper designed by Nelson Mandela with every copy, you couldn’t make it up.

Really though… what am I doing reading such nonsense. And blogging about it. Shame on me. Back to the usual…

- WORLD

London correspondent for Rúv (the Icelandic RTÉ), Sigrún Davíðsdóttir on the IceSave referendum.

Matt Yglesias on healthcare (again), this time focusing on how it should or could be priced.

The son of the founder of Hamas embraces Christianity and spies for Israel. Ouchies. The Wall Street Journal has an interview.

Michael Yon, Green Beret turned independent war reporter; “how hundreds of military personnel, millions of pounds and an experimental ‘lung’ saved the life of a British soldier… shot by accident in his own camp“.

Better prostehtics coming to a person with a limb blown off in a war without basis near you, soon. Good.

Fallows brings two pieces of clear-minded journalism.

- OTHER

I’m so envious of David Attenborough’s delivery. These Symphony of Science videos are top-notch. Click through for more. Oddly touching.

Over the last few days I’ve only had one eye on the news, but what I’ve seen and heard about the grade inflation story has been awful confusing, altogether.

On Monday it was reported that the Minister for Education, Batt O’Keeffe had launched two “major inquiries” into the “dumbing down” of the Irish education system. The inquiries, according to Séan Flynn of The Irish Times, came following concerns being raised by “leading industrialists” at a “recent“, “no holds barred“, meeting with the minister.

“Recent”, I’d need not tell most readers of this blog, is vague word. Furthermore, saying “Minister for Education Batt O’Keeffe has launched…” provides little certainty as to the date on which whatever was launched, was launched. From reading media reports (subsequent to Mondays’, and not alone the Times’), I’ve little idea of when the meeting between multi-nationals and the department of education took place. Nor am I positive of a date on which the grade inflation inquiries began.

However, considering that Craig Barrett was in Dublin on February 9, and the aforementioned use of “recent”, I think it’s fair to assume the meeting took place some time around then. It’s not as easy to make a guess a date on which the inquiries began. Thus, another assumption; within a week of the meeting.

On Tuesday Batt O’Keeffe said the “preliminary results [of the inquiries]… would be available within the week”. Why he didn’t say that 24 hours beforehand is unclear. Perhaps he didn’t know it when the news emerged (from him?) the day prior. Google et al welcomed his actions.

Also Tuesday came news that a separate study on grade inflation had been done by Trinity College academic staff for the TCD University Council. This (as now unpublished) study builds upon another one by the National Irish Educational Standards. It covers only the Irish universities and focuses on the period between 2005 and 2008, unlike the “major inquiries” which Minister O’Keeffe had ordered. The dept of education inquiries were set to look at the whole third level sector as well as the Leaving Cert program, both for the period of 1991 to date – a much, much larger study.

Despite having a far smaller number of institutes and far shorter time period to cover, according to minutes of the University Council meetings, it was two months before preliminary findings could be presented. At the September 30 meeting [PDF link] the Council directed the study to be undertaken, it was 25 November [also PDF] before any findings were offered. It’s also worth noting the findings which were offered were fairly basic, detailing the results of prior reports on the topic, in the main.

While the findings of the TCD group were supplied to the department for use in compiling their report, they remain unpublished (presumably they’re still being reviewed) five months on.

Nothing much relevant, really, on Wednesday.

The following day the department published the details of their inquiries. ‘Significant inflation’ was discovered, unsurprisingly. In the third level sector grade inflation was particularly evident before the establishment of the State Examination Committee in 2003, the department said. That is - apparently, from reading the University Council minutes – exactly as the TCD group had noted in their November ‘09 statement. It would make you wonder if the department bothered to look at the non-Uni area of the third level sector at all. Actually, a number of the TCD group’s details noted in the Council minutes seem to have been ‘adopted’.

Regards second level, the department said the kids are okay, nothing to see here, grand.

Whatever about findings being adopted, the claim that two “major inquiries” could be undertaken within (seemingly, a maximum of…) four weeks, perhaps even less, is a hard to believe. Especially when you consider a far smaller study, covering a far shorter period, looking at just one sector, took twice as long to present preliminary findings.

Maybe I’ve missed something (hit me with a comment) but it all seems to have happened a little too quickly.

Grade inflation is a worth examining, I’m sure. But if you’re going to start an new quango, and base policy on a report, you best be sure the report is rock solid. Given how quickly it appears these were compiled, I have my doubts.

Fantastic analysis from the team on Ireland After Nama into the latest Live Register figures complete with charts and visualisations. The video below is just one small part.

If you’re not a subscriber to that blog, why the hell not?

Congrats to Justin Gleeson, Rob Kitchin, and Matthias Borscheid on a great (and readable) piece of research.

Enlarge for easier understanding. The video covers Sept 2006 to Jan 2010.

Remember that you have ta make sure ta account for the 10,000 pounds that, as I remember it, you did win from the lotto in the pub the other night. The Guvernmint might, as far as I understand the situation, come after ye and try ta tax it from ye or something and if they did do that and looked at your accounts or sumtin and the pounds wasnt in there then ye might be in trouble and then, as I far as I’m aware of the situation as, as, as, as, as, as it stands, you might have to think about making up an excuse about how you did win it legit like saying you won it off Fergie at a United match. Or on the horses or sumtin. Them lottos are always for the hospices in anyway so maybe could say that you did win it on the hospice then if a paper person asks you about it and you get mixed-up you can say they just heard you wrong. 

Anyway, don’t forget to write it down cos ye don’t want ta be looking stupit.

And remember that you’ll be needing to be having a tax clearence form still, just cos you did get one doesn’t mean your covered for the hole of your life, I think.

I know all dis cos I was thought it in UCD and London School of Finance (or sometin) and just cos I don’t have me name on a piece of paper from the Chartering Accountants place doesn’t mean I’m not a real accountant, as i understand it, so don’t believe them people who checked it out.

Regards

Mr Patrick B. Ahern

Charthered Accountant’s Clerk

Ireland

PS What’s plans with the buke stuff and the Guvernmint wanting to take the money back off of ye? And have ya heard from Ken Rohan’s lads in the last while?

For full details read this in-depth article by Gretchen Friemann from January 18. PropertyPin discussion also.

Achilleas Kallakis and Alexander Williams, formerly known as Stefanos Kollakis and Martin Lewis respectively, were arrested recently following a two-year investigation by the UK Serious Fraud Office.

In a press release issued today the Fraud Office says…

…each [of the men] have each been charged with two counts of conspiracy to defraud, 13 counts of forgery, five counts of fraud by false representation, two counts of money laundering and one count of obtaining a money transfer by deception.

The offences charged in relation to Allied Irish Banks PLC relate to property loans made between 2003 and 2007 resulting in losses of £56 million. The offences in relation to Bank of Scotland relate to a shipping loan made in 2008 resulting in losses of around £5 million.

The London Evening Standard described their alleged actions as one of the “most audacious frauds ever committed on the London property scene”. It was bankrolled largely by AIB, which, it’s widely mooted, the Irish taxpayer will soon own.

Kallakis, who was the main player, has a colourful past. Fifteen years ago he was convicted of a serious forgery in the UK. Despite this, by 2007 he had amassed what The Irish Times describes as “a €1bn property portfolio funded mainly by AIB”. Over the course of a few short years the bank reportedly loaned the convicted forgerer more than £700m.

In May 2008 AIB came across something fishy about Kallakis, they called in the Serious Fraud Office and seized control of his properties. They then quickly sold the same properties on to Green Property with a €56m (relatively small) write-down. Green Property are known as owners of the Blanchardstown Shopping Centre and Fonthill Retail Park, amongst other properties.

Strangely, the write-down was included in the bank’s annual report but not brought to the attention of the public, or – importantly – the stock exchange at the time. This was during the period when Irish banking was in crisis and Government guarantees were floating around. It wasn’t until six months later, when the Fraud Office announced it was investigating Kallakis that the apparent fraud came to light. One would have to wonder if the information would have hurt AIB’s share price had they notified the stock exchange, this would have at a point when the bank was teetering on the brink…

Even more strange is the prices Green Property paid for the buildings. The Irish Times investigation by Gretchen Freiman discovered the company had paid almost the same price for the properties in late 2008 as Kallakis himself had done so at the height of the boom. The market fell more than 35% in the interim. Bizarrely, for some properties Green even paid more than Kallakis.

It should be noted that Green Property is in no way involved in the alleged fraud by Kallakis.

The Green deal with AIB is extremely opaque, involving 16 companies named Kish One through Kish Sixteen, all registered in the Isle of Man. It’s not even clear who the beneficial owners of the portfolio are at this point since Green have employed such a non-transparent ownership structure.

AIB refuse to talk about the transaction. In the un-bylined Cantillon column two weeks ago the Times called for the bank to open up about the deal, saying;

Serious questions remain unanswered as to whether it was a bona fide arm’s length transaction or a cleverly structured deal that allowed AIB avoid taking a big fraud-related writedown at the worst possible time, early 2008, which might have been enough to tip it over the edge.

…

The sine qua non of the Nama process is that it draws a line – and a very expensive one at that for the taxpayer – under the bank’s property-related loans. Some greater clarity about AIB’s continued exposure to the Kallakis portfolio is needed before we can safely say that we have arrived at that point.

The Sunday Business Post believes the way in which the transaction with Green has been structured must leave the bank exposed. If further details don’t emerge suspicions may grow that AIB was dealing in a non-transparent manner to avoid declaring the full extent of the damage on its books.

In relative terms – talking tens of billions – any losses from this scenario are not likely to be huge. The story does however raise some questions about the nature of decision-making in AIB as it faced collapse pre-guarantee, and its possible exposure to hidden bad debts as many of its loans are set to be transferred to NAMA.

It probably won’t be the last time we see a story like this… in the meantime we await the unearthing of a few home-grown Kallakises by our own fraud squad.

For serious? What the…

Gardaí investigating the source of a leak which culminated in Trevor Sargent’s resignation last week have acquired the phone records of the reporter who broke the story and believe that his source is a serving garda.

Holy…

All the Gardaí require to obtain the phone records of a journalist or one of their members is a suspicion that there was some sort leak? Whatever the source’s motives Sargent did wrong. The source is a whistle-blower and the journalist was doing what they’re there to do. Scary. Very scary. And not only because I’m a journalist.

The headline should be about the Gardaí observing the private activities of a private citizen by obtaining his private information (on the face of it) without reasonable suspicion that the citizen has done anything illegal. Whatever about it being against the law for a garda to leak information, the journalist has partaken in no illegal activity.

Gurdgiev on double dipping.

Gene Kerrigan on the Your Country Your Call nonsense. Simon McGarr’s blog post looks at it from a different angle, he points out several details in the terms and conditions of entry that would make you wonder. Additionally, the people behind the scheme are interesting.

They say it’s about what people have for their lunch and what they see when they walk their dogs, but Twitter is what you make it. Here’s why you should be on it. A conversation from earlier today…

Matt Cooper: why would anyone believe they will be realistic when “long term economic value” is criteria for Nama price on loans?

Dan Boyle: That long term economic value is inclusive of the premium. Wait for the valuation process to kick in.

Matt Cooper: pay premium in a market of discounts? Would you overpay for house as it might be worth more in future + you’re sorry for seller?

Dan Boyle: It’s how every house is bought Matt. It’s why money is borrowed to purchase those houses – the expectation of future appreciation.

Matt Cooper: I’d love you to buy my house! It’s valued at x so you’ll pay me x + 10%. Let’s not even get into yield.

Dan Boyle: It isn’t about the owners of the house. It’s the lenders Matt. That’s why we’re in this mess.

Matt Cooper: Lender distressed and needs to sell assets. Instead of getting a discount NAMA is paying a premium. Capital another issue.

Dan Boyle: But the loans have already been discounted.

Matt Cooper: but not discounted enough. Does a rational entity overpay billions buying from a distressed seller? Hoping for recovery?

Dan Boyle: That’s where the risk lies Matt. I accept that.

Fair play to Dan Boyle for taking the questions, just have a look at his Twitterstream and see the number of them to which he has been replying. You may disagree with him but at least he’s engaging in debate. You can follow this site’s stream for updates or myself and Gav individually if you want to know what we had for our lunch contact us.

From Dublin Community TV have a documentary on Dublin as a cyclist friendly city on the way, promo below (though please lose the feathered frame on the final cut!)

- WORLD

This seems to happen with every major news event nowadays. Someone, or some people, with a blog and a twitterfeed becomes part of the news gathering and dissemination process. This is a good account of what happened in Hawaii to one man. I like how a blog can go from being the random musing of one individual on some niche, to a public service news source, without notice.

These media outlets weren’t just putting out updates via twitter – they were taking them in. The Honolulu Advertiser had up a twitstream of the hashtag “#hawaiitsunami” on their homepage. Hawaii News Now constantly provided viewers with updates of different areas sent to them by twitterers, and I learned as much about what was going on watching twitter feeds as I did watching the news.

It was truly incredible was how much information was being gathered by nobodies like me, people just sharing their personal experiences on the web. And in turn, those that looked to twitter and social networking to stay informed got accurate, real-time information, while those who looked to CNN and Fox got much, much less.

Of course, gathering news in that way is partially reliant on the presumption that most people want to tell the world the truth. That’s not the case with most stories. It seems to work during large-scale events like natural disasters in populated areas, but you can’t rely on it for stories which require sources who have specified information.

I love this, this is journalism. The Nation has teamed with ExplainThis to staff a new project. They’ll be taking questions in from the public and setting journalists on the case to find and explain the answer.

Also from The Nation, The Media-Lobbying Complex, an interesting investigation by Sebastian Jones into the other activities of the talking heads who appear on news networks in the US.

Article in The Economist on data management.

…that the world contains an unimaginably vast amount of digital information which is getting ever vaster ever more rapidly. This makes it possible to do many things that previously could not be done: spot business trends, prevent diseases, combat crime and so on. Managed well, the data can be used to unlock new sources of economic value, provide fresh insights into science and hold governments to account.

But they are also creating a host of new problems…

More journalism, The New York Times maps the Chile earthquake. The Boston Globe Big Picture blog has the strongest images of the aftermath. Also, Former contributing editor of The Nation and translator to Chilean president Salvador Allende, Marc Cooper (now a member of the journalism faculty at University of South Carolina), writes about what may happen there in the coming weeks…

I doubt seriously if Chile will now descend into social chaos. People are too busy figuring out where to sleep to go out and riot.

I just as much doubt, however, that this episode is going to be just some passing and unfortunate moment. Economic and social frustration has been mounting for years, creating great dissatisfaction with the centrist and timid administration of the last 20 years which has been loathe to radically reverse the free market policies of the Pinochet era.

Interesting fact: In Europe the scale a natural disaster is judged (officially) by the number of deaths, in the US it is judged on the monetary value of the damage caused.

- OTHER

Conor McCabe of Dublin Opinion is making a series of documentaries on Irish labour and working class history. Below is an interview done with Joe Deasy of the Inchicore Co-op (which was active in the late 40s and the 50s). I’m in fan of any attempt to document social history.