Thought I'd start a thread on what business people think of the current Sean Quinn debacle.
It seems to be a very one sided debate with a lot of the hirearchy in the banking / judicial / legal field very negative to him and what he has been doing.
My opinion is that there is a lot of stuff still to be uncovered. I don't believe that Sean Quinn is a brilliant businessman, but he was brilliant at developing a business and wasn't afraid to get the right people in to grow the business. I would say he was a visionary in his field and that his weak point was that he put too much trust into some people and whilst it worked out for most things, some people took advantage.
I think it was very strange that for someone who diversified his business so much that when he played the stock market it was a one way gamble of Anglo Irish Bank. That to me is totally out of character for someone who spread his vision from cement to glass to insurance to pubs to golf clubs to hotels and even radiators.
Sean Quinn claims that he was suckered into the gamble by Sean Fitzpatrick of Anglo Irihs Bank. This is the same Sean Fitpatrick that most people blame for the current crisis. It is also the same Sean Fitzpatrick that is before the courts on serious fraud offences and the same Sean Fitzpatrick who went on to the Late Late Show just after the last set of Anglo Irish Ban accounts were published and brazenly said that deposits in the bank had "increased" in the previous quarter and that the bank was very healthy and had no issues whatsoever with liquidity and that the stated deposits showed that there was no run on the bank and that all the rumors in financial circles were fasle.
The shares in Anglo jumped after thos results and jumped again afer that interview. Sean Fitzpatrick knew damn well that he was telling a bunch of lies and that his bank was on the way down the plug hole and had been for the previous 12 months. Yet to save himself he convinced Sean Quinn that everythign was rosey and the gamble could not lose. He also convinced many others who bought shares in the period after the false accounts and who believed the claptrap he spouted on the late late show.
Whereas Sean Quinn continued at that time to expand his businesses and continued to create jobs.
Sorry, but I think Sean Quinn has been treated dreadfully by the legal system in Ireland and only hope that one day he will clear his name.
note - all statements above regarding Sean Fitzpatrick are verifiable and in the public domain. Also, I have never purchased Anglo shares nor ever had any delaing with Anglo Irish Bank nor and Quinn related company with exception of having insurance policies with Quinn Direct.