[Delancey]

Unbelievable listening to the nonsense coming from the High Court where Sean Quinn is tearfully maintaining that Anglo ruined him and his businesses.
Am I the only person who actually thinks Quinns sheer greed was his downfall and not a badly-run bank ?

[NIMAN]

+1.

wasn't happy being a billionaire, wanted more.

[UDAWINNER]

No danger of him or his family being broke anytime soon. Typical Ireland, one of the elite gambles and loses and the taxpayer picks up the tab.While ordinary people are struggling to pay their bills and put food on the table.
He is to blame for his downfall but gets away with it because he hired a few thousand people which he did to further enhance his wealth not because he was a samaritan. (only have to look at the people and the politicians from all parties marching to support him a while ago)
Greedy cnut

[AlmightyCushion]

Originally Posted by UDAWINNER

No danger of him or his family being broke anytime soon. Typical Ireland, one of the elite gambles and loses and the taxpayer picks up the tab.While ordinary people are struggling to pay their bills and put food on the table.
He is to blame for his downfall but gets away with it because he hired a few thousand people which he did to further enhance his wealth not because he was a samaritan. (only have to look at the people and the politicians from all parties marching to support him a while ago)
Greedy cnut

Isn't that why he's in court at the moment, because the IRBC are trying to get back all the assets he transferred to his family and friends. The court hasn't ruled in anyone's favour yet so he could still be found guilty.

[tipp_Gunner]

Originally Posted by Delancey

Unbelievable listening to the nonsense coming from the High Court where Sean Quinn is tearfully maintaining that Anglo ruined him and his businesses.
Am I the only person who actually thinks Quinns sheer greed was his downfall and not a badly-run bank ?

Its like blaming the barman if you cant handle your beer really.

Sure Anglo are scum, but i can bet you he seen Seany Fitz and co in a different light when he was making money on huge loans he couldnt pay back for when the rainy day came

[K-9]

It appears at times everybody else does so why not?

[Dannyboy83]

Yes, he was greedy, and ambitious and a risk taker but successful business people generally are. He wouldn't have got to where he was without those characteristics.

Badly run bank is a vast understatement to be honest. This is an institution which has single handedly damaged the entire nation's livings standards, every man, woman and child, well into the future.

I think it's a somewhat fair comment on his behalf, if you recall the Celtic Tiger as it happened, and not in hindsight.
Most of his other businesses seem to have been well run and have been bought up.
Quinn Car Insurance was bought up by Liberty Insurance
Quinn Healthcare was bought up by Elips Insurance.


Anglo were the modern day Irish equivalent of Enron. No different than Bernie Madoff in hindsight. Loads of people got burned by Enron and they passed Sarbanes-Oxley.
You wouldn't buy into Enron if you knew it was a sham.
[sarcam] Luckily we had a regulator to ensure another Enron would never happen [/sarcasm]
Even when Morgan Kelly was on Prime Time warning of impending doom, the financial regulator was still insisting that everything was fine.

Open to correction on this, but I understand he had Anglo investigated before investing his money, and received very positive feedback.

He certainly did screw up, but there is no denying the Irish government/Financial regulator are equally to blame... not that anyone is going to be punished for it, lol...

Perhaps his anger is misplaced - it should be aimed at the Irish government more than Anglo themselves.

Then there seems to be a whole array of stuff we are only finding out about now - e.g. after the sh1t had hit the fan, he was warned not to dump his shares for fear he would de-stabilize the bank. It's been reported that David Drumm was behind this, but perhaps Cowen or the regulator were too? Remains to be seen I guess.

[Dannyboy83]

Originally Posted by tipp_Gunner

Its like blaming the barman if you cant handle your beer really.

It's more like the barman telling you that the beer is fit for consumption,
and the Health and Safety Inspector assuring you the beer is fit for consumption,
and then after you've consumed it
- and lost your liver and kidneys -
you find out it was actually methylated spirits,
and the health and safety inspector doesn't even know what alcohol is,
and the barman wasn't actually an internationally braumeister but a confidence trickster who should have never been allowed to have an alcohol license.

[RichardAnd]

I agree with Dannyboy. Sean Quinn saw an opportunity to make money and like and successful business man, weighed it up and took a risk. As it transpired, that risk results in a disaster but he could only act on what he knew at the time. It's a fine thing to look back now and call him a greedy c**t but no company ever got anywhere by letting opportunity pass by.

What he has done since his company went to hell is questionable but put yourself in his shoes when he made his deal with Anglo and consider what you would have done without hindsight. Would you have done the same?

As for Anglo, they are not a bad bank nor are they a bunch of cowboys. These labels simply do not capture the magnitude of what Anglo Irish Bank represents. To me, it seems that some deity selected a coterie of the most perfidious, base and reckless specimens of humanity and gave them a a bank to run. Anglo is, quite simply, a blight on this island that will haunt us for many years to come.

In another age, the inner circle of that bank would have found themselves on a scaffold and whilst I've no doubt that the blame for this mess can not be laid solely at their feet I can think of no better place to start if ever justice is to be done. Personally, I don't think any proverbial heads will adorn a spike any time soon.

[K-9]

Originally Posted by Dannyboy83

Yes, he was greedy, and ambitious and a risk taker but successful business people generally are. He wouldn't have got to where he was without those characteristics.

Interesting assessment, combine it with greedy bankers and we'd need some regulators.

[Delancey]

Originally Posted by Dannyboy83

It's more like the barman telling you that the beer is fit for consumption,
and the Health and Safety Inspector assuring you the beer is fit for consumption,
and then after you've consumed it
- and lost your liver and kidneys -
you find out it was actually methylated spirits,
and the health and safety inspector doesn't even know what alcohol is,
and the barman wasn't actually an internationally braumeister but a confidence trickster who should have never been allowed to have an alcohol license.

.....and perhaps the fact that you drank 25 pints of the stuff may have also played a small part ?
Quinn was greedy , super rich but had to screw another profit for himself.

[blindjustice]

Originally Posted by Dannyboy83

Yes, he was greedy, and ambitious and a risk taker but successful business people generally are. He wouldn't have got to where he was without those characteristics.

Sean Quinn is no hero do not get me started on the state sponsored oligopoly of insurance business. After all the corruption that has gone on in our country we should be looking there too. Pity alot of the corruption is institutionalized and legalized.

[blindjustice]

Originally Posted by Dannyboy83

It's more like the barman telling you that the beer is fit for consumption,
and the Health and Safety Inspector assuring you the beer is fit for consumption,
and then after you've consumed it
- and lost your liver and kidneys -
you find out it was actually methylated spirits,
and the health and safety inspector doesn't even know what alcohol is,
and the barman wasn't actually an internationally braumeister but a confidence trickster who should have never been allowed to have an alcohol license.

no its not, its more like he bought so much drink he owned the brewery

[liammur]

Originally Posted by Dannyboy83

Yes, he was greedy, and ambitious and a risk taker but successful business people generally are. He wouldn't have got to where he was without those characteristics.

Badly run bank is a vast understatement to be honest. This is an institution which has single handedly damaged the entire nation's livings standards, every man, woman and child, well into the future.

I think it's a somewhat fair comment on his behalf, if you recall the Celtic Tiger as it happened, and not in hindsight.
Most of his other businesses seem to have been well run and have been bought up.
Quinn Car Insurance was bought up by Liberty Insurance
Quinn Healthcare was bought up by Elips Insurance.


Anglo were the modern day Irish equivalent of Enron. No different than Bernie Madoff in hindsight. Loads of people got burned by Enron and they passed Sarbanes-Oxley.
You wouldn't buy into Enron if you knew it was a sham.
[sarcam] Luckily we had a regulator to ensure another Enron would never happen [/sarcasm]
Even when Morgan Kelly was on Prime Time warning of impending doom, the financial regulator was still insisting that everything was fine.

Open to correction on this, but I understand he had Anglo investigated before investing his money, and received very positive feedback.

He certainly did screw up, but there is no denying the Irish government/Financial regulator are equally to blame... not that anyone is going to be punished for it, lol...

Perhaps his anger is misplaced - it should be aimed at the Irish government more than Anglo themselves.

Then there seems to be a whole array of stuff we are only finding out about now - e.g. after the sh1t had hit the fan, he was warned not to dump his shares for fear he would de-stabilize the bank. It's been reported that David Drumm was behind this, but perhaps Cowen or the regulator were too? Remains to be seen I guess.

S Quinn unwittingly led to the collapse of Anglo. He bought shares with cash, this was fine. However, he also took out a big leveraged position through a product called a CFD. He didn't have the money to meet the margin calls in worst case scenario, which of course happened. furthermore, by law, you have to inform regulators of your positions if it crosses a certain %, he didn't do this either. So he over exposed Anglo to speculators, and effectively got the snowball rolling.
So yes, it was greed (CFD position) that led to his downfall.

[hunglikeaflee]

Originally Posted by liammur

S Quinn unwittingly led to the collapse of Anglo. He bought shares with cash, this was fine. However, he also took out a big leveraged position through a product called a CFD. He didn't have the money to meet the margin calls in worst case scenario, which of course happened. furthermore, by law, you have to inform regulators of your positions if it crosses a certain %, he didn't do this either. So he over exposed Anglo to speculators, and effectively got the snowball rolling.
So yes, it was greed (CFD position) that led to his downfall.

Great point,

He like all the other fat cats are what brought this country down in what they did while times were good, line their own pockets and now the rest of us suffer.

I bet would have no problem paying the €100 household charge while thousands around the country do, yet he is the one that owes billions.