Quinn Insurance losses in 2009, 450k lost per employee!!!

Slideshowbob

http://www.rte.ie/news/2011/0428/quinn.html

€760m lost by 1570 employees.

Well done lads thats 450,000 lost by each employee!!

And these are jobs the taxpayer has underwritten!!

Wouldn't it be cheaper to put these people on the dole???

ardmacha

Well Anglo own them now, those sort of losses would be regarded as a good performance in Anglo!

ednwireland

and quinn reckons the administrator ran his company badly hmmmm

Sunnyisland

And members of his family received one million euro each just before christmas last year.

Laminations

From April 2010, as the company was pit into administration

Quinn indicated that his group would make ‘‘cash profits’’ of between €400 million and €500 million in 2009. Last week, his company suggested that the insurance business was generating profits of €20 million per month (equal to €240 million per year).Having had the insurance business cut off from the rest of the group, Quinn has lost the division that was generating more than half of group profits, based on his own calculations.

Wow, that guy knows his business! The following line about 20mil a month in the insurance company is scarier! Lies or incompetence??

Cookie_Monster

€760m lost by 1570 employees.

Well done lads thats 450,000 lost by each employee!!

while an interesting stat the vast vast majority of those employees lost no money themselves

godtabh

Slideshowbob wrote: »

http://www.rte.ie/news/2011/0428/quinn.html

€760m lost by 1570 employees.

Well done lads thats 450,000 lost by each employee!!

And these are jobs the taxpayer has underwritten!!

Wouldn't it be cheaper to put these people on the dole???

Yeah because each employee had an equal share in the decision making process.

chalkitdown

It won't stop them bleating all over the web about how good a company it is.

Slideshowbob

Cookie_Monster wrote: »

while an interesting stat the vast vast majority of those employees lost no money themselves

Yes all those staff are just angels who through their innovative art work on protesting placards deserve to have their jobs protected for life by the state ....:rolleyes:

How many jobs were lost in the construction industry. To what length did government go to protect those jobs.

PeakOutput

Slideshowbob wrote: »

Yes all those staff are just angels who through their innovative art work on protesting placards deserve to have their jobs protected for life by the state ....:rolleyes:

How many jobs were lost in the construction industry. To what length did government go to protect those jobs.

first of all i dont necessarily agree with bailing out quinn

however, blaming the average quinn employee for personally resulting in their losses must be a joke or a troll. Upper management and the board decide on the companies strategy, this strategy is then implemented by middle management by making sure everything the employees do contributes to the strategy

the employees dont have a choice, they dont understand why a particular strategy is being used over another, they dont understand the potential risks and potential benefits of each strategy.

I still think most of them should probably lose their jobs but they shouldn't be personally blamed for the direction the company took.

on the other hand the country as a hole CAN be blamed for the direction the country took as they had a direct say in its governance, a say that employees in a company do not have

ei.sdraob

godtabh wrote: »

Yeah because each employee TAXPAYER had an equal share in the decision making process.

/aside

Well according to the ECB we are "all" responsible for the decisions of our politicians and banks