If that's aimed at me, don't hold your breath. I didn't make any comment about AIB.
Eh, that's the Central Bank enquiry that was aborted because Fingers was too sick (or too busy doing property deals in Montenegro) to attend, as detailed in the first link I provided.
The Irish Nationwide/EY inquiry is them inquiring into themselves, and was never published, so I've no idea how you'd know it was comprehensive and rigorous.
Parts of the Oireachtas inquiry refers to 'Bank A' and 'Bank D' so I've no idea what conclusions you came to about INBS from all that.
'Finding no criminality' is an incredibly low bar to set. It's not really about criminality. It's about how one man's ego cost the state €6 billion, in the case of Irish Nationwide.
I agree with you here, McDowell and the PD's deserve a lot of the blame for the whole light touch ethos. Ahern and Cowen went along with it.
Now lets see some links into the investigations into AIB...waits with bated breath...
By all means.
Really not hard to find.
https://www.irishtimes.com/business/nationwide-hires-e-y-for-inquiry-1.655826
Don't suppose you'd like to share a link to these extensive and rigorous investigations into Fingleton and Irish Nationwide?
Wrong, there have been extensive and rigorous investigations into both and they found no criminality. There has never been one into AIB, the 'pillar bank' whose history includes two taxpayer bailouts, the DIRT scandal, Allfirst collapse, forex overcharging, directors using offshore accounts, yada yada.
Any particular reason you keep calling him Seanie?
The Regulator can only use the legislation given by Government. Micky McDowell specifically went for a 'light touch regulation' approach for the new regulator, in line with the PD's pro-business thinking, and still Seanie F complained about being hamstrung by regulators!
The Regulator was a huge joke too yet he walked away with a huge pension after completely fecking up. Only in Ireland.
Sssssshhhh. Don't talk about Seanie because he only cost the Irish People 4 Billion. Sure that's nothing. Give him everything back too because it's his an nobody else is allowed to have it.
Central Bank again proving they are a joke shop
There's never been a good investigation of Fingleton/Irish Nationwide unfortunately. He's been too sick to participate in the formal inquiry, poor lad.
+1
if Quinn had put a few hundred million on Anglo as a recovery play , he’d have been sore but could have easily recovered, he went ball5 deep
They've made plenty of programmes about other people and institutions who were in part to blame for the bailout eg on Anglo and Irish Nationwide. In fact Quinn got much more of a fair deal. He was given the opportunity to present his side of the story. Fitzpatrick and Fingleton didn't, for example.
I do agree that they should do an investigation about the Central Bank. But they are obviously not prepared to rock that boat.
But the narrative of your post is basically the usual "everyone else to blame except Quinn" that we always get from his dwindling bunch of supporters. It's a tired old broken record.
A lot of time they called him a billionaire because they added up the assets. Like all the land in cavan, the offices, the pubs, the factories etc
It doesn't necessary mean he has billions sitting in the bank
Loads of people did, at the time when the share price fell it was advised to buy buy buy because the banks would never go lower. Loads of people sunk huge money, for them, into Irish banking shares. Only for the share price to tank a few days later.
A lot of people on this thread very knowledgeable in hindsight, at the time nobody knew how bad the Irish banks, especially Anglo was. Of course everyone was also been told it was a blip. Including Quinn.
The bail out was 64 billion. The number discussed about Quinn was 2-3 billion. I don't see RTE making a show on the people who cost the other 61 billion, do you?
Why doesn't RTE do a show on the Central Bank of Ireland and figure out what exactly they had involved in the crash? because looking at the profits during and after the crash the CEntral Bank who was supposed to stop the craziness happening was making bigger and better profits than before.
IIRC his problem was the leveraged nature of the investment, ie contracts for difference. If he'd just made a cash investment in Anglo he'd have taken a heavy hit but would likely still be intact, ie still have control of most of his empire. That said I never fully believed the claims about Quinn's alleged billionaire status. Why the need to resort to such leverage to back the Anglo investment in the first place?
Funnily enough Buffet did actually lose money on Irish bank shares, he bought into AIB and BOI too early and took a hit. But you're basically correct, Buffet's losses on the odd unsuccessful investment would never be enough to bring him down as he always conscious of the old adage of diversifying and not putting his eggs in the one basket.
Because I want to. And let's be honest given the cost he has put on the taxpayer with no apologies or regret he could be called a lot worse.
What happens is money changes people. And it did that to Seanie no matter what he'd have you believe. He paid a visit to the Parish Priest a few days after his sermon denouncing the paymaster. I wonder why he would have done that.
...
Imagine Seanie even managed to piss people off over there.
Why do you persist in referring to him by a different name? Its not as an insult. It is not a name anyone calls him.
Just reading the article in the Indo about Quinn hiring the jet to bring them to Cheltenham.
The sign of great minds and successful people is not how they carry themselves in the good times but how they act when their backs are against the wall and things going against them. Well we all now how this has panned out.
I believe the deal on the table from IBRC was that the family would retain ownership of the Slieve Russell and some of the pubs. Could be wrong on that. Ted and Dougal then really f**ked up over in the Ukraine or Russia. I'd imagine there has been some fallout within the family over that. With the Hotel and pubs they'd have still been relatively well off. I know they are comfortable enough but not to the level they had been born in to.
Maybe you could point out to me where I said that Quinn was a great fellow? You seem to just jump to a conclusion without reading stuff at all. A bit like Quinn actually.
You need to watch the documentary again and listen to what is being said.
Quinn kept buying Anglo shares even when Anglo told him not to.
Through he's success he obviously believed in himself and developed a god complex and thought he could do no wrong. He's just blaming everybody else, think he still owned assets when bankrupt, and his lack of self-reflection was shocking.
Also, the constant talking about himself in the third person says a lot about him too.
He took ‘the word’ of a couple of bank people. If you’re such a great fella, as you say he is, you don’t take the word of anyone when it comes to blowing billions. The man is a moron. The fact you admire him says everything I need to know about you.
Indeed. He basically wanted to take over Anglo, to add a bank to his portfolio of investments. Nothing necessarily wrong with that ambition in and of itself. He was never big to get even try to get control of the likes of AIB or BOI. He spins in now by putting all the blame on Fitz and Drumm, "oh they pulled the wool over me eyes, I'm just an innocent hard working country boy, woe is me." Load of aul spin and nonsense. It speaks volumes that the general public, judging by the comments on forums like this, who certainly don't hold the likes of Drumm or Fitz in any great regard, are not buying his tale of woe.
If this had happened in the USA, Quinn would have been wiped out financially as would all those who were left vulnerable through their connections with him. No one in the USA would be paying a 2% levy on their insurance policies. It’s Darwinian in its ruthlessness. But, it’s not the world’s biggest economy for nothing.
The Quinn saga typifies the vulnerability of being a tiny economy where some can become too big to fail. The state can be held to ransom.
We in Ireland have a history of privatising profits and socialising losses. (You may recall someone in the beef industry whom we bailed out twice and is now letting the former BofI head office to the HSE for top dollar, having bought it from NAMA.)
The parallels between Quinn and Musk are interesting. Hugely astute and successful in one area, they then remortgaged the farm to take on areas they probably shouldn’t have touched. Hubris.
D
Not the only one but represented a significant proportion - https://ig.ft.com/jailed-bankers/
This was a great watch, I think he came off worse than he intended. This country was full of crooks like him and still is maybe to a lesser extent. He was just greedy and got caught out. Now, lets do Denis O'Brien next please.
If he was that motivated by bringing employment to an area in much need of jobs ?, you’d think he’d have supported new management which would help retain and maintain jobs in the area , instead he did the opposite
Seems the real victim in all of this is The Paymaster, who is not Sean Quinn and has no connection with him. Fair play to Sean Quinn for speaking up for this innocence defenseless person, The Paymaster, who is not Sean Quinn and whose Sean Quinn condemns. Sean Not the Paymaster Quinn must be a very kind man to speak up for someone who he has no connection with and doesn't know and whose activities he does not even support.
https://www.independent.ie/irish-news/crime/priest-who-condemned-paymaster-behind-kevin-lunney-abduction-says-sean-quinn-gave-him-rollicking-42194649.html
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