Quinn Insurance Truck Protest

thebiglad · 27-04-2010 10:42AM

michellery wrote: »

Trying to ensure that Quinn Insurance can continue to sell UK business until the regulator finds somebody to buy the company and keep it as a going concern

The administrators and not the Regulator are behind the decision not to reopen all UK business.

I think that Administrators having reviewed the company have a much better idea about whether the UK business is profitable than any of us (and indeed any of Quinn's staff who appear to believe only what they are told).

There are 2 further issues -
1) Maybe the UK business being included with Quinn Insurance would make it less saleable - if it is loss making, who wants to buy that division?
2) The UK regulator (FSA) is much stricter than Ireland's - the Irish Regulator has a duty to make sure that irish companies trading into UK are economically sound - if he failed in this duty and Quinn Insurance became insolvent the implications for other Irish Insurers trading into the UK from Ireland could be significant.

michellery · 27-04-2010 10:45AM

There should be a National Day of strike against the Government and how he has allowed the country get in the state it is in. Every day there are more and more job losses and people being laid off. There is no motivation for college students and those leaving school. The Financial Regulator and those involved in Anglo Irish bank should be brought to book. Irish tax payers should not be losing their jobs like this while Brian Cowen and his bunch of fools continue to sit in the Dail unscathed. Also the likes of Brian Goggins and the other bunch of crooks who brought this country down through their shoddy bank deals should be JAILED- not given a nice fat pension. Irish tax payers are suffering and whether that be through Quinn, Intel or otherwise it's about time we all stood up to the Irish Government and said ENOUGH..........we've had ENOUGH of being screwed over by you. It's time you did YOUR JOB and stabilised our economy. NO MORE IRISH TAXPAYER JOB LOSSES................the next job that should go if this country continues along these lines is that of Brian Cowen and his cronies. Also the Financial Regulator should be JAILED.

super_furry · 27-04-2010 10:47AM

michellery wrote: »

Also the Financial Regulator should be JAILED.

Why?

michellery · 27-04-2010 10:47AM

Actually it is the Financial Regulator - the administrators have put a business plan to the Financial Regulator and he has to sign off on it. Interesting to note that the Financial Regulator is not Irish so why should he care about the Irish economy - if he screws it up like the last one did he can just go home and forget about it.

michellery · 27-04-2010 10:49AM

The Financial Regulator is the one who was supposed to be overseeing all of this - banks included. We do have a new one now, but that's like closing the stable door after the horse has bolted. The original Financial Regulator should be JAILED!!!

Greyjoy · 27-04-2010 10:50AM

LINDABLACK wrote: »

It's not about Sean Quinn and his mistakes. Let the person who has never made a mistake put his hand up.

That same line was trotted out by one of the Quinn employees on Newstalk a week or two ago. "We've all made mistakes". As if it's commonplace for people to run up debts of €3bn and gamble with other people's livelihoods. This wasn't simply a case of a bad business decision, it was pure greed that got Sean Quinn into this problem. i think the Quinn supporters would get a lot more backing from the general public if they recognised SQ's culpability in this mess and stopped pointing fingers at everyone else except Quinn.

Sir Oxman · 27-04-2010 10:51AM

michellery wrote: »

Actually it is the Financial Regulator - the administrators have put a business plan to the Financial Regulator and he has to sign off on it. Interesting to note that the Financial Regulator is not Irish so why should he care about the Irish economy - if he screws it up like the last one did he can just go home and forget about it.

I'm absolutely delighted he isn't Irish - he's doing the job he's paid for without fear nor favour.
It's the last Irish one alongwith your stupid boss that has you in this mess.

super_furry · 27-04-2010 10:53AM

michellery wrote: »

The Financial Regulator is the one who was supposed to be overseeing all of this - banks included. We do have a new one now, but that's like closing the stable door after the horse has bolted. The original Financial Regulator should be JAILED!!!

And yet you and the rest of the Quinn apologists are crucifying him for doing his job! That xenophobic clap trap about him not being Irish is laughable. The fact that he's not Irish is the very reason why he's actually doing his job - he hasn't been corrupted by the culture of nods and winks that has us in the state we're in.

Butterbox · 27-04-2010 10:54AM

michellery wrote: »

Actually it is the Financial Regulator - the administrators have put a business plan to the Financial Regulator and he has to sign off on it. Interesting to note that the Financial Regulator is not Irish so why should he care about the Irish economy - if he screws it up like the last one did he can just go home and forget about it.

Considering your rant at the government it is suprising you think being Irish is a prerequisite to doing a good job.

LINDABLACK · 27-04-2010 10:54AM

Oafley Jones wrote: »

Noticed that as well.

Would be nice to express a genuine opinion without arousing suspicion......
Sorry to blow your conspiracy theory out of the water

Töpher · 27-04-2010 11:03AM

You both sure like your arrays of periods.

........

thebiglad · 27-04-2010 11:09AM

Still at least they are doing their bit for the economy -

Burn up a load of diesel to get to Dublin and then 100 of them will drive on M50 from N7 to M1 and back - that is 2 lots of tolls for each.

Thanks - long may the protests continue.

Why is the protest starting in Naas and not Cavan anyhow???

LINDABLACK · 27-04-2010 11:16AM

Expedience........... the regulator and the government need to take action NOW, to prevent the large scale job losses that are on the cards this week. They need to stop sitting on their hands and actually do something to get Quinn Insurance back in business.

Yillan · 27-04-2010 11:17AM

This beeping is nothing but pure ignorance and thuggery. Who are they protesting against? Is it the people trying to get quiet enjoyment from their homes? Because those are they people they are getting on the back of. Me for instance.

I don't know what I or anyone else living in and around the quays have to do with Quinn Insurance and its money flow problems.

Enjoy your day being tossers, but make sure you're back on the road tomorrow at 6am worker bee. I need my Coca Cola

ocokev · 27-04-2010 11:22AM

LINDABLACK wrote: »

Expedience........... the regulator and the government need to take action NOW, to prevent the large scale job losses that are on the cards this week. They need to stop sitting on their hands and actually do something to get Quinn Insurance back in business.

I see Twink might be keeping her house afterall.
http://www.independent.ie/national-news/oh-yes-i-did-twink-wins-one-battle-in-war-to-save-her-home-2153604.html

Wibbs · 27-04-2010 11:23AM

The reason you're in the crap is because of Quinn and his business practices. Simple as that. Indeed many of us are in the crap because of them. Read up on the dublin glass plant/dublin port authority and a new glass plant being built across the border in the North. Then dig into relationships with anglo etc. If you're not feeling a mix of incredulity and murderous intent after that then you need to read it again.

Wibbs · 27-04-2010 11:32AM

Yillan wrote: »

This beeping is nothing but pure ignorance and thuggery.

Its called a protest. Its what it sounds like.

Who are they protesting against?

+1 Thats the part I have issue with. They dont seem to know.

I don't know what I or anyone else living in and around the quays have to do with Quinn Insurance and its money flow problems.

That's the kind of attitude that has this country the way it is. It's not my problemism. Except it is. You and your grandkids will be paying for the fcukups of the last 10 years and paying hard.

LINDABLACK wrote:

Expedience........... the regulator and the government need to take action NOW, to prevent the large scale job losses that are on the cards this week. They need to stop sitting on their hands and actually do something to get Quinn Insurance back in business.

Great in theory. If and only if its a profitable business. Otherwise we'll be doing another NAMA stylee bailout using taxpayer money to prop up a shaky business. Throwing good money after bad. Actually throwing good money we can ill afford after money that was barely there in the first place. To make it a profitable business and not a different way to pay social welfare to the employees, chances are joblosses will happen. We may have to accept cutting off of extra fat to make this business and others actually viable and sustainable.

Jip · 27-04-2010 11:33AM

Is michellery for real ? She has no idea, like the truck drivers, of what has gone on here. If Quinn had a water supply company I'd be seriously wondering what sort of brain washing fluid he's putting in it.

JasonR16 · 27-04-2010 11:43AM

LINDABLACK wrote: »

Expedience........... the regulator and the government need to take action NOW, to prevent the large scale job losses that are on the cards this week. They need to stop sitting on their hands and actually do something to get Quinn Insurance back in business.

I doubt the regulator is just sitting on their hands and the Government shouldn't be putting any pressure on the regulator as that's a big reason things are how they are.

Create and save jobs yes but not by relaxing regulations and allowing a situation to go unchecked.

What would people say if the regulator stepped back and then Quinn folded on its own terms taking a lot more than 500 jobs out of the economy.

baalthor · 27-04-2010 12:04PM

LINDABLACK wrote: »

It's not about Sean Quinn and his mistakes. Let the person who has never made a mistake put his hand up.

In a family situation, if the husband/wife/head of family came home one evening and announced that they'd bet the entire families life savings on a horse in the 3.30 at Punchestown and it came last ... would it be OK for them to say "it was a mistake ... hands up who hasn't made a mistake ..let's move on" ?

The above is a very toned down analogy of Sean Quinn's behaviour.

Gunmonkey · 27-04-2010 12:06PM

JasonR16 wrote: »

What would people say if the regulator stepped back and then Quinn folded on its own terms taking a lot more than 500 jobs out of the economy.

Oh well then there would be a protest at the government for not regulating the company and allowing it to fold without doing anything :rolleyes:

And to LINDABLACK and michellery, what should the government do exactly?? No "they should stop job losses" or such BS, what actual physical steps will make Quinn not a massive dead duck outside of just throwing more money into the Quinn blackhole?

Wibbs · 27-04-2010 12:12PM

baalthor wrote: »

In a family situation, if the husband/wife/head of family came home one evening and announced that they'd bet the entire families life savings on a horse in the 3.30 at Punchestown and it came last ... would it be OK for them to say "it was a mistake ... hands up who hasn't made a mistake ..let's move on" ?

The above is a very toned down analogy of Sean Quinn's behaviour.

+10000000000000000000000 and 1 for good measure. That's a very toned down analogy. More like bet other peoples money on the horse. A horse owned by the head of the family and friends. A horse they knew had a gammy knee but hid same from the course officials,until it fell over halfway around and rolled over the jockey.

Why people are refusing to see where the rot lies and aiming elsewhere is truly beyond me. Well its not TBH. Its very "irish". We admire monumental failure and human fcukups, even better if they're "one of our own. Lovey man, said hello once and I doffed my cap" types. The earlier example by michellery of the overt xenophobia towards someone that's not "one of our own boy" says it all.

Wibbs · 27-04-2010 12:17PM

Gunmonkey wrote: »

And to LINDABLACK and michellery, what should the government do exactly?? No "they should stop job losses" or such BS, what actual physical steps will make Quinn not a massive dead duck outside of just throwing more money into the Quinn blackhole?

Well I say let it "fail" tbh. Leave it somewhat to market forces, strip it back to a more lean sustainable company model. This will cause job losses yes, but what would be left would be secure. Then again I would have let anglo fail. IMHO it would have worked out cheaper long term.

I would further drag the architects of this mess through the courts. Seize what assets they had and add it to the public purse. When people are being sent to prison for non payment of a bloody TV licence and these muppets are walking around scot free and in some cases getting bonuses something is rotten in the state of denmark.

calahans · 27-04-2010 12:18PM

The irish regulator should be jailed???! Do you mean the previous occupant of the job (Neary)?

The thing to do is get the trucks up to Quinns house and get the 200 million he gave his children last year back into the companies coffers. That should go part way to sorting out the liquidity problem.

baalthor · 27-04-2010 01:22PM

Wibbs wrote: »

+10000000000000000000000 and 1 for good measure. That's a very toned down analogy. More like bet other peoples money on the horse. A horse owned by the head of the family and friends. A horse they knew had a gammy knee but hid same from the course officials,until it fell over halfway around and rolled over the jockey.

Why people are refusing to see where the rot lies and aiming elsewhere is truly beyond me. Well its not TBH. Its very "irish". We admire monumental failure and human fcukups, even better if they're "one of our own. Lovey man, said hello once and I doffed my cap" types. The earlier example by michellery of the overt xenophobia towards someone that's not "one of our own boy" says it all.

I'm surprised there hasn't been more investigation and analysis of Quinn's activities with Anglo in the media (OK maybe I'm not that surprised). When you read up on how CFDs work the incredible recklessness of Quinn's behaviour becomes apparent. It had nothing to do with "investing" as his supporters claim.

When he was initially reported to have lost €1bn the consensus in the media was: "sure he has plenty more where that came from". The implication was that it was a big loss but not that big a deal. Now we know better ...

I get the feeling that Quinn's speculation and loss of his entire fortune of several billion should be a much bigger story - never mind Ireland, how often does something on this scale happen anywhere in the world?

The questions that should be asked:

Why did Quinn decide to speculate in Anglo? Was it just the desire to make easy money or was it as a result of existing underlying problems within the company?

Did Quinn, his advisors or the company directors understand the implications of that they were doing ? Did everyone in charge actually know what was going on?

What were the circumstances of the decision to distribute hundreds of millions of euro to the Quinn children? Was this an insurance policy in case things went down the tubes later? What were the time lines involved - did the Quinnlets receive their payout before the Anglo speculation?

How sustainable was the Quinn Insurance and Quinn Group business model? I remember Quinn Insurance getting rapped on the knuckles over not having enough financial cover back in 2001. Again, did issues with the Insurance division or the wider company lead to the decision to gamble on Anglo?
Does having low premiums and higher risk customers actually make sense for an insurance company?

What where the circumstances of the decision by Anglo to help Quinn cover his losses by borrowing money from Anglo to buy shares in .... Anglo ? The main question here is: how was this even legal ??

And of course, there are the many question involving Quinn and the Anglo bail-out. Was the Quinn Group a factor in the decision to nationalise Anglo?
How much did the government or financial authorities know about Quinn's difficulties before the financial collapse in 2008?

Finally, bonus joke question: did the Financial Regulator have any idea what was going?

27-04-2010 01:36PM

calahans wrote: »

The irish regulator should be jailed???! Do you mean the previous occupant of the job (Neary)?

seems so

We do have a new one now, but that's like closing the stable door after the horse has bolted. The original Financial Regulator should be JAILED

I was about to start ranting about how having a regulator finally doing the actual job is being slagged off and no wonder the country is in the way it's in, until I saw that post

The HorsesMouth · 27-04-2010 01:59PM

The gombeenism of people in this country never ceases to amaze.

Bringing a protest about jobs going in Cavan/Monaghan/Leitrim etc due to the greed and bad practices of a Fermanagh based company up to where folks??....Dublin!

Sorry lads, it the N3 you're looking for there not the N7.

And as for the head Gombeen,spokesman Barry O'Reilly, 'I'm a customer of Quinn and this is for jobs, real jobs' - as opposed to what, imaginary dreamt up charlie in the chocolate factory jobs??

How many people have lost their jobs in construction due to bad decisions by their companies,administrators being brought in and tougher (better) regulation in the past 2 years? Id say damn well more than the 5500 Quinn workers. Yes its tough and no one wants to see anymore people losing their jobs but its Sean Quinns own fault, and pointlessly honking up and down the quays is not going to change Matther Elderfields mind and rightly so.

Aidric · 27-04-2010 03:25PM

These are the actions of some very misguided individuals and in fact greedy ones.
I heard that guy interviewed on Hook yesterday and my mouth was open for most of it.
He was looking at this purely from his own point of view and also retrospectively.
His argument was that as a creditor of Quinn he had never experienced issues with being paid in a prompt manner. That's all well and good but Quinn Insurance went in to administration as a result of the recklessness of Sean Quinn using CFDs. In fact it will go down in the history of world stock markets as one of the largest losing bets using CFDs.
This guy along with all the other blind protestors should really educate themselves before swearing blind allegiance. As a country we should count ourselves lucky that we now have a regulator who is on top of his brief.
If he had been in situ a few years ago we might not be in such a sorry state.

Mad_Max · 27-04-2010 04:38PM

Heard this on the last word:

Seanie doesn't deserve to be help up and shot. Everyone makes mistakes. Keep these jobs in Ireland.

Sweet suffering jesus.

The education system is clearly ****E outside the pale.

Wibbs · 27-04-2010 05:00PM

Mad_Max wrote: »

Heard this on the last word:

Seanie doesn't deserve to be help up and shot. Everyone makes mistakes. Keep these jobs in Ireland.

Sweet suffering jesus.

It's that irish disease. The ah shure he's a great fella, I knew his fatha and shure didnt he stick it to the dubs/culchies/brits parish pump ballsology that has made us bend over time and time again.

Look at the crooked politicians over the years. They've been cheered as they came out of tribunals and/or they've been re elected in a landslide victory. The bankers will get more brickbats thrown at them as they're seen as privileged or worse west brits, but jack the lads will walk free.

I love this country and it's people and they has given the world so so much over the centuries. Never mind a cultural impact far out of proportion to our size. What Irish men and women have done for other countries is a long list. There's barely a south american country that didnt have a mick help build it, there's few african countries who didnt have micks educating the locals and building hospitals thus paving the way for independence in many cases. If theres a disaster anywhere among the very first in and the very last to leave are the irish. The UK reporter Kate Addie noted this along the lines of "if you're in an area and a load of Irish aid workers show up something has gone down or is about to".

We have a proud history. Except in our own backyard, where the most unimaginative english "comedian" in a dagenham working mans club couldnt get close to the litany of real jokes that pass for politics, crooked business dealing, religious nuttery, infrastructure fcukups and frankly gombeenism and yes I'm sorry, uniformed stupidity and bullheaded selfishness among the electorate.

This "protest" sums it up. Wrongly targeted, "Im alright jack" toothless and with little brains or solution behind it. And it will change nothing. Well done.

Quinn Insurance Truck Protest

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