Ronin247 wrote: » I would defend most of what Sean Quinn is doing,and would do the exact same thing if in that position. Quinn bought a load of Anglo shares,based on a set of cooked books which no one has been prosecuted for cooking! Anglo goes bump due to a property bubble bursting and the madness of a government letting banks lend at up to 10x salary for a mortgage,and still no prosecutions. Lenihan and Cowen say "oh ok the country will accept these debts because our friends are bondholders and it would look bad to the Germans if we didnt pay a PRIVATE companies debts. Sean Quinn never took one cent of your money.His PRIVATE company owed another PRIVATE company a sh*t load of money. Our government assumed these debts to please Europe. If you want to blame someone look no further than our political system. I am not from Cavan and none of my family work for Quinn.
Killer Pigeon wrote: » No. Because they're idiots, most of whom were only looking for a quick fix themselves. At least Quinn actually did someone for his employees. And "free house" me eye. He earned his property, unlike a lot of people. As long as he helped as many employees as he could stay off the dole I say fair play to him.
syklops wrote: » We lost a lot of things during the boom, but its nice to see we didnt lose everything. Things like begrudgery and the delight we have at seeing people who tried, fail. Stay proud lazygal.
Guy:Incognito wrote: » Should those poeple be able to sign the house over to their kids , declare themselves bankrupt and keep living there in the free house?
Guy:Incognito wrote: » Quinn only had a business because he ignored the rules that others had to conduct their businesses by andrisked all of those employees jobs. If the natural course of things had been let occur, like with other private companies, all those peopel would eb on the dole now,purely because of Sean Quinn.
kumate_champ07 wrote: » a gambler doesnt get to keep the pot when he's lost the game this guy is a criminal. CAB should go after his family
Howjoe1 wrote: » There are bankrupt ordinary citizens who struggle to put food on the table for their children. Quinn through a complicated maze has put all his assets in family member names and moved them off shore. Is he penniless? i don't believe so. Is he still a millionaire? i think so. Is that €2.8 BILLION that is owed to Anglo Irish Bank, that State has gauranteed in our names as citizens, for which we suffer cuts to pay the Bond Holders, are we not to see I penny of it? AM I feeling sorry for Quinn? No Just another black day in this Banana Republic.
Killer Pigeon wrote: » Probably many of the people complaining are those who were foolish enough to take out hundreds of thousands of euro worth of mortgages on badly build properties and now find themselves in the sorry situation where they can't pay it back. They go out and campaign for concessions on their mortgages/loans and then have the hypocrisy to begin hemming and hawking when someone, like Quinn, goes and declares bankruptcy; someone who did more for the community over the past 30 years and deserves more recognition than most of them clowns. It's fashionable to think that every big businessman is a corrupt crook but it's not always the case. .
desertcircus wrote: » This is garbage. He owned at least fifteen percent of Anglo; he was in a position to set the agenda of the bank's policies. And to echo another poster: if he did so much for the community, why doesn't he declare bankruptcy here?
desertcircus wrote: » That was after he invested a couple of billion in buying up somewhere between 15% and 25% of the bank. When Anglo's share price dropped, he was loaned 288m by the bank in order to buy up shares in the form of CFDs to shore up the share price. That's where a huge chunk of the loss was.
desertcircus wrote: » He took out huge loans and made personal guarantees on them. now those guarantees are being called in and he's doing everything he can to avoid doing what he agreed to do in the first place. Every penny he and his family still have at the end of these proceedings is money stolen from people on the breadline in this country; children with special educational needs; businesses who have to deal with higher taxes.
desertcircus wrote: » As I've said, if he handed over everything once it became clear that his debts were going to become public, then I'd have some respect for him. He didn't, though, and people are going to go hungry, go cold, go without the teaching assistance they need, go without the medical treatment they need - because he's unwilling to do what he agreed to in the first place. Scum.
Killer Pigeon wrote: » I agree. I agree with what someone on the first page here said, the amount of begrudgery surrounding the whole debacle is sickening. You'll find a lot of that on After Hours and on boards.ie in general. You and I will probably get a lot of abuse now for saying that but that's the reality. Probably many of the people complaining are those who were foolish enough to take out hundreds of thousands of euro worth of mortgages on badly build properties and now find themselves in the sorry situation where they can't pay it back. They go out and campaign for concessions on their mortgages/loans and then have the hypocrisy to begin hemming and hawking when someone, like Quinn, goes and declares bankruptcy; someone who did more for the community over the past 30 years and deserves more recognition than most of them clowns. It's fashionable to think that every big businessman is a corrupt crook but it's not always the case. Go on dear members of boards.ie who are influenced, like most Irish people who fall in line with the populist mob bashing, give me your best shot! Sometimes I think that I'm reading a transcript from Liveline.
Killer Pigeon wrote: » When did he take the loan out of Anglo. Was it before or after the Anglo was nationalised. If he happened before Anglo was nationalised, then he did not intend to leave any onus on the taxpayer. But the thing is, he wouldn't have been able to pay back the 2.8 billion in the first place. These are the options he had after if these scenarios happened after the bank guarantee; (a) No money to keep thousands of employees in their jobs. Don't take out loan. Can't pay employees. They all lose their jobs. (b) No money to keep thousands of employees in their jobs. Take out massive loan. Bank gets nationalised. Responsibility to keep these thousands of employees now falls on government who help fuck the country up in the first place. Which would you choose?
overshoot wrote: » didnt bother reading most of the posts but in response to the op yes i still do respect him. he started with a second hand truck and how thanks to him thousands are still employed in the border area which the governent couldnt give a shit about. even if he does owe 2.8 billion, how much more has gone into the border economy through his jobs? how much was paid in tax before it went tits up? how many of these jobs would have been created without him? to sum up id still say he has contributed more than he has cost us
Killer Pigeon wrote: » Since Quinn began business he created thousands of jobs all over the country and created an enterprise worth about 5 billion. The biggest mistake he make was to invest in Anglo. When the bust came, he lost billions in shares! In order to sustain most of those jobs he had created, he had to take out a massive loan. Yes, he make a mistake by investing in Anglo, we all make mistakes. Those who decided to take 100% mortgages during the boom made a mistake too. Nobody's perfect. However, it's terribly disingenuous to turn a blind eye to all the good thing Quinn has done over the past 30 years and paint him as a crook like those bankers who got his business and other people in the rest of the country into the mess they're in in the first place.
Killer Pigeon wrote: » Further to what you were saying, if he only accepted a loan of €288 million and using that loan invested in Anglo shares, how did he loose over €2 billion? Surely if he only took out €288 million of a loan, he would only have to pay that money back. How did he loose over €2 billion? There a big difference between €288 million and €2 billion.
desertcircus wrote: » In 2008, Quinn Insurance was levied a record €3.25 million fine from the Financial Regulator in the Republic of Ireland with Seán Quinn personally being fined €200,000. These fines were related to loans issued from Quinn Insurance to an associated company that he controlled. "These loans breached insurance regulations and as a result of this the Financial Regulator has sanctioned Quinn Insurance and myself. I accept complete responsibility for this breach of regulation." From Wikipedia.
Callan57 wrote: » I don't gloat at his misfortune but I do wish he's stuck to the business he knew.
Killer Pigeon wrote: » Since when was the Quinn Group an Insurance company?
desertcircus wrote: » 1. It's illegal for an insurance company to break the rules governing insurance companies, which Quinn did in that purchase. That's why the company was fined millions and Quinn himself was on the hook for a six-figure sum. And why he publicly accepted that it was wrong and a violation of the rules.
steve9859 wrote: » He didn't 'try'! He scammed. Running an insurance company without making any loss provisions doesn't sound much like trying to run a successful company to me! The insurance co was screwed even without the Anglo investment
DB10 wrote: » Blame Fianna Gael and the ending Fianna Fail government. You voted for them, so you cant complain.
