nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Child Item

Sean Quinn - A man more sinned against than sinning?

musings

I've just watched on the news that Sean Quinn's son has been sent to prison for contempt of Court.

In 2008 Sean Quinn was trying his best to buy over the fraudulent Anglo Irish Bank. At the time, he believed that this bank was a sound investment and that he should purchase shares in the bank. No doubt he believed all the hype about this wonder bank and thought that buying it over would be the jewel in a glittering business career.

Meanwhile Seanie Fitz & Co. were inside cooking the books and swapping money with Permanent TSB trying to make the bank look solvent...when as we know it was far from it.

Sean Quinn was bankrupted by Anglo management's fraudulent behaviour.

Am I the only one who wonders why Sean Quinn is being hauled through the courts and nothing has happened ANY of the bankers who mislead him into investing in the bank?

Yes, he shouldn't have gambled all his wealth on it....but at the end of the day, he was sold a pup, which bankrupted him.

I feel sympathy for the man.

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash and generously intervened to take over this cash cow and "protect consumers"

Is this just a state sponsored witch hunt of arguably our greatest Entrepreneur?

Find more posts tagged with

Quick Links

Comments

LoYL

I expect a more concrete argument.

BornToKill

Sean Quinn - A man more sinned against than sinning?

No.

Chuck Stone

Fuck him. If we weren't forced to take on the debts of Anglo I wouldn't care but now that we own that fucking rabbit hole we need to get every egg he put in the Anglo basket.

mikemac1

musings wrote: »

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash

You are only a young pup OP if don't remember past insurance scandals

In the eighties AIB was profitable but ran ICI into the ground and required a massive bailout

Same happened with PMPA, breaking all the rules and other bail-out, there was a levy on every insurance policy to cover this
Doesn't matter if you never dealt with PMPA, you still pay

So the regulator does its job for once and slaps down Quinn Insurance for breaking the rules.
And you complain?

3rdDegree

mikemac1 wrote: »

musings wrote: »

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash

You are only a young pup OP if don't remember past insurance scandals

In the eighties AIB was profitable but ran ICI into the ground and required a massive bailout

Same happened with PMPA, breaking all the rules and other bail-out, there was a levy on every insurance policy to cover this
Doesn't matter if you never dealt with PMPA, you still pay

So the regulator does its job for once and slaps down Quinn Insurance for breaking the rules.
And you complain?

Excellent post!

[Deleted User]

its not sean quinns fault that the government bailed out the banks.

yea he got a bit greedy, but he was sold on the investment by conmen.

and now all he is doing is trying to salvage as much as he can for his family.
nothing that any of the rest of us wouldnt do. be honest.

never extravagant, now he is getting held up as this terrible person. he isnt, no-one would have jobs in the north west if it wasnt for him. believe me.

Jane Eyre

musings wrote: »

Is this just a state sponsored witch hunt of arguably our greatest Entrepreneur?

Hahahahaha! You have a great sense of humour Mr Quinn, I'll give you that.

Jane Eyre

bubblypop wrote: »

its not sean quinns fault that the government bailed out the banks.

yea he got a bit greedy, but he was sold on the investment by conmen.

and now all he is doing is trying to salvage as much as he can for his family.
nothing that any of the rest of us wouldnt do. be honest.

Now, now Mrs Quinn, the rest of us actually wouldn't do that (lie and cheat) because we ARE honest.

Nodin

bubblypop wrote: »

its not sean quinns fault that the government bailed out the banks.

yea he got a bit greedy, but he was sold on the investment by conmen.

and now all he is doing is trying to salvage as much as he can for his family.
nothing that any of the rest of us wouldnt do. be honest.

never extravagant, now he is getting held up as this terrible person. he isnt, no-one would have jobs in the north west if it wasnt for him. believe me.

Dear o dear.....bit more to it than that.

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." [16] The fines arose from a failure to notify the regulator of a loan of €288 million from Quinn Insurance to other firms in his group. The cash was used by the Quinn family to cover falling stock market investments and finance share-buying in Anglo Irish Bank.

Quinn Insurance had made losses of €905m in 2009, and €160m in 2010, and the Irish Government passed the Insurance (Amendment ) Bill 2011 which imposed a 2%
levy on all other Insurance policies to meet an estimated €280m shortfall to the state's Insurance Compensation Fund. Because part of the losses were caused by Quinn Insurance loans to fund speculative investments for other Quinn family companies, Clare
Daly
commented that - "A large percentage of insurance losses result from speculative gambling on the property market by the family and, in effect, the legislation provides for the transfer of those gambling debts on to the shoulders of hard pressed taxpayers and working people who need to insure cars, homes and so on."[19] The cost
to Irish policyholders will come to €65m annually over five years

http://en.wikipedia.org/wiki/Se%C3%A1n_Quinn

peasant

Next someone will tell us that Bbbbbertie is a Gentleman, a fine upstanding citizen and basically just misunderstood

What is it with the fanboy-ism for crooks in this country?

tommyboy2222

musings wrote: »

I've just watched on the news that Sean Quinn's son has been sent to prison for contempt of Court.

In 2008 Sean Quinn was trying his best to buy over the fraudulent Anglo Irish Bank. At the time, he believed that this bank was a sound investment and that he should purchase shares in the bank. No doubt he believed all the hype about this wonder bank and thought that buying it over would be the jewel in a glittering business career.

Meanwhile Seanie Fitz & Co. were inside cooking the books and swapping money with Permanent TSB trying to make the bank look solvent...when as we know it was far from it.

Sean Quinn was bankrupted by Anglo management's fraudulent behaviour.

Am I the only one who wonders why Sean Quinn is being hauled through the courts and nothing has happened ANY of the bankers who mislead him into investing in the bank?

Yes, he shouldn't have gambled all his wealth on it....but at the end of the day, he was sold a pup, which bankrupted him.

I feel sympathy for the man.

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash and generously intervened to take over this cash cow and "protect consumers"

Is this just a state sponsored witch hunt of arguably our greatest Entrepreneur?

https://www.youtube.com/watch?v=Sg-CK0Teark

hondasam

I'm finding it a bit hard to feel much sympathy for the Quinn family. They knew what they were doing which was helping themselves.

Pantsface

All I have to say is that i think seanie fitz is a knackbag.

musings

Nodin wrote: »

Dear o dear.....bit more to it than that.

http://en.wikipedia.org/wiki/Se%C3%A1n_Quinn

Quinn insurances difficulties were caused by Anglo. The losses you refer to were caused by the Anglo investment, not by bad business practice.

Quinn was the worst affected investor from the Anglo collapse. The other badly affected investors would have been the Anglo Senior Bond Holders, but the government chose to bail them out, whoever they were. The goverment decided to save them and to screw Quinn

Nodin

musings wrote: »

Quinn insurances difficulties were caused by Anglo. The losses you refer to were caused by the Anglo investment, not by bad business practice.
...............

His getting involved in Anglo was "bad business practice". The intercompany loans were a seperate issue - he wasn't innocent there either.

Callan57

I have some sympathy for Sean Quinn.
He should have stuck with the business he knew instead of which he got greedy & involved himself in something he knew nothing about and as a consequence he was overly dependent on others. IMO he was more than a willing participant in the Anglo fiasco.

OK he provided some jobs in an area crying out for jobs but he also gambled insanely with those jobs and the livelyhoods of his employees.

As for the regulator .... if he'd let Quinn insurance carry on & in 10 or 15 years time you had a claim which Quinn insurance had made no provision for & could not honour what would you say about the Regulator then (just a terrible pity the old Regulator wasn't as on the ball & prepared to take on even the country's wealthies businessman).

[Deleted User]

Jane Eyre wrote: »

Now, now Mrs Quinn, the rest of us actually wouldn't do that (lie and cheat) because we ARE honest.

i defy anyone who felt hard done by, by a bank run by conmen not to try and hide their assets for their family from this 'bank'

nothingto do withbeing honest.

hondasam

bubblypop wrote: »

i defy anyone who felt hard done by, by a bank run by conmen not to try and hide their assets for their family from this 'bank'

nothingto do withbeing honest.

Everything to do with greed and looking after number one.

crazy cabbage

Do we really nead 3 treads about sean quinn in AH?

musings

Nodin wrote: »

Dear o dear.....bit more to it than that.

http://en.wikipedia.org/wiki/Se%C3%A1n_Quinn

Nodin wrote: »

His getting involved in Anglo was "bad business practice". The intercompany loans were a seperate issue - he wasn't innocent there either.

I acknowledge that he gambled too highly on Anglo in my opening post, however you don't seem to acknowledge the fact that he was mislead by Anglo.

the.illuminati

musings wrote: »

I've just watched on the news that Sean Quinn's son has been sent to prison for contempt of Court.

In 2008 Sean Quinn was trying his best to buy over the fraudulent Anglo Irish Bank. At the time, he believed that this bank was a sound investment and that he should purchase shares in the bank. No doubt he believed all the hype about this wonder bank and thought that buying it over would be the jewel in a glittering business career.

Meanwhile Seanie Fitz & Co. were inside cooking the books and swapping money with Permanent TSB trying to make the bank look solvent...when as we know it was far from it.

Sean Quinn was bankrupted by Anglo management's fraudulent behaviour.

Am I the only one who wonders why Sean Quinn is being hauled through the courts and nothing has happened ANY of the bankers who mislead him into investing in the bank?

Yes, he shouldn't have gambled all his wealth on it....but at the end of the day, he was sold a pup, which bankrupted him.

I feel sympathy for the man.

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash and generously intervened to take over this cash cow and "protect consumers"

Is this just a state sponsored witch hunt of arguably our greatest Entrepreneur?

Good man yourself, would mind paying the bill he has left the state stuck with.

musings

the.illuminati wrote: »

Good man yourself, would mind paying the bill he has left the state stuck with.

You mean the bill that Anglo stuck him with and that he's paying?

starbelgrade

He gambled his money & he lost.

Since then he's been trying every trick in the book to hold onto his cash, from trying to hide it under his families names to trying to file for bankruptcy under UK durastiction.

He's now even willing to let his son spend time behind bars to try & protect his assets.

He's come a long way from when he started a business with a few hundred quid selling gravel to builders, but with all the wealth he accumulated, he really hasn't grown much as a person as the only thing that seems important to him in life is money.

I do feel sorry for him - his addiction to wealth hasn't brought him much in the way of richness in life, but he's definitely no patsy.

SafeSurfer

One thing that I am convinced of is that banking is the most corrupt industry on the planet.

In any other industry the laws of capitalism are allowed to take their natural course. In the banking industry, corruption, incompetence, criminality etc are accepted with little or no consequences for the perpetrators.

On this small island as an example we have experienced wholesale fraud by our financial institutions from ICC to non resident accounts. Who ended up paying?, thats right the consumer. The bank's liability in the bogus non resident accounts scandal was capped while the liability of the account holders was unlimited. No prosecutions, no resignations of senior bank management, just gilt edge pensions, golden handshakes and business as usual.

The Libor scandal in the UK is another example. The UK taxpayer will more than likely pick up the tab for this criminality because these institutions are literally too big to fail and no government is going to risk not continuing bailing out these cancerous parasites given the impact that Lehman brothers collapse had on the global financial system.

We are living in societies where the protection of these institutions is taking precedence over the well being of citizens. Goldman Sachs, Morgan Stanley et al are the masters of the universe, the power of our politicians and our powers as an electorate pails into insignificance compared to the power wielded internationally by perhaps as few as 100 men (almost exclusively) in the top positions of a handful of banks.

These are the facts as I see them. We are living in a dystopian present without realising how little influence we have on our present or our future as a society. Sure vote for Fianna Fail instead of Fine Gael or Labour instead of the Conservatives or the Republicans instead of the Democrats. It matters not a whit.

SocSocPol

:mad:

musings wrote: »

I've just watched on the news that Sean Quinn's son has been sent to prison for contempt of Court.

In 2008 Sean Quinn was trying his best to buy over the fraudulent Anglo Irish Bank. At the time, he believed that this bank was a sound investment and that he should purchase shares in the bank. No doubt he believed all the hype about this wonder bank and thought that buying it over would be the jewel in a glittering business career.

Meanwhile Seanie Fitz & Co. were inside cooking the books and swapping money with Permanent TSB trying to make the bank look solvent...when as we know it was far from it.

Sean Quinn was bankrupted by Anglo management's fraudulent behaviour.

Am I the only one who wonders why Sean Quinn is being hauled through the courts and nothing has happened ANY of the bankers who mislead him into investing in the bank?

Yes, he shouldn't have gambled all his wealth on it....but at the end of the day, he was sold a pup, which bankrupted him.

I feel sympathy for the man.

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash and generously intervened to take over this cash cow and "protect consumers"

Is this just a state sponsored witch hunt of arguably our greatest Entrepreneur?

Sean Quinn a lowlife criminal scumbag!
the OP will will be propsing Bertie Ahern and Mary Harney for Sainthood next

starbelgrade

SafeSurfer wrote: »

Sure vote for Fianna Fail instead of Fine Gael or Labour instead of the Conservatives or the Republicans instead of the Democrats. It matters not a whit.

You could always vote for Sinn Fein. They're the only party who are good at robbing banks instead of the other way around.

steve9859

musings wrote: »

Quinn insurances difficulties were caused by Anglo. The losses you refer to were caused by the Anglo investment, not by bad business practice.

Quinn was the worst affected investor from the Anglo collapse. The other badly affected investors would have been the Anglo Senior Bond Holders, but the government chose to bail them out, whoever they were. The goverment decided to save them and to screw Quinn

1. His mismanagement of the insurance company had nowt to do with Anglo.
2. He got insanely greedy, and was all too ready to grab the 'free lunch'
3. He did his best to hide all his wealth, getting into bed with what sound like some pretty unsavoury eastern Europeans in the process
4. He refused to direct his family to comply with court orders, hanging hs son and nephew out to dry in the process
5. Accumulation of vast wealth was clearly all that mattered

So, remind me again, whats to like?????

M three

musings wrote: »

I've just watched on the news that Sean Quinn's son has been sent to prison for contempt of Court.

In 2008 Sean Quinn was trying his best to buy over the fraudulent Anglo Irish Bank. At the time, he believed that this bank was a sound investment and that he should purchase shares in the bank. No doubt he believed all the hype about this wonder bank and thought that buying it over would be the jewel in a glittering business career.

Meanwhile Seanie Fitz & Co. were inside cooking the books and swapping money with Permanent TSB trying to make the bank look solvent...when as we know it was far from it.

Sean Quinn was bankrupted by Anglo management's fraudulent behaviour.

Am I the only one who wonders why Sean Quinn is being hauled through the courts and nothing has happened ANY of the bankers who mislead him into investing in the bank?

Yes, he shouldn't have gambled all his wealth on it....but at the end of the day, he was sold a pup, which bankrupted him.

I feel sympathy for the man.

I also find it deeply suspicious that Quinn insurance was found to fail solvency rules as soon as the government needed cash and generously intervened to take over this cash cow and "protect consumers"

Is this just a state sponsored witch hunt of arguably our greatest Entrepreneur?

More sinned against than sinning?
YES
Nothing will ever happen to seanie fitz or that over cnut david drumm because they have too much dirt on politicans and cant be touched.
So Sean Quinn gets fcuked over.
simples

M three

Jane Eyre wrote: »

Now, now Mrs Quinn, the rest of us actually wouldn't do that (lie and cheat) because we ARE honest.

Ah jane you so funny. not.

SocSocPol

M three wrote: »

More sinned against than sinning?
YES
Nothing will ever happen to seanie fitz or that over cnut david drumm because they have too much dirt on politicans and cant be touched.
So Sean Quinn gets fcuked over.
simples

Quinn was the biggest, to quote youre words, "cnut", of all, he is is proven to be a liar and dishonest to the core.
Hell is not hot enough nor eternity not long enough for any of that criminal family!