Sean Quinn Jailed

sfwcork wrote: »

thats because half the time you forget what your actually talking about

you started off on quinn is god,then to nama,then to the bondholders and now your nitpicking on whether contempt is a criminal or civil action

I never said Quinn is God. He is guilty of a whole raft of illegal practices.

I believe the court case that led to his imprisonment today is a sham and should form part of a wider case into illegal practices at Anglo.

I said contempt of court is not a crime.

I don't think I mentioned bondholders anywhere.

Any other questions?

JR Ewing wrote: »

Is there anyway you could look at the actual facts of the matter?

1. Sean Quinn ... "the wealthiest man" in Ireland..... never went "off shore" as a tax exile. He has lived & paid his taxes with this entire nation...

Character references do not determine guilt or innocence, they should only be used in the estimation of length of sentence.

JR Ewing wrote: »

2. IBRC/Anglo fradulently enticed Sean Quinn to prop up the share price of the bank using CFD's purchased with money they lent him. He was led like a lamb to slaughter by Sean Fitzpatrick & David Drumm (both of whom are still free men)

Not sure your chronology is right here. His gambling losses (for that is what they were, whatever his bimbo daughter says) were racked up BEFORE he took a stake in Anglo and that was when the attempt to prop up the Anglo share price came about, which may or may not have been legal and which is the subject of a future trial involving Mr Fitzpatrick.

I'm not sure whether trades in CFDs affect a share price one way or the other. Surely the cause and effect dynamic is in reverse: namely fluctuations in share price influence the prices at which CFDs trade and how much money is made or lost on them, not the other way round.

Large investments in a public stock when someone has the balls to buy them MAY indeed have a positive effect on the trading price, but that's not how Quinn made his first big losses.

JR Ewing wrote: »

Of course Sean Quinn is in contempt of court- any self respecting man would do anything in his power sooner than handover his life to an organisation who defrauded him? Could the likes of James Connolly & Michael Collins not be accused as being murderers in pursuit of freedom? Sometimes the end justifies the means.

Who'll be the judge of that? You? No sir. That's what we have courts for.

And just remember who Sean Quinn's actions are hurting and would have hurt more if he'd been let get away with everything he tried. It's the little people who insured their cars, homes and families' health with Quinn Insurance. He tried to skim funds out of that to offset his mistakes but was stopped from doing so when it became excessive. He could have taken the profits from Quinn Insurance, not the reserve funds.

Would you have been happy telling a working family who had faithfully paid their health insurance every month that, at the very moment when they needed it, their daughter couldn't have the operation they had paid the rights for because there's no money left? So join that waiting list.

Or that your car that got written off in an accident is not replaceable because the insurance company has gone bust? Or that there is no money to repair the damage from the accidental fire that has burned your house down but hey look on the bright side, you've still got the clothes on your back?

That's your choice and you seem to have made it. Just don't pretend that you're some sort of nice guy.

JR Ewing wrote: »

People like Sean Quinn are the job creators and entrepreneurs which this country needs to dig itself out of dung heap we find ourselves in. Jailing him is a national disgrace

Going to jail for contempt of court is ENTIRELY his own doing.

JR Ewing wrote: »

If that man is taken to jail there should be a civil revolt- no question.

So this is what you're going to riot for? Not health cuts, or property taxes or pension levies but Sean Bloody Quinn? :rolleyes: :eek:

Japer wrote: »

he was a massive player in lots of industries, and created a lot of jobs and paid a lot of tax in various industries eg he also owned a glass bottle factory I think, a hotel, an insurance firm etc. No crime in that....in fact we could do with more Sean Quinns building up businesses here. He based himself in Ireland and paid his taxes in the island of Ireland. He was not part of the jet set in Monaco. Unlike Ahern he did not get a dig out from his pals in Manchester or claim he won his money on the horses. He is not getting a 6 figure pension paid by the taxpayer, inlike Aherm, the regulator, the dept of finance officials etc.

The regulator, the dept. of finance officials , the government Central bank should be the ones in the dock for not regulating anglo-irish bank correctly, like they regulate banks in the UK. As said before, Quinn was based in the UK jurisdiction, built up his business there. He then came in to this jurisdiction and assumed the banks here were regulated as efficiently as they were in the UK. Big big mistake. Fitzpatrick and his cronies, who were supposed to have been regulated, conned him : the UK banks did not.
None of the UK banks are as bad off / were as rotten as Anglo-Irish bank. Fool on Quinn for trusting the system here, he should have known better, he was foolish to invest and pay his taxes here. Now he is in jail. He should have stayed in the UK jurisdiction and he would not be in this mess.

That's great, you think Quinn was great and its the public service fault, hardly surprising.

Nothing to do with my point that he had a vested interest in Irish property with his cement company and his insurance company invested heavily in Irish property. He invested in a bank that lended 90% of its loans to property. Shame he wasted it all on property only ever goes up.

Brain Stroking wrote: »

Ah the standard riposte from Quinn supporters. What does Bertie Ahern have to do with Sean Quinn getting sent to jail for contempt of court?

And in my experience, the people who think Quinn should be prosecuted with the full force of the law, also think this should be applied to Ahern (and everyone else in the sorry saga)

Fishooks12 wrote: »

Now that he's jailed I presume all the people who ignorantly thought this fool was the single cause of the economic downturn will be satisfied?

Shur thats the recession over with now, Nora wheres me credit card, no not that one, the gold one

SafeSurfer wrote: »

If you are asking was Sean Quinn duped into betting on Anglo then the simple answer is yes. Along with many others. Anglo falsified their annual reports and
illegally transferred money between themselves and Irish Nationwide in "circular loans" to inflate their balance sheet.

Of course he was :rolleyes:

He got to be one of the most successful business men by taking things at face value. Don't try to convince me that he was that naive and the big mean Seannie Fitzpatrick played a trick on him.

The fecking dog on the street knew that Anglo was based upon the property bubble. That it was giving returns massively higher than other banks. That there was something dodge with it. Sean Quinn in his reckless arrogance thought that he could get in make his money and get out before the bubble burst. Its a simple as that.

Might I add that I hope the lot of them go to prison not just 'poor naive little' Quinn

PaddyORuadhan wrote: »

Of course he was :rolleyes:

He got to be one of the most successful business men by taking things at face value. Don't try to convince me that he was that naive and the big mean Seannie Fitzpatrick played a trick on him.

The fecking dog on the street knew that Anglo was based upon the property bubble. That it was giving returns massively higher than other banks. That there was something dodge with it. Sean Quinn in his reckless arrogance thought that he could get in make his money and get out before the bubble burst. Its a simple as that.

Might I add that I hope the lot of them go to prison not just 'poor naive little' Quinn

I remember reading about Anglos latest record profits in early 2007, the figure that caught my interest was 90% of their loan was property related. Quinn obviously ignored that and saw the € signs. All the other stuff is excuses and side issues to his greed.