Another serious Quinn Industrial Holdings attack

They haven’t gone away you know.

not sure i quite understand the business context here, anyone care to explain why this is happening?

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

Yeah.
Our mission is a 32 county republic and reduction of a 2% tax/levy.

Classic, straight out of the Marx playbook.

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

They have never really been held accountable for what they did.

100% fake news

the beer revolu wrote: »

But they were great local employers, god bless them!

Start with ten million Euro. Round up a couple of hundred youngfellas and put them in a field for eight hours a day, five days a week scratching the left one, followed by the right one, followed by the left one again, with a lunch-hour. Pay them all thirty grand p.a. Keep this up until you run out of spondulicks. Congratulations, you've created employment for about twelve years, and are now officially a Great Fella Altogether(TM).

davo2001 wrote: »

They ****ed over the entire country with dodgy business practises leading up to the recession which cost the country billions, now every insurance policy you take out has a 2% levy because of these arseholes.

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

suicide_circus wrote: »

not sure i quite understand the business context here, anyone care to explain why this is happening?

As I understand it, the Quinn insurance business offered insurance at rates low enough that they couldn't cover the payouts, but kept things going because the low rates meant their expanding new business could cover the previous year's payouts. Naturally, that didn't end well, and as someone else wrote, we're all paying for it via a 2% levy on all car (just car?) insurance to cover their ****-up. I don't have the full details, but there were news reports of the Quinns performing some fairly dodgy sounding stuff, moving assets to Russia to keep it from the bankruptcy and the like. However, they have some sort of cult-like following in the midlands as a major local employer, and those people are convinced the Quinns got somehow screwed over and the gov'mint is out to get them. All of that is background to a series of incidents of vandalism (and worse?) on the property of managers of the new post-bankruptcy business. Apparently, they don't get any kudos for providing local employment.

I have not followed this particularly closely, and someone may contradict or clarify some of what I've written above.

ah so the people doing the beating are devotees of the Quinn family (who were ousted from the business during the bankruptcy) and this is "revenge" on the people running the business now?

magic_murph wrote: »

100% fake news

When you post something like this with no backup, no sources, then it just sounds like you make things up.
Do you have anything to make us think you have something serious to add to the discussion?

markpb wrote: »

The levy has to raise €65 million a year for 12 years, which totals about 750 million before inflation. The bank bailout was for 65 billion euro. Yes, there were major problems with how QL was run but it's a tiny ripple in the overall economic problems we faced. It didn't bring down the banks, it didn't bring down the economy, it didn't cause massive unemployment or emigration and it didn't leave thousands of ghost estates across the country. It was a poorly run insurance company with no real reserves but those reserves are only needed year to year, not like the bank bailout which was needed almost all at once.

You forget the bit where Quinn tried to secretly take over Anglo Irish Bank using CFDs because he wanted his own bank but it went disastrously wrong resulting in a run on Anglo......then a run on the rest of the Irish banks......then the bank guarantee (admittedly an abridged timeline). So yes, Quinn did as much as anyone else in bringing down the economy - in fact, if I had to lay the blame at one person's feet, it would be him.

This is, of course, besides his fraudulent activities with his insurance company including (but not limited to) siphoning money to his family, not operating with the required reserves and, my personal favourite, the time the insruance company quite literally locked the doors to prevent the regulator gaining access to investigate the books.

And of course the ongoing farce in the courts where his family are trying to keep their hidden loot while the taxpayer pays for their losses. And is it his son or son-in-law can't technically enter the Republic without running the risk of being arrested on an outstanding warrant?

But shur, he employed lots of fellas and only ever liked to play a hand of cards for a few quid so he's alright!

The gargantuan prick.

mikhail wrote: »

As I understand it, the Quinn insurance business offered insurance at rates low enough that they couldn't cover the payouts, but kept things going because the low rates meant their expanding new business could cover the previous year's payouts. Naturally, that didn't end well, and as someone else wrote, we're all paying for it via a 2% levy on all car (just car?) insurance to cover their ****-up. I don't have the full details, but there were news reports of the Quinns performing some fairly dodgy sounding stuff, moving assets to Russia to keep it from the bankruptcy and the like. However, they have some sort of cult-like following in the midlands as a major local employer, and those people are convinced the Quinns got somehow screwed over and the gov'mint is out to get them. All of that is background to a series of incidents of vandalism (and worse?) on the property of managers of the new post-bankruptcy business. Apparently, they don't get any kudos for providing local employment.

I have not followed this particularly closely, and someone may contradict or clarify some of what I've written above.

The insurance business reserves were being used like a personal piggy bank for the Quinn family. At one point Quinn simply raided the reserves and gave somewhere in the region of €200 Million to each of his kids. The reserves insurance companies keep are a legal requirement and are some kind of function of their liabilities. They never had enough in the reserves and were technically, I suppose, not an insurance company at all. They were famous for low premiums and notorious for never paying out.

There were a variety of shenaningans with loans from Anglo Irish Bank too which added up to ~€4Billion! Quinn was using some of these loans to try and buy control of Anglo in secret using the Contracts For Difference system, but then the stock price crashed as the CFDs were about to become active creating a huge loss for Quinn. He went off the idea of paying back any of the loans to Anglo, and then chaos followed.

Less like a local hero and more like the biggest wide impact gambling disaster ever.