Quinn Insurance in Administration

[muppet]

This thread has gone all over the place.

Firstly regarding Quinn blaming Anglo, it appears he does. But many of the Anglo click blame Quinn for bringing down Anglo. As a taxpayer I have little time for any of them, they are all to blame.

Secondly regarding the participation of the State, there appears to be specific allegations made by David Drumm and in particular Denis Casey formerly of IL&P. They seem to suggest that the relevant people were in the know at all times, in particular regarding the IL&P loans to Anglo. It isn't unreasonable to assume they are talking about the Regulator and/or the Minister at the very least. It is inexplicable that there has been no charges yet and it doesn't take a giant leap to guess why, besmirching or no besmirching. (Q: Why were IL&P apparently happy to give a €7.4bn loan to Anglo [of all people] 2 weeks after Lehmans collapsed, when no bank on earth would lend to any other bank?)

Finally, back to Quinn. He gambled more than he could afford. He put the futures of his companies, his staff, their dependents and their communities on the hook, all on one bet. His supporters whinging about Anglo might do well to ask what sort of due diligence SQ had done before he laid his bet on Anglo. If I lost everything I and my mates owned on a dud horse, I would be delighted if those mates blamed the owners of the donkey.

[HiMucker]

This thread has gone all over the place.

Firstly regarding Quinn blaming Anglo, it appears he does. But many of the Anglo click blame Quinn for bringing down Anglo. As a taxpayer I have little time for any of them, they are all to blame.

Secondly regarding the participation of the State, there appears to be specific allegations made by David Drumm and in particular Denis Casey formerly of IL&P. They seem to suggest that the relevant people were in the know at all times, in particular regarding the IL&P loans to Anglo. It isn't unreasonable to assume they are talking about the Regulator and/or the Minister at the very least. It is inexplicable that there has been no charges yet and it doesn't take a giant leap to guess why, besmirching or no besmirching. (Q: Why were IL&P apparently happy to give a €7.4bn loan to Anglo [of all people] 2 weeks after Lehmans collapsed, when no bank on earth would lend to any other bank?)

Finally, back to Quinn. He gambled more than he could afford. He put the futures of his companies, his staff, their dependents and their communities on the hook, all on one bet. His supporters whinging about Anglo might do well to ask what sort of due diligence SQ had done before he laid his bet on Anglo. If I lost everything I and my mates owned on a dud horse, I would be delighted if those mates blamed the owners of the donkey.

I enjoyed this analogy.

I dont feel sorry for SQ(never feel sorry for someone that owns(owned ) his own plane) as for the life of me I cannot understand why a billionaire would gamble more than he can afford to lose.  But as a previous poster said, you cant blame SQ for hiding his assets as it looks like he was being screwed by Anglo in the first place who most likely new they were going tits up and gave false information regarding investment which is illegal.  The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

[deiseach]

The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

Shucks, I wish I had been in London during the riots. I could have had myself some expensive runners

[supersarsfields]

Well a load of left ones anyway.

[HiMucker]

The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

Shucks, I wish I had been in London during the riots. I could have had myself some expensive runners

Unlike Muppets this is a terrible analogy

[deiseach]

The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

Shucks, I wish I had been in London during the riots. I could have had myself some expensive runners

Unlike Muppets this is a terrible analogy

Harsh but fair

[oisinog]

The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

Shucks, I wish I had been in London during the riots. I could have had myself some expensive runners

Deiseach

you seem to have a major problem with Sean Quinn. This is a man who has invested millions in his local community a life time member of his GAA club. This is a man who saved a county loosing massive amount of young people abroad and to the south because they could not get a job at home.

Sean Quinn made mistakes (he admitted it himself) he had a plan in place to pay this loan off with AIB rejected. People are complaining that he will pay back the goverment any money.

The question should be asked why did AIB turn down the offer of a repayment plan by Sean Quinn

[deiseach]

Deiseach

you seem to have a major problem with Sean Quinn. This is a man who has invested millions in his local community a life time member of his GAA club. This is a man who saved a county loosing massive amount of young people abroad and to the south because they could not get a job at home.

Sean Quinn made mistakes (he admitted it himself) he had a plan in place to pay this loan off with AIB rejected. People are complaining that he will pay back the goverment any money.

The question should be asked why did AIB turn down the offer of a repayment plan by Sean Quinn

I have a major problem with Seán Quinn. He is not paying his debts, I'm paying them for him.

[oisinog]

Sean Quinn attempted to pay his debts AIB left him no option but to declare himself bankrupt

What about all the property developers who have had their assets transfered to Nama who have not made any attempts to pay of their debts

[deiseach]

I'll put is as simply as this with respect to Seán Quinn. It seems to me that he is willing to pay back his debts as long as he does not suffer any diminution of his personal wealth and lifestyle. Forget about the money he borrowed to buy Anglo shares, he didn't even think the money he borrowed to refurbish his house should have to be paid back! And none of his defenders on here seem to be disputing this. If anything, they seem to be egging him on as he creates ever more elaborate Chinese walls to protect his wealth. And I find that profoundly depressing

[deiseach]

What about all the property developers who have had their assets transfered to Nama who have not made any attempts to pay of their debts

I'd happily seem them all screwed to the wall too.

[Tubberman]

The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

Shucks, I wish I had been in London during the riots. I could have had myself some expensive runners

Deiseach

you seem to have a major problem with Sean Quinn. This is a man who has invested millions in his local community a life time member of his GAA club. This is a man who saved a county loosing massive amount of young people abroad and to the south because they could not get a job at home.

Sean Quinn made mistakes (he admitted it himself) he had a plan in place to pay this loan off with AIB rejected. People are complaining that he will pay back the goverment any money.

The question should be asked why did AIB turn down the offer of a repayment plan by Sean Quinn

Does this earn him some sort of immunity?

[oisinog]

I'll put is as simply as this with respect to Seán Quinn. It seems to me that he is willing to pay back his debts as long as he does not suffer any diminution of his personal wealth and lifestyle. Forget about the money he borrowed to buy Anglo shares, he didn't even think the money he borrowed to refurbish his house should have to be paid back! And none of his defenders on here seem to be disputing this. If anything, they seem to be egging him on as he creates ever more elaborate Chinese walls to protect his wealth. And I find that profoundly depressing

The biggest problem is a lot of companies are working the same way as Sean Quinn worked. They place their assets in different names to help reduce the tax bill. The governments need to look at a way of stopping this to help increase tax revenue

[oisinog]

The people up in arms about SQ hiding assets are mad for one reason, deep down, they just wish they could get their snout into that trough, and I am know different, wish I was fiver behind SQ.

Shucks, I wish I had been in London during the riots. I could have had myself some expensive runners

Deiseach

you seem to have a major problem with Sean Quinn. This is a man who has invested millions in his local community a life time member of his GAA club. This is a man who saved a county loosing massive amount of young people abroad and to the south because they could not get a job at home.

Sean Quinn made mistakes (he admitted it himself) he had a plan in place to pay this loan off with AIB rejected. People are complaining that he will pay back the goverment any money.

The question should be asked why did AIB turn down the offer of a repayment plan by Sean Quinn

Does this earn him some sort of immunity?

No it was in respect to the work he done in his local community

[supersarsfields]

Deiseach

you seem to have a major problem with Sean Quinn. This is a man who has invested millions in his local community a life time member of his GAA club. This is a man who saved a county loosing massive amount of young people abroad and to the south because they could not get a job at home.

Sean Quinn made mistakes (he admitted it himself) he had a plan in place to pay this loan off with AIB rejected. People are complaining that he will pay back the goverment any money.

The question should be asked why did AIB turn down the offer of a repayment plan by Sean Quinn

I have a major problem with Seán Quinn. He is not paying his debts, I'm paying them for him.

That wantn't his decision and yet it's what it always falls back to. The fact you are out a few pound in your back pocket is more important than whether or not SQ has a case. Which is what I've been saying for a while now.