Quinn Insurance in Administration

[supersarsfields]

Or if banks were giving out mortgages to customers so that they could re-invest them into shares in the bank and so increase the share prices. Then the analogy would have been spot on.

[sammymaguire]

Screenexile, think of it more in the lines of the car... would you be happy agreeing to a finance deal from a dealership for top of the range Merc and then end up with a clapped out Renault 25 or something? They knew that they were conning you cos there was no Merc. Would you say its a fair deal and still end up paying for it??




You knew you wanted, and were getting a car and thats what you got chief!  Now pay up!

[screenexile]

You see that's a problem I have sammy! I don't think Sean Quinn buys a Merc or takes a loan out for however much money he did without evaluating it in the first place. He's way too clued in to try the 'I didn't know' line!

[supersarsfields]

When your looking to invest into a bank it would be based on the books (Provided and regulated by the Irish FR). These books were being cooked by anglo management during part of the Quinn Investments.
In addition to that , It's the bank who is regulated, It's the bank that has Inside Trading laws to abide by, It's the bank's priority to ensure that any loans will be legal and therefore duly enforceable. and you (And others here) want to ignore any irregularties on Anglo's side and yet drop like a tonne of bricks against Quinn. I don't understand how people are surprised that the Quinns find this unacceptable. 

[sammymaguire]

You see that's a problem I have sammy! I don't think Sean Quinn buys a Merc or takes a loan out for however much money he did without evaluating it in the first place. He's way too clued in to try the 'I didn't know' line!

When dealing with people who are in positions that the Anglo board were in, you dont expect to be shafted in the way Quinn got shafted. I am pretty sure he would have done his due diligence and felt it was a good investment, who would fear there were riskier places to put your money in than a bank (especially one that was performing the way Anglo had been performing)? it was a bit of a no-brainer!  What Quinn didn't know was the place was a putrid mess, thats why Fitzy and his chronies need to get hit hard for what they have done to the Irish taxpayer!

[Maguire01]

Did Sean Quinn really buy these shares without knowing what he was really doing? I find it very strange that such a shrewd individual would have the wool pulled over his eyes to such an extent for an investment of this size. And surely Quinn's accountants knew that it was illegal to take out the loan from Anglo to buy its shares?

[armaghniac]

I am pretty sure he would have done his due diligence and felt it was a good investment, who would fear there were riskier places to put your money in than a bank (especially one that was performing the way Anglo had been performing)? it was a bit of a no-brainer!

SQ said himself in the interview in the paper that he had done little in way of due diligence. By his own admission in 2005 he saw the need to diversify out of Irish property and started buying things abroad. Then, despite his wisdom in that regard, he had a rush of blood to the head and poured everything into a bank whose assets were secured on Irish property. The dogs in the street knew that Irish property would not go up any more in 2007, even if not everyone predicted the full rate of decline.

[sammymaguire]

I am pretty sure he would have done his due diligence and felt it was a good investment, who would fear there were riskier places to put your money in than a bank (especially one that was performing the way Anglo had been performing)? it was a bit of a no-brainer!

SQ said himself in the interview in the paper that he had done little in way of due diligence. By his own admission in 2005 he saw the need to diversify out of Irish property and started buying things abroad. Then, despite his wisdom in that regard, he had a rush of blood to the head and poured everything into a bank whose assets were secured on Irish property. The dogs in the street knew that Irish property would not go up any more in 2007, even if not everyone predicted the full rate of decline.

In my opinion, you're still pointing the finger at the wrong man for all the wrong reasons.

[rrhf]

Populist agenda driven by wannabee business experts. Know f**k alls

[haranguerer]

*everyone looks back through the thread to see whos side rrhf is on before deciding how to respond*

[sammymaguire]

Populist agenda driven by wannabee business experts. Know f**k alls

I agree!

[screenexile]

Populist agenda driven by wannabee business experts. Know f**k alls

Good to see you're joining in on the reasoned debate there rrhf. People were actually having a civil discussion on the matter here!!

[rrhf]

Debate, reAsoned, what you guys are reading in the Dublin papers you are regurgitating. People like sean Quinn got Croke park built. Now we hang them.

[armaghniac]

People like sean Quinn got Croke park built. Now we hang them

.

Quinn did great work. But he subsequently lost the plot and I don't see why the rest of us should take the hit because of a loan that he freely entered into himself, for the purpose for making himself even richer.

[sammymaguire]

You still don't have a clue!