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Quinn found guilty of contempt of court

2

Comments

  • Registered Users Posts: 486 ✭✭EricPraline


    Looks like he's got away with it. But then after all, it's only €500m. And I'm sure he's sorry and he'll give it back :mad:
    Ireland's former richest man was spared a jail sentence on Friday for contempt of court, meaning no major figure has to date been jailed over the collapse of Ireland's economy despite billions of euros in losses.

    http://www.reuters.com/article/2012/06/29/us-ireland-quinn-idUSBRE85S0SH20120629


  • Closed Accounts Posts: 16,391 ✭✭✭✭mikom


    Looks like he's got away with it. But then after all, it's only €500m. And I'm sure he's sorry and he'll give it back :mad:



    http://www.reuters.com/article/2012/06/29/us-ireland-quinn-idUSBRE85S0SH20120629

    There will be household charge protesters in jail before any of these slimeballs get put away.
    Balls of a setup.


  • Registered Users, Registered Users 2 Posts: 709 ✭✭✭ClutchIt




  • Closed Accounts Posts: 4,115 ✭✭✭Pal


    The Garlic Man gets banged up for 1 million.
    Quinn walks for 500 million.

    You, me and everyone else who pays tax gets screwed over on both.


  • Closed Accounts Posts: 717 ✭✭✭rubberdiddies


    previous poster hit the nail on the head.
    there will eventually be household charge protestors held in contempt of court and who will face jail over a measly €200.

    how this country actually functions is beyond me.


  • Closed Accounts Posts: 4,115 ✭✭✭Pal


    how this country actually functions is beyond me.

    Take your hand and lead you
    Up a garden path
    Let me stand aside here
    And watch you pass

    Striking up a soldier's song
    I know that tune
    It begs too many questions
    And answers too

    Banana Republic
    Septic Isle
    Suffer in the screaming sea
    Sounds like dying

    Everywhere I go, yeah
    Everywhere I see
    The black and blue uniforms
    Police and priests


  • Registered Users Posts: 648 ✭✭✭VEN


    i don't understand it, how the **** these 3 didn't get jail time. i hate this country


  • Banned (with Prison Access) Posts: 34,567 ✭✭✭✭Biggins


    VEN wrote: »
    i don't understand it, how the **** these 3 didn't get jail time. i hate this country

    Its called "knowing who else is involved" and using that info to keep your ass out of jail I suspect!

    I suspect also this is why a Mr Ahern is still walking free. He, many others and the likes of Quinn know TOO much!
    The last thing the big boys want, is to force the likes of the few that is hauled before a court, to really start opening their mouths in a deal to stay out of prison.


  • Closed Accounts Posts: 4,115 ✭✭✭Pal


    VEN wrote: »
    i don't understand it, how the **** these 3 didn't get jail time. i hate this country

    Why are you surprised ?
    None of them go to jail.
    Ask Mick Wallace.


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  • Registered Users, Registered Users 2 Posts: 14,598 ✭✭✭✭prinz


    Biggins wrote: »
    ...a deal to stay out of prison.

    That looks like exactly what has happened tbh. They are going to need his assistance to recover the assets. So it's either get him to work with them with the threat of prison and get back some of the money..

    ...or sling him in prison and risk the chance that he decides not to cooperate whatsoever. :mad:

    It's a rubbish situation and one that should never have been allowed happen in the first place, but would you risk a couple of hundred million, in return for a week in prison. I'd rather get the assets back asap, and send him to prison properly at a later date.


  • Banned (with Prison Access) Posts: 34,567 ✭✭✭✭Biggins


    Pal wrote: »
    Why are you surprised ?
    None of them go to jail.
    Ask Mick Wallace.

    Or John O' Donaghue

    Or Mr X (http://www.independent.ie/national-news/exff-politician-quizzed-on-alleged-extortion-attempt-3112781.html)

    Or Ahern

    Or FG who break their own introduced rules! (http://www.independent.ie/national-news/fundraiser-for-fg-flies-in-face-of-new-law-on-donations-3085600.html)

    Or FF man Denis Foley (He had 123,946.46€ in an illegal offshore account. Questions still not answered as to how he got it!)

    Or Ex-td Ned O’Keefe. He had voted on a bill (breaking legal rules) about feeding bonemeal to animals, forgetting to inform the state that his family was involved in manufacturing the substance.

    Or six Fianna Fail councillors who were bribed to ensure the rezoning of land at Carrickmines in south Dublin.

    There is many more...

    What do they all have in common?

    They are not you or I.

    Now if we don't have a TV licence or don't pay our septic charge or household charge, possible jail time for us?

    What if we try to hide a few thousand - whats the betting we would get jail?
    ...Yet those with many millions get off...


    As someone stated on journal.ie:
    Clare Daly, breaks a court order in relation to protesting bin charges: off to prison for a month
    Sean Quinn, breaks a court order in relation to assets which could cost the taxpayer up to half a billion euro: Off to the golf course.
    http://www.thejournal.ie/sean-quinn-guilty-court-contempt-jail-sentence-504140-Jun2012/


  • Closed Accounts Posts: 19,341 ✭✭✭✭Chucky the tree


    Right decision. At least this gives him a chance to sort his **** out and leave the taxpayer will a smaller bill.


  • Closed Accounts Posts: 965 ✭✭✭johnr1


    Don't worry guys, it appears everyone - even Angela, will be paying it back after last night's deal.


  • Banned (with Prison Access) Posts: 34,567 ✭✭✭✭Biggins


    Right decision. At least this gives him a chance to sort his **** out and leave the taxpayer will a smaller bill.

    He had FAR too long enough already - but he spent his time instead trying to hide things away.


  • Closed Accounts Posts: 46,938 ✭✭✭✭Nodin


    ....so the moral of the story is, if you want to live outside society as a criminal, politics and big business is what ye should be aiming at. Otherwise you'll come to a bad end.


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  • Closed Accounts Posts: 19,341 ✭✭✭✭Chucky the tree


    Biggins wrote: »
    He had FAR too long enough already - but he spent his time instead trying to hide things away.


    Because he didn't think there would be any consequences. Now we'll find out if he's willing to do time for it.


  • Banned (with Prison Access) Posts: 34,567 ✭✭✭✭Biggins


    Because he didn't think there would be any consequences. Now we'll find out if he's willing to do time for it.

    He knew there would be consequences from the very start - even his assisting accountants, solicitors which would have assisted him, would have told him so.
    NOT to do so would be an utter failure on their part.
    ...And besides, he's a shrude man we can take it if he was able to build up such a business empire and collection of assets - so we can therefore take it, he knew exactly what he was doing and very aware of at least some consequences.

    Once again, he's laughing ...all the way to his banks!


  • Closed Accounts Posts: 12,395 ✭✭✭✭mikemac1


    Clare Daly wanted to go to prison

    The working class Dub and the strong accent except she is from Kildare and her father was a senior army officer

    Everything she does is an act
    More local then the locals themselves


    And of course the cameras were there when she was led away


  • Banned (with Prison Access) Posts: 2,493 ✭✭✭Fulton Crown


    Look ! You will see from previous posts that i have no time for Sean Quinn or his family.

    And I can understand the impatience of some posters....but in my opinion..given the facts as they are The Judge is taking the best option..

    Sure ..a lot of people would be happy to see Quinn and his cohorts slung in the chokey pronto...but where would that get us.

    What the Judge has done is to defer the punitive damages aspect of the contempt of court for three weeks...and assess it then on the basis of the level of co-operation from the Quinns in recovering 500 million worth of assets which belong to The State.

    I would assume that if the Quinns play ball the level of prison time will reflect that and the state will recover very substantial assets ..but if not then they can look forward to a very long spell inside.

    That makes sense to this poster .......

    As for Wallace let's wait and see what happens to him.....in the opinion of this poster he will not be in the Dail for very much longer.


  • Registered Users, Registered Users 2 Posts: 618 ✭✭✭Carter P Fly


    It may make sense to you if you had never set foot outside of your room and the only thinking you had been exposed to were childrens cartoons where the bad guys see the error of their ways.

    Sean Quinn not going to jail is Sean Quinn getting away with it. He will not make any effort whatsoever to get anglo its money back.

    To actually think he'll cash in all his favour chips and work tirelessly to make good on his losses is laughable, just plain laughable.


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  • Closed Accounts Posts: 2,216 ✭✭✭gerryo777


    Also, all this business with Quinn is deflecting from the 2 other scumbags Sean Fitzpatrick and Fingers Fingleton, no sign of them getting hauled away from their decades of corruption, its a sickener :rolleyes:

    Let's not forget the name David Drumm, this scumbag now lives the high life in America.
    He was the man in charge of anglo, he was the man that destroyed that corrupt bank.
    He was made bankrupt in the good old USofA, but his wife was allowed keep the millions, her share of his 'wealth'.
    He's not down on his luck, he still lives in the big house, sends his kids to the best schools, nothing changes for these type of leeches...
    May they rot in hell.


  • Closed Accounts Posts: 2,216 ✭✭✭gerryo777


    Pal wrote: »
    The Garlic Man gets banged up for 1 million.
    Quinn walks for 500 million.

    You, me and everyone else who pays tax gets screwed over on both.

    Let's not forget that these proceedings were about hiding assets worth about €500 million.
    This man and his family owe the Irish state almost €3 billion.


  • Banned (with Prison Access) Posts: 2,493 ✭✭✭Fulton Crown


    It may make sense to you if you had never set foot outside of your room and the only thinking you had been exposed to were childrens cartoons where the bad guys see the error of their ways.

    Sean Quinn not going to jail is Sean Quinn getting away with it. He will not make any effort whatsoever to get anglo its money back.

    To actually think he'll cash in all his favour chips and work tirelessly to make good on his losses is laughable, just plain laughable.

    Well it seemed to make sense to the Judge pal....and while you are at it read my freekin post eh?.

    Sean Quinn not going to jail ?

    Looks to me like he is headed for a long stretch unless he plays ball..lets wait an see Mr.Big man...we will know in three weeks....hmmm ?


  • Registered Users, Registered Users 2 Posts: 25,069 ✭✭✭✭My name is URL


    Anyone remember that woman from Offaly that wouldn't allow ESB workers on to her land? She was found to be in contempt of court and was jailed for a month until she withdrew her protestations. That's the country we live in.. you own nothing and you are nothing.


  • Banned (with Prison Access) Posts: 2,493 ✭✭✭Fulton Crown


    Nodin wrote: »
    ....so the moral of the story is, if you want to live outside society as a criminal, politics and big business is what ye should be aiming at. Otherwise you'll come to a bad end.

    Yes my friend stay away from criminals ....especially these goons masquerading as republicans or "community activists".

    When I hear that term the only thing that gets activated is the toe cap of my best steelies.!


  • Closed Accounts Posts: 2,216 ✭✭✭gerryo777



    When I hear that term the only thing that gets activated is the toe cap of my best steelies.!

    What? Are you saying that your a bit of an 'activist' yourself?

    Sounds like a bit of vigilantism going on with you. Kettle, pot, black mean anything to you?


  • Banned (with Prison Access) Posts: 15,858 ✭✭✭✭paddy147


    Quinn and his son should be jailed.

    They are criminals and acted in a criminal way.

    He should have his house and all of his 11 fancy cars taken from him aswell.

    Its been proven in a court of law now and we all know it.

    Sean Quinn should cop on and stop living in denial,hes is only fooling himself now.

    Lock him up,is what I say


  • Registered Users, Registered Users 2 Posts: 5,652 ✭✭✭fasttalkerchat


    paddy147 wrote: »
    Quinn and his son should be jailed.

    They are criminals and acted in a criminal way.

    He should have his house and all of his 11 fancy cars taken from him aswell.

    Its been proven in a court of law now and we all know it.

    Sean Quinn should cop on and stop living in denial,hes is only fooling himself now.

    Lock him up,is what I say

    If they wanted to take your house so you sold it to your mother for 50c should you be locked up? I think the same rules need to be applied to everyone.


  • Registered Users Posts: 76 ✭✭furmi


    Great News, Ive hoped for really really bad things for Quinn since being screwed over by his joke of a car insurance company many years ago. He is a scumbag and the people who work for him no more then henchman for an evil empire.


    Ditto.


  • Banned (with Prison Access) Posts: 15,858 ✭✭✭✭paddy147


    If they wanted to take your house so you sold it to your mother for 50c should you be locked up? I think the same rules need to be applied to everyone.


    I dont have millions of euro in offshore bank accounts,companies in other countries with only a PO Box number as an address,a huge shopping complex in the Ukraine though,and I didnt act illegaly either and try move property around,after a court rulling and to file for bankrupcy in another country.

    He blatantly broke a court rulling against him,so he should be locked up.

    Hes a sly sleazy criminal man,who thought he could pull a fast one over the courts and he got caught out in a big big way.


    Lock him up.


    PS-He was well able to declare all his assets when applying for bigger and bigger loans,but now suddenly he has no assets.
    Give me a fcuking break Sean Quinn.


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  • Closed Accounts Posts: 16,391 ✭✭✭✭mikom


    If they wanted to take your house so you sold it to your mother for 50c should you be locked up? I think the same rules need to be applied to everyone.

    Firstly explain to me the reason your house is being taken off you.


  • Banned (with Prison Access) Posts: 15,858 ✭✭✭✭paddy147


    Has Sean Quinn used the excuse of..... "I left school early,Im a bit of a thicko and I cant read or write,so I didnt know what I was signing".....yet??

    I think he may have.


  • Registered Users Posts: 360 ✭✭Paddy De Plasterer


    Judge Dunne is playing it very well - giving them a chance to reverse their crooked transfers of property. After that should come investigations for perjury etc.
    I suppose if they went to jail, their local thick supporters would be chanting " Release the Fermanagh Three" with a republican undertone.


  • Closed Accounts Posts: 2,216 ✭✭✭gerryo777


    Release the Fermanagh Three" with a republican undertone.

    Oh Dear!


  • Registered Users, Registered Users 2 Posts: 5,652 ✭✭✭fasttalkerchat


    mikom wrote: »
    Firstly explain to me the reason your house is being taken off you.

    Because you owe the bank/revenue money.

    I think Sean Quinn is quite firmly in the wrong but I would like to see a few politicians share a cell with him!


  • Registered Users, Registered Users 2 Posts: 5,652 ✭✭✭fasttalkerchat


    paddy147 wrote: »
    Has Sean Quinn used the excuse of..... "I left school early,Im a bit of a thicko and I cant read or write,so I didnt know what I was signing".....yet??

    I think he may have.

    The judge fixed Mr Quinn’s application for hearing on March 15th and directed the relevant legal documents be served at his address in Co Cavan. When Mr Quinn said he was “not big into emails”, the judge directed the documents could be served by ordinary post.

    When the judge asked Mr Quinn how long he required to prepare for the hearing on his entitlement to defend, the latter said a week to 10 days would be adequate. “I’m a simple farmer’s son,” he said, to which the judge said: “I’m a simple man myself”.
    There it is.


  • Registered Users, Registered Users 2 Posts: 4,067 ✭✭✭Gunmonkey


    paddy147 wrote: »
    Has Sean Quinn used the excuse of..... "I left school early,Im a bit of a thicko and I cant read or write,so I didnt know what I was signing".....yet??

    I think he may have.

    I know his wife did, said she didnt know anything about the several million sin loans from Anglo she had signed, and even though she was on the board of several dozen of the Quinn companies she claimed she was just "a simple housewife and didnt know anything about the money".


    From the BS these 2 spout between them about how "simple" they are you think they couldnt run a stall at a bake sale, let alone a multi-billion euro empire!!! But judging from the state their companies are in it might not be far from the truth....


  • Closed Accounts Posts: 4,115 ✭✭✭Pal


    gerryo777 wrote: »
    Let's not forget that these proceedings were about hiding assets worth about €500 million.
    This man and his family owe the Irish state almost €3 billion.

    3 Billion !

    Yards is the word bankers use for billions. 3 fcuking yards !

    Not only should the Quinns do jail, but bang up the reckless greedbags that gave them the money. And throw away the keys. And lock up their mates who took the money to prop up the share price as well.

    And lock up the reckless greedy property developers and speculators too.
    They've all been named and shamed already. Still to be seen in the boxes in Croker though.

    And don't forget the incompetent gobhsites Fianna Fail. A few of them should be held to account.

    But yet it continues. Look at that scruffbag Wallace from Wexford. They just couldn't give a toss. You and I will pay it back.

    Its just unbelievable at this stage. Absolutely un-fcking believable.

    This country will never get out of this hole in my lifetime. My grandkids who aren't born yet will be paying off what's been done.

    And who goes to jail ?

    Nobody.

    Rant over. had to get it off my chest :mad:


  • Closed Accounts Posts: 152 ✭✭rubadubduba


    σαπρὸς sapros

    what this country is and never will be fixed, because it is core.


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  • Banned (with Prison Access) Posts: 2,493 ✭✭✭Fulton Crown


    Pal wrote: »
    3 Billion !

    Yards is the word bankers use for billions. 3 fcuking yards !

    Not only should the Quinns do jail, but bang up the reckless greedbags that gave them the money. And throw away the keys. And lock up their mates who took the money to prop up the share price as well.

    And lock up the reckless greedy property developers and speculators too.
    They've all been named and shamed already. Still to be seen in the boxes in Croker though.

    And don't forget the incompetent gobhsites Fianna Fail. A few of them should be held to account.

    But yet it continues. Look at that scruffbag Wallace from Wexford. They just couldn't give a toss. You and I will pay it back

    Its just unbelievable at this stage. Absolutely un-fcking believable.

    This country will never get out of this hole in my lifetime. My grandkids who aren't born yet will be paying off what's been done.

    And who goes to jail ?

    Nobody.

    Rant over. had to get it off my chest :mad:

    I feel your pain big man....picture not a bad as your painting.

    Cannot understand the impatience of some posters!

    Sean Quinn should be in jail..lock him up ...now !

    Democracy...due process...gathering evidence...this all takes time you thick fookoos...a case has to be built.

    Patience my friends ...read the fcukin article in the Indo today re Quinn...read it ! ..The Quinns play ball or its lights out and slopping out for them ..an rightly so.

    Sure it's all taking too long ..but better to take too long an nail the cnunts rather than have them go free on a technicality.

    M'Kay ?


  • Banned (with Prison Access) Posts: 2,827 ✭✭✭christmas2012


    recently theres been video evidence of them in kiev discussing how to lie to the court,and misrepresent information..


  • Banned (with Prison Access) Posts: 15,858 ✭✭✭✭paddy147


    The man is so sly and sleazy that he even tried to claim back his daughters wedding costs as a "marketing event" for the hotel where the wedding took place.

    FFS how much more low can this man and his family go on a bid to keep and hide money from the state??


  • Registered Users, Registered Users 2 Posts: 885 ✭✭✭Sappa


    Sean Quinn is a crook,honest businessman me arse,he fooled many a folk with his poor ole me act and his carefree attitude to money sure if that was the case he would have owned up to his debts but the weasel that he and his lot are could never accept redponsibility.


  • Registered Users, Registered Users 2 Posts: 6,742 ✭✭✭Wanderer2010


    I feel your pain big man....picture not a bad as your painting.

    Cannot understand the impatience of some posters!

    Sean Quinn should be in jail..lock him up ...now !

    Democracy...due process...gathering evidence...this all takes time you thick fookoos...a case has to be built.

    Patience my friends ...read the fcukin article in the Indo today re Quinn...read it ! ..The Quinns play ball or its lights out and slopping out for them ..an rightly so.

    Sure it's all taking too long ..but better to take too long an nail the cnunts rather than have them go free on a technicality.

    M'Kay ?

    I do agree with you that its important to have these cases watertight and solid to secure a conviction but I think you have been taken in by the whole official line of "investigations take time", do you really think if you or I were guilty of hiding assets etc we would be treated with kid gloves? Not a hope, bang there you go in court, found guilty and shipped off to jail. But the Quinns are part of the elite in Ireland so they will always be given extra chances and time to suit themselves. They should be jailed for the breach of court guidelines regarding moving assets alone, never mind the rest of their dealings, but alas they wont, its Ireland and people like him dont go to jail. They will walk free and proud and continue to rake in millions, and go completely unpunished.

    Can you see any bankers doing time, any developers doing time, Sean Fitzpatrick etc? no, no and no. In fact I would literally eat my own hat if any of them chancers spent a second in jail. Sad but true...


  • Banned (with Prison Access) Posts: 2,493 ✭✭✭Fulton Crown


    I do agree with you that its important to have these cases watertight and solid to secure a conviction but I think you have been taken in by the whole official line of "investigations take time", do you really think if you or I were guilty of hiding assets etc we would be treated with kid gloves? Not a hope, bang there you go in court, found guilty and shipped off to jail. But the Quinns are part of the elite in Ireland so they will always be given extra chances and time to suit themselves. They should be jailed for the breach of court guidelines regarding moving assets alone, never mind the rest of their dealings, but alas they wont, its Ireland and people like him dont go to jail. They will walk free and proud and continue to rake in millions, and go completely unpunished.

    Can you see any bankers doing time, any developers doing time, Sean Fitzpatrick etc? no, no and no. In fact I would literally eat my own hat if any of them chancers spent a second in jail. Sad but true...

    No my friend I have not been taken in...I am merely stating the fact that cases involving huge amounts of money dispersed across many jurisdictions with different languages and regulatory regimes...with batteries of highly paid lawyers on either side...do take time.

    I believe that the delays are also caused by lack of manpower and expertise in the corporate fraud investigation area.

    I believe that the Quinns will go to jail...and furthermore that the Judge...the excellent Judge Dunne...has made the correct and pragmatic decision at this juncture.

    You ..and other posters must realise that a hang em and flog em approach in this case is just not appropriate...


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  • Registered Users, Registered Users 2 Posts: 2,644 ✭✭✭SerialComplaint


    recently theres been video evidence of them in kiev discussing how to lie to the court,and misrepresent information..

    Here's the Mail article and link to the video;

    http://www.dailymail.co.uk/news/article-2167136/Sensational-film-reveals-Quinn-family-trying-deal-Kiev-cash-Ireland-court-froze-assets.html


  • Registered Users, Registered Users 2 Posts: 6,742 ✭✭✭Wanderer2010


    No my friend I have not been taken in...I am merely stating the fact that cases involving huge amounts of money dispersed across many jurisdictions with different languages and regulatory regimes...with batteries of highly paid lawyers on either side...do take time.

    I believe that the delays are also caused by lack of manpower and expertise in the corporate fraud investigation area.

    I believe that the Quinns will go to jail...and furthermore that the Judge...the excellent Judge Dunne...has made the correct and pragmatic decision at this juncture.

    You ..and other posters must realise that a hang em and flog em approach in this case is just not appropriate...

    Hmm...and yet the Mahon and similar tribunals were less complicated, had plenty of legal resources and lasted for years and not ONE person went to jail based on their findings, or was even investigated by that matter. I think you are a bit naive to the ways of the law in this country. You got money and influence? No jail. Ordinary working joe? Throw away the key. Can you list how many corrupt politicians or businessmen actually served hard time for their crimes? Because I can certainly tell you of many people who were locked up for not being able to pay the ESB bill or mortgage. I would be stunned beyond belief if any of the Quinns went too jail and also, people arent really having a hang em flog em approach, they just want some justice, and when there has never been a case of a rich Irish banker/TD/developer etc who served time for their crimes, you cant really blame their pessimism now can you..


  • Banned (with Prison Access) Posts: 2,493 ✭✭✭Fulton Crown


    Hmm...and yet the Mahon and similar tribunals were less complicated, had plenty of legal resources and lasted for years and not ONE person went to jail based on their findings, or was even investigated by that matter. I think you are a bit naive to the ways of the law in this country. You got money and influence? No jail. Ordinary working joe? Throw away the key. Can you list how many corrupt politicians or businessmen actually served hard time for their crimes?

    Ray Burke / George Redmond / Frank Dunlop / Cosgrave
    Because I can certainly tell you of many people who were locked up for not being able to pay the ESB bill or mortgage. I would be stunned beyond belief if any of the Quinns went too jail and also, people arent really having a hang em flog em approach, they just want some justice, and when there has never been a case of a rich Irish banker/TD/developer etc who served time for their crimes, you cant really blame their pessimism now can you..

    I want justice too but I don't want any of these fcuckers getting off on a technicality because the case was not properly prepared and some smart defence lawyer spotted a loophole.

    I certainly would not blame them for their pessimism...especially if the last lot of crooks were still in power.

    But I think you will agree that the present lot seem much more willing to go after these guys and although it is much too slow...I still feel some will see the inside of a jail.

    Wallace will be an interesting case as well by all accounts he has been less than honest about his tax affairs...if he has defrauded the State I can't see how he can be in receipt of a State salary as a TD.?

    Let's wait and see re the Quinns shall we...if newspaper reports are to be believed then the heat on these "poor country lads" is being turned up a couple of notches.

    Hmmmmmmm ?


  • Registered Users Posts: 16 Ramshackled


    People are thinking about just this event in isolation and forgetting what lead to this situation, what needs to be remembered is that Sean Quinn created a huge amount of wealth and employment around the border area since the 70's that can still be seen today even if he is no longer in charge of most of it.
    When Sean started leveraging assets and borrowing from Anglo, it was a reasonable thing to do at the time, he joined in the 90's-00's along with every other major developer in the country. Up until a few months previous the collapse, it was widely accepted that Anglo was powering the economic boom and their business plan was copied by all the other banks in Ireland so he was not the only one to be taken in. He was then told that they had a liquidity issue and that the fundamentals were still fine but if they didnt get the necessary cash injection right at that time, the bank would go to the wall.. If he invested he would actually make a fortune and they would lend him the money to do it, it would be fine.
    Up until that point, Anglo had a good rep and the Irish economy was preceived by most as strong up to the crash, it was generally thought that Anglo would survive it (at least I did), they had been too strong and successful in the past to go out of business. The main point on this is that the entire government fell for the same lie, hence the bank guarantee, mainly because Anglo lied to all these people big time not just Sean Quinn.
    So now Sean takes a punt on Anglo,it goes tits up and he is left way in the red. His major cash-cow (Quinn Insurance) has been taken away from him meaning he has no legitimate way to repay these loans. In fairness, the fact that he used Quinn Insurance as a guarantee for less viable businesses and to buy Anglo stocks was bad business but the way the property market was at the time they were set-up, made these businesses and decisions look viable, essential even.
    Now the property crash goes into freefall which gaurantees their demise and the demise of Anglo.
    So at this stage Sean has gone from Billionaire to in the red big style, almost all of his businesses, all in Ireland and Britain anyway, had been taken from him and he now has Anglo at his door hunting him out of it for "their" money back. This is the same institution that screwed him over just months previous. If in his shoes, I would personally feel bitter about the treatment by Anglo, the fact that the government fell for the same lie but they personally were allowed keep their huge salaries and pensions along with the property developers that have been propped up by NAMA and of course the majority of bankers got away with it too.

    He is now only left with control of businesses and properties outside of the EU, put yourself in his shoes at this stage. Would you just give up all control of the business empire that you personally built to a wreckless bank/ government that has already taken a large chunk of it? I am aware that it is our taxes that is now footing the bill but that is because the government made bank dept into soverign dept in 2008, this was their choice, not his. The German and French banks that lent to Anglo should be footing this bill so from Sean Quinn's perspective, the Irish taxpayer is been used to get them out of the mess they got themselves into and to gain the moral high-ground and nothing more, the money he lost was swindled from him by a corrupt institution and government, I would definitely do the same thing. His bad decision with Anglo definitely played a huge part in his downfall and was wreckless but I really don't think that this is enough to brand him in the same category as Sean Fitz and David Drumm who knew the state of the bank but still conned both the government and the shareholders into investing.
    Before you judge what Sean Quinn has done, here is a very similar moral question for a lay person:
    If you were missold a mortgage to buy a property and it is now worth only half of what you had paid for it, it was repocessed by the bank, you have a second property outside of Europe, would you feel compelled to sell your second property to cover the difference in what the property was worth pre boom to post to pay back the bank?

    if I could get away with it, no way would I pay it back and i think most people would do the same in his shoes
    rant over..


  • Registered Users Posts: 10 Celeb


    the fact of the matter is, Sean Quinn got so greedy he gambled all his money on the stock market. After that, he tricked Anglo Irish into giving him a couple of billion, and decided to gamble that money on the stock market as well. Due to his connections up in Dublin, he expected to get away with it.
    Luckily as a tax payer, we have the diligent Anglo Irish. They're on our side and want what's best for us. They weren't afraid to stand up against the Greedy Gambler and finally brought him to justice.
    Hopefully the Gambler gets whats coming to him, and spends the rest of the days in a jail cell - only then will we as a people have closure on the reasons for the housing crash.


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