Is Fergal Quinn being sacrafices?

Spacedog

Quinn was a self made millionaire (from cement quarrying during the building boom) and was seen by many in the Irish elite as 'new money'. it seems that the likes of Treasury Holdings' (NAMA's biggest debtor) and developers involved in the mismanaged Dublin Docklands project. are not only getting off scot free, but are actually suing NAMA and the state for damaged for any loophole they can find.

I'm not saying that Quinn is an angel... The situation reminds me of Stringer Bell in The Wire. He found himself with more money than he could spend, and attempted to move into the realm of the established cultural elites. only to be ripped off by money grabbing politicians and middlemen.

In the same way, Quinn tried playing the same game as the big boys, and invested everything into Anglos dodgy schemes, now the same institution that lost all his money (after having the taxpayer pay it's own debts) is comming after him for the rest.

I'm not saying that Quinn should not be liable for this gambling losses, he should, but I have a feeling that other, bigger, more established players, who cost us a lot more are gonna wiggle off the hook as Quinn is held up as a sacrificial lamb because he's an easy target.

gordongekko

Spacedog wrote: »

Quinn was a self made millionaire (from cement quarrying during the building boom) and was seen by many in the Irish elite as 'new money'. it seems that the likes of Treasury Holdings' (NAMA's biggest debtor) and developers involved in the mismanaged Dublin Docklands project. are not only getting off scot free, but are actually suing NAMA and the state for damaged for any loophole they can find.

I'm not saying that Quinn is an angel... The situation reminds me of Stringer Bell in The Wire. He found himself with more money than he could spend, and attempted to move into the realm of the established cultural elites. only to be ripped off by money grabbing politicians and middlemen.

In the same way, Quinn tried playing the same game as the big boys, and invested everything into Anglos dodgy schemes, now the same institution that lost all his money (after having the taxpayer pay it's own debts) is comming after him for the rest.

I'm not saying that Quinn should not be liable for this gambling losses, he should, but I have a feeling that other, bigger, more established players, who cost us a lot more are gonna wiggle off the hook as Quinn is held up as a sacrificial lamb because he's an easy target.

Fergal Quinn owns quarries???? news to most of us

corkonion

I think you mean Sean Quinn.... Or maybe not!

Father Damo

Spacedog wrote: »

The situation reminds me of Stringer Bell in The Wire. He found himself with more money than he could spend, and attempted to move into the realm of the established cultural elites. only to be ripped off by money grabbing politicians and middlemen.

.

Terrible show, but anyway.

No sympathy. The man is an idiot. He had more money than his great great great great grandchildren could have spent, and gambled the lot on illegal investments from his insurance end. Idiot of the highest order. An average Joe gambling their meagre fortune on a semi legal roll of the dice for a potentially massive reward is questionable but understandable. A man with 3 billion losing it all in an effort to make an additional billion, it beggars belief.

The oddest thing being, in terms of millionaires he wasnt exactly extravagant. Most of his spending went into business ventures. He was still living in a relatively modest 5 bedroom when he became a billionaire. Considering he probably spent less on himself in a year than most mere millionaires his thirst for a bigger bank balance is baffling.

markpb

Father Damo wrote: »

No sympathy. The man is an idiot. He had more money than his great great great great grandchildren could have spent, and gambled the lot

Do you know anyone who ever decided that they've made enough money and stops?

oppenheimer1

Thread reminds me of this: http://news.bbc.co.uk/2/hi/uk_news/wales/901723.stm

The ignorance of AH never ceases to astound.

Father Damo

markpb wrote: »

Do you know anyone who ever decided that they've made enough money and stops?

There are not many people who would risk their existing multi billion fortune on a semi legal gamble. Obviously, yes, there are, say, drug traffickers worth 20 million who still keep importing and distributing due to their sheer level of personal spending. Quinn was not like this, the vast majority of his expenditure was investments.

markpb

Father Damo wrote: »

There are not many people who would risk their existing multi billion fortune on a semi legal gamble

Unless I'm missing something, he bought shares in Anglo using Contracts for Difference which are perfectly legal (but incredibly risky). He then borrowed money from Anglo to pay for the shortfall in the CFDs which is illegal but for Anglo, not for him.

In any case, my point still stands - entrepreneurs normally do not simply switch off when they've made a certain amount of money, they use that money to try to make more money. In hindsight, it was a risky gamble which didn't pay off but the same could be said about any of his previous gambles/investments.

mikemac1

Fergal Quinn of Superquinn and now a senator?

He is high profile but has nothing to do with quarries or banks

Namlub

Well this thread was a mistake

dr.bollocko

Oops op?