Slugger O'Toole

Conversation, politics and stray insights

Sean Quinn: “We felt it was the right thing to do and we still feel it was the right thing to have done…”

Sun 29 July 2012, 5:24pm

The jailing of his son and nephew was supposed to be “a practical way” of procuring compliance with the court orders to reverse the contempt of court in putting assets beyond the reach of the former Anglo-Irish Bank, now the state-owned Irish Bank Resolution Corporation (IBRC).

Instead, the bankrupt Sean “I am not dishonest” Quinn snr has embarked on an unapologetic PR campaign.  Whilst his still ‘on the run’ nephew, Peter Darragh Quinn, has been reportedly photographed with his father at a GAA match in Fermanagh.  [So much for facing the music - Ed]  Indeed.

Yesterday’s Irish Times has some quotes from a recent radio interview.

BANKRUPT BUSINESSMAN Seán Quinn has said if the former Anglo Irish Bank wanted to see him jailed he would “accept it”, but said that putting his assets beyond the bank’s reach was “the right thing to have done”.

Mr Quinn also said it was a “an absolute total disgrace” and a “scandal” that his wife Patricia, an “innocent woman”, was “bankrupted” for €3 million.

“She is a housewife, she never read any documentation in her life, she just signed whatever she was asked to sign as 90 per cent of people would,” Mr Quinn said.

Which is the same line of defence that was completely rejected by the Dublin High Court

Since the middle of the 18th century, the law allowed for no presumption of undue influence between a wife and husband, and there was also no actual evidence of undue influence by Mr Quinn over Mrs Quinn, such as bullying behaviour, Mr Justice  Kelly said.

The judge quoted from another High Court judge, the late Miss Justice Mella Carroll, who had said in another case 25 years ago, the day was long past when married women could be classified akin to infants and persons of unsound mind and evade liability by arguing they were only concerned with minding their house and children.

He rejected Mrs Quinn’s other claims of a defence on grounds she did not understand what she was signing and did not benefit from the €3 million loan. The truth is, he said, Mrs Quinn gave no thought to what she was signing but that could not be a defence.

What could be more negligent than “willy-nilly” signing legal documents without any thought to their nature and effect?, the judge asked. Even a glance at these documents would have made clear to all but the illiterate they related to a borrowing transaction, he added.

And on the “scheme of mesmeric complexity, reeking of dishonesty and sharp practice”?

From the same Irish Times report

Mr Quinn said he had made a “very conscious decision” to put assets beyond the bank’s reach.

“We thought at the time we were retaining our own assets and they were moving in illegally on those assets,” he said. “There was an onus on us to make some effort to defend ourselves.

“We felt it was the right thing to do and we still feel it was the right thing to have done – unfortunately it finished up in prison,” he said in the interview, which was recorded on Thursday.

An earlier Irish Times report on Friday included this quote

Mr Quinn also spoke of the lack of action by politicians to assist him.

In 2010, when his company as placed into administration, no politicians felt “in a position to overrule Matthew Elderfield (financial regulator) and I respect that,” he said.

“Governments don’t normally make good commercial decisions. They normally make decisions to keep themselves safe rather than making courageous decisions,” he said.

Which is a roundabout way of acknowledging that the Quinn Group campaign against the independent Regulator failed [the interfering "foreigner"... - Ed].  Who was acting “in the proper performance of his functions“.  In a “completely consistent” manner.

Nevermind, Sean.  The MP for Fermanagh and South Tyrone, Sinn Féin’s Michelle Gildernew, is still honking on your behalf.

Even Sinn Fein MP Michelle Gildernew has come out to defend the family, telling this newspaper that what has happened to Mr. Quinn was “wrong”.

“He has been treated disgracefully by the Irish Government. Had they not tried to strip him off all his assets, including his home, deny him the ability to function in business, and routinely try to humiliate him I believe he would have paid back every penny he owed to the Irish taxpayer.

“He accepted he had done wrong, but all our attempts to make the government show some comment sense were ignored. He is being punished for having the audacity to ‘buy the bank; and for being an ordinary man from Fermanagh who is hugely respected by his community,” she said.

For what that’s worth…  [But he had a cunning plan! - Ed]  Indeed.

Update  The PR campaign continues!

Hundreds of supporters attended the rally in Ballyconnell on Sunday night.

Speakers included well-known names within the GAA including Mickey Harte and Joe Kernan, as well as Fermanagh priest Father Brian D’Arcy.

And from the Irish Times report, where the numbers present have swollen significantly.

Speaking today, former GAA president Seán Kelly defended the support shown for the Quinns, saying it was “an expression of moral support” for a family who had always been loyal to the association. He said Quinns had never forgotten their roots and had always committed to the GAA financially and in terms of their time, he said. [added emphasis]

While the rally was not an official protest sanctioned by Croke Park “per se”, the show of support “for our own” and about standing behind those in trouble locally was what the association was all about, he said.

You get what you pay for…  [Has he been making political donations as well? - Ed]  Good question.

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Comments (51)

  1. Alias (profile) says:

    It’s another example of laws that are not fit for purpose. Without a certain link between an amount of money stolen and a specific period of incarceration, these fraudsters will calculate that are being well-rewarded for serving time.

    It should be at least one year in prison for every 50,000 stolen and not returned. That should disincentive all but the lower wage earners who don’t have the opportunity to steal large sums of money anyway.

    At 20 years per million, the fraudster will still be a millionaire when he/she is released but they’ll hardly think it was worth it.

    The Irish political class allowed Quinn to act to defraud it of hundreds of million owed to it when even a 5-year old child could have predicted that the theft would occur as a result. With a quick transfer to a comfortable prison for the Quinn family member held on contempt and a certain guarantee of early release and a life in the sun, it’s the taxpayers who will be punished here.

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  2. ArdoyneUnionist (profile) says:

    How ironic Quinn goes to a gaa match which is a 32 county organization that doesn’t recognize the border. However, the Garda can’t feel his collar because he is across their invisible border out side their reach. Who said nationalists and republicans didn’t like to take advantage the border.

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  3. son of sam (profile) says:

    Per Michelle Gildernew. -”All our attempts to make the Government show some common sense were ignored”
    What attempts were these and could we have some detail please?

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  4. Tweedybird (profile) says:

    I watched the BBC programme the other week, hosted by Jim Fitzpatrick and if this doesn’t show S Q up nothing will . It was a very compelling documentary and it firmly puts the Quinn family on the spot..Is the community around Derrylinn completely brainwashed ? Furthermore, I believe his reckless wheeling and dealing was the main contribution to the downfall of Ireland’s finances, and it is unfortunately the ordinary people of Ireland has to pay for Quinn’s misdemeanours .

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  5. Alias (profile) says:

    The locals in Fermanagh and Cavan were proud of their local hero and haven’t quite adjusted to this new image of him as a self-serving capitalist gombeen who will screw the nation to save himself.

    The Shinners, being equally self-serving, will also screw the nation for the sake for a few votes from the deluded locals in Fermanagh and Cavan. What the Shinners also have in common with Quinn is that both of them have utter contempt for “Free State” law and show a willingness to hide behind the border when it suits them, with both Quinn and former IRA man Tom McFeeley declaring themselves to be absolutely British in order to cheat “Free State” taxpayers.

    It’s the ignorant muppets in Fermanagh and Cavan who don’t seem to grasp that their taxes (assuming they pay them) will also be used to repay those debts belonging to Quinn that he refuses to repay.

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  6. Alias (profile) says:

    Actually, the muppets in Fermanagh pay their taxes to Her Majesty’s Exchequer, so that just leaves the folks in Cavan and other border areas who support Quinn having to pay for that support with increased taxes for his direct benefit.

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  7. The Lodger (profile) black spot says:

    “The locals in Fermanagh and Cavan were proud of their local hero and haven’t quite adjusted to this new image of him as a self-serving capitalist gombeen who will screw the nation to save himself.”

    Alias,

    The support for him is not universal of course. I heard on the radio this morning that his ‘rally’ yesterday oinly attracted a few hundred people. If it had been the UK government and a UK bank that he had screwed of course then the support would have been universal. Then he would have been a real martyr and the pressure on the government to drop all charges would have been immense.

    Bad luck on picking the wrong country Sean.

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  8. ArdoyneUnionist (profile) says:

    The BBC reported that “Speakers included well-known names within the GAA including, Mickey Harte and Joe Kernan, as well as Fermanagh priest Father Brian Darcy”.

    Again I find the involvement of the gaa in the guise of senior gaa personalities Mickey Harte and Joe Kernan quite intriguing???

    Are the Quinn’s whose group sponsored the gaa getting support from the gaa, be that official of unofficial???

    What roll is Croke park playing in all this???
    Do they support the Quinn’s or not???
    Did they give the Harte and Kernan permission to speak at this rally???
    Or were Harte and Kernan there in a personal capacity???

    If Harte and Kernan were there in a personal capacity this was not made clear in any of the news reports???

    What are Croke park’s thoughts on the state of the RoI economy, the monies owed to it from bankrupt investors??? What are the gaa’s thoughts on any new taxes that were forced onto the hard presses RoI taxpayer???

    Are the gaa saying by the presence of senior gaa personalities Mickey Harte and Joe Kernan, that the Quinn’s don’t need to pay back the money owed to the Irish Bank Resolution Corporation (IRBC) and the RoI exchequer??? Or are they happy for the Quinn’s to keep the €500 million and let the hard pressed taxpayer in the RoI pick up the bill???

    Again so many questions of the gaa???

    According to the Quinn’s website it says that at a local level “the Group sponsors numerous sporting and educational activities”??? However it does not give any indication as to what these are?? However further down it does go on to say that they “contributed to a language support teacher”???

    They also gave a charitable donation to St. Vincent de Paul.

    It’s good to see a firm that employs all sections of the community, so engaged in gaa sponsorship and St. Vincent de Paul charitable donations????

    http://www.quinn-group.com/sponsorship/sponsorship.cfm

    http://www.bbc.co.uk/news/uk-northern-ireland-19036776

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  9. iluvni (profile) says:

    (After the awful tragedy his family endured) if Mr Harte is up to making public statements again, perhaps someone might ask him his opinion on the IRA medals given to the Under-12 boys at Galbally Pearses Club in Tyrone.

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  10. ArdoyneUnionist (profile) says:

    iluvni, As I understand it until there is an official complaint from someone (who they mean by someone is anybody’s guess), the gaa be that at county level, Ulster level or Croke park level can’t investigate.

    Don’t you just love the gaa, they organize on a 32 county level then when something goes pear shaped. Like the handing out of medals in honour of IRA terrorists, to under 12’s, they get very coy and publicity shy.

    Then all of a sudden it is, nothing to do with us, move along quickly nothing to see here.

    Now with the Quinn’s they are diversifying into state and court proceedings. Is there no end to the gaa’s state and judicial interference?

    Throw in is in the high court in Dublin at the next Quinn court case.

    Anyone for tennis????

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  11. qwerty12345 (profile) says:

    Politicians, GAA, Church, local newspapers in Fermanagh all out in support of an anti union fat cat crook.

    Just confirms everything I already believed about these people.

    And I say that as a republican. Small r.

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  12. Republic of Connaught (profile) says:

    AU,

    You appear to be becoming a constant troll.

    Mickey Harte and Joe Kernan are entitled to attend any meeting they want anywhere in Ireland. The GAA isn’t the Stasi; it can’t tell its members where they can go in their personal lives.

    As for the U12s medals, I’d imagine in the GAA headquarters they just rolled their eyes. They know at this stage that once you go over the artificial border, you are entering the la la land of the wee six.

    Where a disproportionate amount of people just aren’t right in the head.

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  13. Quinn is no angel, but Michelle Gildernew is right to point out that he did create a lot of jobs and was once hailed as a businessman with almost saintly qualities. And that wasn’t all that long ago. But isn’t it ironic that the rump of Anglo Irish Bank is being cast in the role of good guys?

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  14. HeinzGuderian (profile) says:

    ayee,but the gaa don’t recognise a border,(unlike Mr Quinn),so that argument kinda falls flat .

    As for the support Mr Quinn is getting from the usual suspects….a line of prose springs to mind; (cough)

    ‘you can tell a man who loses,by the company he chooses,and the pig got up and slowly walked away’ ;-)

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  15. Old Mortality (profile) says:

    Businesseye
    ‘But isn’t it ironic that the rump of Anglo Irish Bank is being cast in the role of good guys?’

    What do you mean by ‘the rump’? Anglo Irish isn’t lending any more. The current management were installed to run off the loan book and recover as much as possible in the process. That’s what happens when businesses fail.
    I’d think up a different moniker if I were you.
    But thanks for the remarkably perceptive quote from la Gildernew. Nobody’s ever mentioned that before.

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  16. Mister_Joe (profile) says:

    Seems as if he was a local businessman who did good. Then he lost the run of himself and thought that he was a world class financier. He was out of his depth. But, he needs to pay for his foolishness. Hubris in action.

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  17. Skinner (profile) says:

    I’m from Fermanagh and the way I see it, people need to be careful what they’re supporting. Quinn gambled and lost, simple as that. If he thinks he lost unfairly then it is open for him to prove it in court and get his money back. It is not open for him to act against a very clear court order and keep the money for himself.

    But there is a section of people along the border who will never answer to any court or respect any law, British or Irish. It is like South Armagh’s less notorious cousin down there and there is a great deal of history to it (e.g. smuggling).

    I have some sympathy with the view that Quinn is more to be trusted using £500m to get his business up and running again and employing people than is the IBRC. He certainly has a proven track record. But the uncomfortable reality is that that is not the way to run a country. We can’t set a precedent for undermining an entire legal system based on contractual obligations just because “the Quinns are decent people”.

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  18. Skinner (profile) says:

    And for anyone wondering, the link with the GAA is that Sean Quinn’s brother (and father of on-the-run Peter Darragh) is a former President.

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  19. Mister_Joe (profile) says:

    Remembering the apparent fiasco of G.Adams’ brother, it seems that there is an urgent need to issue an International Arrest Warrant.

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  20. ArdoyneUnionist (profile) says:

    Skinner, the plot thickens.

    Ardoyne Unionist shakes his head and rolls his eyes in exasperation.

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  21. Skinner (profile) says:

    ArdoyneUnionist – It’s hardly surprising that some figures from within the GAA would be amongst those showing their support. The family are very involved in the GAA (PD particularly) and have a lot of friends within the organisation. There’s no reason to think there’s anything more to it than that.

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  22. Old Mortality (profile) says:

    Was Fr D’Arcy there in a personal capacity, or was he representing the Roman Catholic church (with clearance from the Vatican, of course)?

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  23. Pete Baker (profile) says:

    Update The PR campaign continues!

    Hundreds of supporters attended the rally in Ballyconnell on Sunday night.

    Speakers included well-known names within the GAA including Mickey Harte and Joe Kernan, as well as Fermanagh priest Father Brian D’Arcy.

    And from the Irish Times report, where the numbers present have swollen significantly.

    Speaking today, former GAA president Seán Kelly defended the support shown for the Quinns, saying it was “an expression of moral support” for a family who had always been loyal to the association. He said Quinns had never forgotten their roots and had always committed to the GAA financially and in terms of their time, he said. [added emphasis]

    While the rally was not an official protest sanctioned by Croke Park “per se”, the show of support “for our own” and about standing behind those in trouble locally was what the association was all about, he said.

    You get what you pay for… [Has he been making political donations as well? - Ed] Good question.

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  24. Skinner (profile) says:

    Pete, I think it’s wrong to think that GAA members are acting to protect sponsorship incomes from Quinn Group. The Quinn’s involvement in GAA extends far more deeply than money and it’s wrong to insinuate that this is cynical ‘cash for support’-type arrangement. The heart of this is parochialism, not bribery.

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  25. Skinner (profile) says:

    sorry about the errant apostrophe

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  26. Alias (profile) says:

    Joe, an EAW can’t be issued for an offence where an imposed custodial sentence is less than four months. In addition, the EAW is only used for criminal, not civil, matters. It’s another example of law that is not fit for purpose, and this time, EU law.

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  27. sonofstrongbow (profile) says:

    I wonder if the GAA will be “standing behind” the thousands of ordinary GAA members, citizens of the Irish Republic, who are now paying for the Quinns’ financial shenanigans?

    This ‘local’ support reminds me of the shopkeepers in Roystan Vasey: ‘this is local support for local people’, outsiders, ahem, will be afforded a particularly ‘local’ welcome.

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  28. Alias (profile) says:

    “Speaking today, former GAA president Seán Kelly defended the support shown for the Quinns, saying it was “an expression of moral support” for a family who had always been loyal to the association.”

    It looks like the GAA is using the Shinners’ “he’s a good republican” defence.

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  29. Alias (profile) says:

    “Tom Murphy is not a criminal. He’s a good republican and I read his statement after the Manchester raids and I believe what he says and also and very importantly he is a key supporter of Sinn Féin’s peace strategy and has been for a very long time.”

    “Sean Quinn is not a criminal. He’s a good GAA man and I read his statements after the Anglo affair and I believe what he says and also and very importantly he is a key supporter of GAA and has been for a very long time.”

    The implication being that support for X should lead to immunity from Y.

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  30. Mister_Joe (profile) says:

    Alias,

    Thanks for enlightening me/us. :-)

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  31. Mister_Joe (profile) says:

    BTW, Alias, just thinking out loud. If you refuse to answer a summons to appear in Court in a civil case, have you now committed a criminal offence?

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  32. Tochais Síoraí (profile) says:

    The Quinn’s have a lot of support in the area, no doubt. But it’s not as big as some are making it out to be and certainly far from universal. I’m pretty local (and a GAA member!) and Iike many others wouldn’t be seen dead in Ballyconnell yesterday.

    And how many were there anyway? 3,000. Not 30,000. 3,000 – a lot less than there would have been six months ago. Get it into perspective – if we’re talking about GAA connections then you’re talking about a crowd at, say a club championship semi final in one of the local counties. The publicity was gleaned more by the platform personalities where there were a few of the usual attention seekers (I’d have thought the likes of Boylan and O Rourke might have more sense though).

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  33. Alias (profile) says:

    While the rally was not an official protest sanctioned by Croke Park “per se”, the show of support “for our own” and about standing behind those in trouble locally was what the association was all about, he said”.

    That’s tribalism, not nationalism. It is supporting local interests at the direct expense of the national interest. Pure gombeenism.

    Joe, contempt could never be the subject of extradition proceedings because such proceedings are predicated on the accused person having the right to a fair trial by a jury of his peers for a statutory offence, not where the court has summary power as in contempt, i.e. the right to act as prosecutor, judge, and jury.

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  34. Mister_Joe (profile) says:

    Alias,

    Thanks again. I’m learning.

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  35. Mister_Joe (profile) says:

    This thread has strayed on a long way from the Quinn’s.
    To paraphrase Pete,

    Focus, guys and back to topic.

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  36. BluesJazz (profile) black spot says:

    The Quinn thing in the border counties is classic Cargo Cult mentality. Astonishing to watch in a supposed developed part of the world.

    The only similar deification of such a figure -in a post industrial society – I can think of is/was Pablo Escobar in Medellin.

    Parochial groupthink with religion and tribalism is a heady mix, and rational thinking , legal due process are the enemy. But, to be sure, the Border is a useful tool at times.

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  37. pacman (profile) says:

    Pray tell me why my comment at 11.00 is still awaiting moderation when BluesJazzes of 11.31 makes it onto the board?

    Censorship?

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  38. Mister_Joe (profile) says:

    pacman,

    Comments deemed irrelevant to a topic are sometimes removed. Can be a bit like a verbal warning short, short of a yellow card, or simply the removal of clutter.

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  39. Mister_Joe (profile) says:

    Another reason for automatic “waiting moderation” is including more than two links. If that is your reason, repost, but split the links into two posts.

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  40. BluesJazz (profile) black spot says:

    pacman-Relevance.

    I found the whole support of someone who has a criminal conviction-contempt of court- and a lot of questions to answer, in the Republic, about gambling (badly) with their money.
    Then expecting them to pick up the billion euro tab?
    Add arrogance, Escobar style, to the equation and you have the cargo cult mentality described in my post.
    For balance, I think Fred Goodwin (formerly Sir) should be held to account in the same manner. But he doesn’t have the Church of England and the FA singing his praises either.

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  41. BluesJazz (profile) black spot says:

    That said:

    http://www.bbc.co.uk/news/uk-northern-ireland-19051227

    Isn’t it terrible altogether how British citizens are being victimised by the Irish courts.

    I assume that’s what Brian D’Arcy and Mickey Harte are complaining about?

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  42. I find the arrogance of Harte and the GAA important people galling. They assume that the ‘lower orders’ will follow their lead. They assume that no-one thinks for themselves.
    It’s the norm for these haughty types – theyalways interpret silence on the part of those they lecture as an expression of ignorance and acquiescence. When in fact silence is nearly always an expression of the unequal power dynamic – Harte and the GAA represent the bosses, the employers (yes they do, here they represent/champion Quinn, quite openly, quite difinitely).
    If you question the Man you’re history!
    A clique of petty bourgeois Big Fish organise a ‘popular’ rally. By far the great bulk of people do NOT attend.
    To re-jig the hackneyed language of the Concerned Citizens type – the crowd backing Quinn are in fact a rent-a-snob, bussed in – by Mercedes. Or Santa Fes even – you cant be too choosy when numbers are important!

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  43. Mister_Joe (profile) says:

    …rent-a-snob..

    Great one; LOL.

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  44. Alias (profile) says:

    Mervyn, the Quinns and ilk don’t represent ‘the establishment’ (whatever that is supposed to be in their weird minds) but what they would consider to be the anti-establishment. What’s that? It’s what Bob Dylan said about the paradox of the honest outlaw: “To live outside the law you must be honest.” To that ilk, the Free State is irredeemably corrupt and they, by standing apart from it, are deemed to be honest outlaws. The fact that their gombeen was undone by his own greed and recklessness is not seen as fact at all by them: he was undone in their minds by the corrupt system that he honestly stood outside of. He’s still their hero.

    The folks who are paying a levy on their insurance premiums because that gombeen stole over a billion from an insurance company to invest in speculative CfDs which he hoped to make a killing on might have a different view about who is honest and who is corrupt here. Had his speculation paid off he would not be dumping the profits he hoped to make on the taxpayers so why should we allow him to dump his losses on us?

    We will all have to repay this gombeen’s losses if we allow him to refuse to repay them. And that means people dying on hospital trollies while he reclines in a multi-million villa and people not having money to invest in their own pensions because the state will be taking it off them in taxes to pay for Quinn’s reckless profiteering.

    The GAA members present at the Ballyconnell meeting are an utter disgrace as is that odious little priest.

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  45. I might interpret the views and claims of the law-breakers differently. Sure they pose as ‘rogues’ and then lay the parochial tosh on with a trowel; but someone who has always struggled just to get by is not taken in by that, even if they are from the same parish.
    The development of the rule of law was something fought for by the working class. It’s breakdown now indicates for all to see that the ruling class are taking the path to naked class rule – dictatorship.
    Alan Greenspan believed there should not be any laws whatsoever interfering in the operation of the ‘Market’.
    The attacks on the managers installed by the administrators at Quinn’s companies, the brazen contempt of the Peter Quinn and his son for the court; the open support given to these Quinns by the GAA bosses (includes Peter Kelly) and by Sinn Fein – all this points up the cleavage developing in Irish society, and the determination of the ruling class to brook no opposition to their wealth acquisition and control. Be warned about the rulers. They mean business, and the so-called leaders of the working class – the unions, the lefts etc are trying to blindfold all of us to that danger.
    Note this typically patronising event that SIPTU and various lefts and academic liberals organised in Dublin last weekend – sponsored by the GAA!
    http://www.activelink.ie/node/9557
    This isn’t leadership, this is suffocation and profound deceit.
    The GAA is sponsored by the Allied Irish Bank and the GAA sponsors SIPTU et al. An unholy alliance of enemies of the working class.

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  46. wild turkey (profile) says:

    “The Quinn thing in the border counties is classic Cargo Cult mentality.”

    BluesJazz. quote of the week. nothing more need be said

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  47. Alias (profile) says:

    It’s a good quote… and puts Sean Quinn in good company. The quote from Father Brian D’Arcy regarding Quinn creating the peace process by creating jobs is Cargo Cult mentality.

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  48. wild turkey (profile) says:

    … and this just from Vanuatu on the Fermanagh/Cavan border

    http://www.youtube.com/watch?v=UIDYeKrgg8Q

    was Marty Mandelas historic handshake just playing to the base?

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  49. ArdoyneUnionist (profile) says:

    What are the facts in the Sean Quinn case?

    http://www.bbc.co.uk/news/uk-northern-ireland-19063419

    Here are what the demo in Ballyconnell kept secret and this was is what the hierarchy/ higher echelons of the gaa are backing. The gaa is not just a spot, its a political pressure association.

    “Sean Quinn didn’t invest in Anglo Irish Bank, he bet on it
    If all he’d done was buy shares, his losses would have been limited.

    But Sean Quinn chose a dangerous financial instrument called Contracts for Difference (CFDs) to build up a 25% stake in Anglo Irish Bank.

    It was a leveraged bet on the share price – if it his bet had come good, he would have made billions, but because it went bad he lost more than five times his initial huge stake”.

    “He literally bet the bank and both bank and Quinn went down. His losses totalled more than 3.2bn euros at the end, with Anglo on the hook for 2.8bn euros”.

    What of Quinn’s claim that the truth is not being told?
    and the calim that there is a smear campaign.

    “Anglo didn’t encourage Sean Quinn money to build this stake”

    “Anglo Irish Bank was horrified when it discovered the scale of Sean Quinn’s stake because they knew they could both go down if the full story was public.

    It was a fatal embrace. The reason some directors of Anglo now face criminal charges is because of money lent to unwind and offload Sean Quinn’s bet.

    Even Sean Quinn has never publicly suggested that Anglo wanted him to build a 25% stake through CFDs in the bank”.

    “Sean Quinn broke the law before the bank moved in”

    “Sean Quinn was removed from his insurance business by the regulator because he had broken the law.

    He had used funds from his insurance business to prop up other parts of the group. It was a serious offence.

    The regulator eventually put the entire business into administration because he found the Quinn management were still breaking the rules and there was a massive black hole in the finances. This happened a year before Anglo moved to take control of the rest of the empire.

    Sean Quinn now accepts that the actions of the regulator were “right and proper”.

    “Meanwhile all insurance policies in the Republic are now subject to a 2% levy indefinitely to fill the financial hole found in Quinn Insurance”.

    “The family had no viable plan to pay back the money”

    “Once the insurance business was taken from family control, their offer to repay the 2.8 billion euros owed went up in smoke”

    “Sean Quinn didn’t just “frustrate” the bank”

    “The reason Sean Quinn, his son and nephew, are guilty of contempt is because they took actions to interfere with the business and shift assets after Anglo had taken control last April and in breach of specific court injunctions obtained in June.

    These actions include Sean Quinn falsifying documents in July (three months after he was ousted) to take control of a Moscow office block worth 180m euros and put it into an offshore company in Belize”.

    “These actions include Sean Quinn falsifying documents in July (three months after he was ousted) to take control of a Moscow office block worth 180m euros and put it into an offshore company in Belize”.

    “Sean Quinn isn’t defying Anglo alone
    He’s defying the Irish courts”.

    “It is the courts – not Anglo – that have found him in contempt”.

    The gaa meddles in everything put spot.
    Everyone in the republic of Ireland is paying a 2% levy indefinitely (that includes every gaa player in the sceptic south) to pay for Sean Quinn’s financial irregularities.

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  50. BluesJazz (profile) black spot says:

    I’ve seen variations on the cargo cult mentality elsewhere in NI (and beyond) , but not as brazenly as in this case.

    In a sense Northern Ireland is a cargo cult economy. The difference with Melanesia being the 2 tribe mentality. All accept the (massive) Westminster subsidy as a given. But then the parochialism. How our sandpit assembly divides the Treasury pie. (Which will shrink substantially in years to come) -cue distress among the Dibley parish council.
    But the Quinn family brought some degree of economic value to Fermanagh/Cavan. Good GAA/Church/ ‘one of us’. Embedded in the folk memory.
    The Ukrainian transactions and attempts to move assets to carribean tax havens are reminiscent of those early Hammer Dracula movies. To the stranger in the tavern
    “What castle, there’s no castle around these parts”
    Michael Ripper used to play the bartender I believe.

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  51. BluesJazz (profile) black spot says:

    The Count was a decent bloke, what goes on at the Castle is no concern of us peasants here at the tavern:

    http://www.irishtimes.com/newspaper/opinion/2012/0731/1224321157051.html?via=mr

    Hammer films, take a bough.

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