It was utterly reckless gambling on a hunch on Quinn's part and I do actually believe the supposed shock of Anglo when they discovered his stake.

Irrelevant however is this whole Quinn bullshit that Anglo brought down Quinn. Neither brought down each other. Their collapse was inevitable.

Except that some kind of actuary might have been able to properly predict the scale of the losses that we're all paying for.

How can he still harp on about the company being profitbale?

Because he is a gobshite

Don't cross The Mighty Pin!







Yes, yes he did.

I finally got around to watching Sean Quinn's interview on VB.

I felt sympathy for him on a human level. He clearly believes his own story. He also explained how he thought they had margin for error on the CFD transactions but made a major mistake in that respect. He also kind of accepted it was wrong to take money from the Quinn Group but denied it was illegal.

However, he failed utterly to explain three things (or if he did it was edited out):
1. What happened after the High Court Order and how come members of his family received huge wages from companies that were the subject of a high court order, including how his daughter in law had been dragged into it by being noted as the recipient of a large wage in company accounts.
2. What entity he said owed the money and whether he had tried to asset strip that entity.
3. What assets were pledged as collateral and how, when and why this was done.
4. How his family got tied into loans from Quinn Group companies, what other borrowings they had, and how they decided to sign up to the loans for CFDs from Anglo, and what potential benefit they hoped to get from that.

There is obviously two sides to this story, and Quinn is obviously correct that he dragged his family into the shit.

However, he is not willing to accept that it was his actions and his family's loyalty and faith in him (him being the source of a lot of their wealth) and possibly his family's greed (which he previously acknowledged at the time the CFD positions were unwound although now he is resiling from it) which has led them to this pass.

He wants to exonerate his family in retrospect and ignore all the wealth they stood to gain if theings had worked out as planned. He is of the view that the law should reflect his view of the world where his family should be viewed as "just following orders", not realising that such excuses have not been accepted for some 67 years.

If it is the case that Peter Darragh Quinn was responsible for a lot of the shenanigans that appear to have taken place after the Court order (in terms of wages for family and in-laws and large pay-offs for other employees) then one might have more sympathy for Sean Quinn. It is also clear that we do not have the full facts of the case as we have only heard the story around the contempt proceedings.

If a bank lends to a limited liability company without getting security over its assets then that bank is asking for trouble. Borrowers don't expect banks to behave morally when they look for repayment, they expect them to behave commercially. Banks have no right to expect anything but the same treatment from borrowers.

However, both sides must behave within the law and the Quinns stand accused of behaving outside the law to the state's detriment. If they cannot overcome this hurdle then it is difficult to justify publicly supporting them, whatever sympathy one might have for them.

Thanks for that Jake. Cheered me right up!

You are also 100% correct. Its fact!

Good analysis NC.

SBP today (paywall) reporting that Quinn have brought in real actuaries who have discovered €1.2bn of under provision over 4 years. This would mean no profits from 2007 on.

Everyone is shocked etc but then the article refers to them as "the firm's long-standing actuaries". WTF? I guess when Quinn was paying the bill the numbers looked different.

I don't even...


http://www.independent.ie/national-news ... 97099.html

Richard Woodhouse's daughter calls Quinn a f***ing c**t on twitter because their family holiday gets cancelled. Quinn is gonna sue for defamation. You could not make this stuff up.

Mr. Quinn would want to be pretty sure of winning that one...

Ah sure it's not like he's ever going to pay his lawyers anyway, might as well get them to write a few letters. I'm surprised he hasn't found the Pin yet...

An insult is not defamatory. How can he be defamed by being called a 'c***'? It's not like the statement could be taken literally. Was there more to the statement?

I tried to google Woodhouse to find out more about him and this came up:
http://www.broadsheet.ie/2012/04/02/den ... ent-152610

Really? I didn't know that...



Yeah, I was trying to find an archive of the tweet but can't even find the daughter's name...