Sean Quinn is still clinging to the belief that he can somehow preserve the Quinn Group for the benefit of the Quinn family and very soon it will be the Irish public who are to blame for his woes.
Mr Quinn said he had, along with colleagues, spent the past year developing a proposal that was "economically sustainable and which would allow us to discharge fully all of our family’s obligations to the Irish taxpayer".
"During this process we consulted with and secured the support of some of the most respected and experienced individuals in Irish and UK business," Mr Quinn said.
He said the mistake the group had made was "an over-reliance on the Irish banking system and the many predictions for continued sustained growth in the Irish economy from some of the country’s leading financial services experts".
Its time everyone took off the 'rose tinted glasses' which show a billionaire playing cards with his close friends on a friday night for 50 cents a hand - how touching.
Lets get something straight:
Sean Quinn is part of a group of perhaps less than 50 individuals who brought this country to it's knees - this man is no hero for the average Irish citizen and rather than blaming economists etc for the Quinn Groups woes, perhaps he should ponder the fact that he gambled the Quinn Group, his familys future and the lives of his workers on a straight bet.
Quinns purchase of up to 20% of Anglo Irish Bank stocks and attempts to dispose of same en-masse was perhaps the trigger or catalyst which brought the already unsteady house of cards tumbling down.
Quinn must accept responsibility for a large share of the deductions every Irish taxpayers sees in his/her pay-packet at present. Quinn must accept his share of responsibility for the reduced government investment in Healthcare, Transport, Education etc over the next 10 years.
"Ireland needs enterprise and entrepreneurs more than ever at this time but mistakes in business should not result in a life sentence."
The "mistake" is understood to refer to the €3bn losses Mr Quinn suffered after a disastrous bet on Anglo's shares as the bank teetered towards nationalisation.
It was that move which gave Anglo the power to seize control of the Quinn empire, since the share capital of the Quinn Group was included in the security for the loan Mr Quinn took to bet on the shares. Mr Quinn described Anglo's move to send in a share receiver over the Quinn Group as "the greatest upset for me and my family in my entire business career".
Hints of the former FAS chief Roddy Molloy explaining of his entitlement to fly first class. Quinn needs to sit down and contemplate all those reposessed family homes, broken marriages, hungry children and even suicides which his greed provided the fuel for.
Quinn was part of this exclusive Bank-Business-Politico group of rats, he knew what he was doing and was not relying on newspaper pundits for his view of the economy going forward. The Quinn Group was earning plent of money, but enough was never enough for these turds - they wanted more, they wanted the kick-back, the brown envelope or the purchase of a bank through slight of hand - why werent those shares purchased outright - why CFD's.
Sean Quinn and Sean Fitzpatrick are the Chairman and CEO of the stinking club of thieves who destroyed Ireland.
Read more: http://www.irishexaminer.com/ireland/quinn-blames-experts-growth-predictions-151878.html#ixzz1JydDIqOx
Tuesday, April 19, 2011
Sunday, April 10, 2011
Iceland & Landsbanki Bank
One has to admire the 'balls' of the Icelandic public in deciding not only to burn bondholders, but to burn depositors also (in this instance the depositors have been reimbursed by both the UK and Dutch Governments).
Following a referendum the Icelandic public said 'no' to taking over the debt of a private bank, maintaining they have no legal obligation to do so.
Looking at the Irish situation, one has to wonder what our politicians are up to - there is no obligation on the Irish people to reimburse the 'gambling debts' of foreign institutions.
I dabble in the stock markets and have taken a punt on risky companies. Anyone with experience will have been there - these are high risk, high payout gambles on companies who are a one bet pony - their exploratory oil well will pump black or dry and the companies existence depends on this one roll of the dice.
Despite their 'high and mighty claims', the investors in the Irish financial institutions knew the risks, you don't put billions into a company without knowing a little about that company.
The German and French Governments have one single aim, that is to ensure their Financial Institutions (these very same investors) are not burned, thus taking billions out of their economies - do you think they really care about a 1% interest reduction - they could agree to this in a heartbeat.
The whole focus of the discussion has been deliberately moved to the Corporation Tax question and the Quid Pro Quo question to distract us from what and whom we are really bailing out.
It's time for Ireland to re-focus the argument onto the senior bond-holders and threaten a referendum if need be. The time for mucking about is over, your asking the staff of the racecourse to cover your bet as the bookies have gone bust and now you are demanding extra leverage - something has gone very wrong in these discussions.
As a parachute we need to open discussions with Beijing for 'working capital'.
It's time we got back into the driving seat and discussed the real Quid Pro Quo.
Following a referendum the Icelandic public said 'no' to taking over the debt of a private bank, maintaining they have no legal obligation to do so.
Looking at the Irish situation, one has to wonder what our politicians are up to - there is no obligation on the Irish people to reimburse the 'gambling debts' of foreign institutions.
I dabble in the stock markets and have taken a punt on risky companies. Anyone with experience will have been there - these are high risk, high payout gambles on companies who are a one bet pony - their exploratory oil well will pump black or dry and the companies existence depends on this one roll of the dice.
Despite their 'high and mighty claims', the investors in the Irish financial institutions knew the risks, you don't put billions into a company without knowing a little about that company.
The German and French Governments have one single aim, that is to ensure their Financial Institutions (these very same investors) are not burned, thus taking billions out of their economies - do you think they really care about a 1% interest reduction - they could agree to this in a heartbeat.
The whole focus of the discussion has been deliberately moved to the Corporation Tax question and the Quid Pro Quo question to distract us from what and whom we are really bailing out.
It's time for Ireland to re-focus the argument onto the senior bond-holders and threaten a referendum if need be. The time for mucking about is over, your asking the staff of the racecourse to cover your bet as the bookies have gone bust and now you are demanding extra leverage - something has gone very wrong in these discussions.
As a parachute we need to open discussions with Beijing for 'working capital'.
It's time we got back into the driving seat and discussed the real Quid Pro Quo.
Tuesday, April 5, 2011
Extraordinary Rendition
Like most Irish citizens, I would find it more palatable accepting the medicine if those who had made us ill were not simply laughing at us.
The damage these people have done to this nation is far greater than the damage from petty crimes many of our prison population are guilty of.
Surely the accusations these individuals have leveled against them warrant a similar 'remand' policy as we saw with Madoff.
David Drumm is a prime example of someone who clearly suspects charges may stick and will fight us every inch of the way simply to avoid extradition from the USA.
I don't believe we should pay another cent on legal fees.
We know:
1. The US supports extraordinary rendition.
2. One of the Government planes can cross the Atlantic - Harney used it for a jolly.
3. Drumm believes he is safe in the US
The Irish Government should send in a 'snatch squad', grab Drumm and fly in the Government jet to retrieve him.
With careful planning it could easily be done.
Spike island should be re opened for the banking, developer and politicians who are found to be guilty of corruption.
The damage these people have done to this nation is far greater than the damage from petty crimes many of our prison population are guilty of.
Surely the accusations these individuals have leveled against them warrant a similar 'remand' policy as we saw with Madoff.
David Drumm is a prime example of someone who clearly suspects charges may stick and will fight us every inch of the way simply to avoid extradition from the USA.
I don't believe we should pay another cent on legal fees.
We know:
1. The US supports extraordinary rendition.
2. One of the Government planes can cross the Atlantic - Harney used it for a jolly.
3. Drumm believes he is safe in the US
The Irish Government should send in a 'snatch squad', grab Drumm and fly in the Government jet to retrieve him.
With careful planning it could easily be done.
Spike island should be re opened for the banking, developer and politicians who are found to be guilty of corruption.
Dear Enda.......
Why is Sean Fitzpatrick not behind bars? - Bernard Madoff was tried very quickly in the US.
Why are investigations into Anglo taking so long? - is there an attempt to drag it out in the hope we'll forget.
Were the actions of Sean Fitzpatrick, Sean Quinn and the Golden Circle legal? We are constantly being told by politicos that despite the shenannigans in Anglo, nothing illegal was done. Forgive my stupidity and basic knowledge of law, but huge director loans 'off the books' and hidden by inter-bank overnight loans must qualify for misleading the markets and investors, offering hundreds of millions in unsecured loans from the bank itself to hand-picked individuals to purchase another parties shares in the same institution must be illegal. Directors using a publicly listed bank as a personal piggy bank must be illegal, Bank Directors giving unsecured development loans and 'cutting themselves in on the deal' must be illegal.
Is it likely another Tribunal will be set up, cost millions and nobody be prosecuted? An Irish 'elites' solution to an Irish 'elites' problem.
Do you actually care or are you another politico on a personal power trip? Time will tell Enda whether you are capable and want to serve this country or whether you are simply on a personal power trip.
Is the Irish Public stupid? - I think we know ourselves we are very stupid.
Answers to the above would be a good start.
Why are investigations into Anglo taking so long? - is there an attempt to drag it out in the hope we'll forget.
Were the actions of Sean Fitzpatrick, Sean Quinn and the Golden Circle legal? We are constantly being told by politicos that despite the shenannigans in Anglo, nothing illegal was done. Forgive my stupidity and basic knowledge of law, but huge director loans 'off the books' and hidden by inter-bank overnight loans must qualify for misleading the markets and investors, offering hundreds of millions in unsecured loans from the bank itself to hand-picked individuals to purchase another parties shares in the same institution must be illegal. Directors using a publicly listed bank as a personal piggy bank must be illegal, Bank Directors giving unsecured development loans and 'cutting themselves in on the deal' must be illegal.
Is it likely another Tribunal will be set up, cost millions and nobody be prosecuted? An Irish 'elites' solution to an Irish 'elites' problem.
Do you actually care or are you another politico on a personal power trip? Time will tell Enda whether you are capable and want to serve this country or whether you are simply on a personal power trip.
Is the Irish Public stupid? - I think we know ourselves we are very stupid.
Answers to the above would be a good start.
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