The Anglo bet that went bad … -went-bad/

nice work :smiley:

Sean No 1: Feeling a bit exposed on my CFD position. What about all these rumours?
Sean No 2: Bitter little people. We’ve dealt with each other for years Sean, and I assure you our loan book is primo quality.
Sean No 1: Worried I might get some margin calls.
Sean No 2: Whatever you need Sean, we’ll back you.


What a clusterf**k…

So, Quinn builds up his CFD position to about 15% of Anglo; some of this is funded by Anglo(?).
Quinn also has another 10% position in Anglo (in shares? in CFDs?)
Mid 2008, it starts getting too expensive and Quinn buys the 15% shares. He wants out but he can’t sell quickly because it would kill the share price
Q3 2008, “golden circle” is given loans by Anglo to take on some of Quinn’s shares (40% of shares, or 10% of bank).

What was Quinn’s motivation? Pumping the share price? Chasing his 10% with another 15%? Did he want to own Anglo?