The Quinn Collapse


#1

independent.ie/national-news … 22293.html


#2

Simply put

Lenihan tries to put a self made accountable man who brought competition to the Irish market,
out of business
on the same day that he gives a blank check from the Irish taxpayer to the Bank’s.


#3

Lenihan didn’t do it, the regulator did because Quinn was taking too many risks.


#4

YES BRIAN.


#5

Yes and he stands over any risks that he took putting his and family’s reputation on the line.

Unlike the banks and government.


#6

Seeing as your dealing in facts how about this nugget

irishtimes.com/newspaper/finance/2010/0402/1224267551537.html
Guarantees totalling €1.2 billion provided by Quinn Insurance subsidiaries to cover Quinn Group’s debts prompted the Financial Regulator to seek the appointment of provisional administrators in the High Court earlier this week.


#7

Tell me what you are trying to say in a couple of lines.

I’m sorry I’m talking as a self made man also.


#8

Sean Quinn ‘stands over’ ? with what ? his OTHER liabilities ?

Thats about as valuable as Cowen stating ‘its his way or the highway’ - look where that has the Nation.

I wonder for how long prior to this country having a Regulator did the ‘Regulators Office’ actually realise that Quinns liabilities exceeded his assets? Thats what I want to know

It looks like crony capitalism is exploding badly for Clowen & Co

If someone extended me a 5 billion circuitous Credit Line, I too could create 5000 jobs.

The game is up. We now have a real regulator. If only we could get some real leadership.


#9

What’s the fact that he is a self made man got to do with anything?


#10

Agreed. The poster has posted the exact same post in the other Quinn thread

My response was


#11

I suppose the regulator is a “begrudger” who is jealous of Quinns wealth?


#12

This is what I don’t get

Piece of shit “runs” (emphasis on the quotation marks) regulator’s office for years and allows chaos - people complain

New Regulator brings a company to account for a serious breach of regulation - people complain


#13

I think it’s wonderful tbh. I wouldn’t have thought the new regulator would actually do anything.

if he’s willing to do this, then perhaps he really is willing to try and do his job properly.

Imagine, a financial regulator who fucking does his job?

The mind boggles.


#14

Cowen is a politician Seann Quinn is a self made businessman,there is a difference.

Liabilities exceeding assets:Thats part of the territory at least a few times in the course of building your own business.

It took him 40 years+ to earn his credit line.

Yes 5000 jobs and thats only in the insurance.Its never to late even if you started now and you were young enough you might top that.

A real regulator:What makes you think so?


#15

Correct me if I’m wrong, but does the law state that insurance companies cannot allow their liabilities to exceed their assets ?
Sean Quinns bleatings about a strong cashflow appears to me to be a classic excuse to get around this simple piece of legislation.

His bluster about the consequences of the regulators actions may have worked on neary, but thankfully the new chap has a stronger backbone.


#16

Dat regulator is just a begrudger! And a foreigner to boot…meddling wit a self made man like Sean…da bloody pox


#17

+1,000,000

But they will blame the government (and this will be the one time where I won’t blame them for something :smiley: ) rather than their employers who not only played games that gambled their jobs away but in the event of a collapse will leave the tax payer holding the baby


#18

Thanks for replies.

You can go back to work now.

I’ll see ye all later.


#19

web.actuaries.ie/sites/default/ … reedon.pdf

Could be worth a read as an introduction to insurers solvency rules & Solvency II (not in force yet)

Slightly outdated but a quick google will get you more up to date data


#20

I’m off today

Lying in bed posting here 8DD