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.
Lenihan didn’t do it, the regulator did because Quinn was taking too many risks.
Yes and he stands over any risks that he took putting his and family’s reputation on the line.
Unlike the banks and government.
Seeing as your dealing in facts how about this nugget
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.
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.
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.
What’s the fact that he is a self made man got to do with anything?
Agreed. The poster has posted the exact same post in the other Quinn thread
My response was
I suppose the regulator is a “begrudger” who is jealous of Quinns wealth?
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
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.
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?
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.
Dat regulator is just a begrudger! And a foreigner to boot…meddling wit a self made man like Sean…da bloody pox
But they will blame the government (and this will be the one time where I won’t blame them for something ) 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
Thanks for replies.
You can go back to work now.
I’ll see ye all later.
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
I’m off today
Lying in bed posting here