AIB & The Quinn Family Saga !

warmhands.coldheart

Anyone following this? I'm under no doubt he has done wrong in some way but do you recon he was coned/set up for a big fall by the then top folks at (the then) AIB...... will the truth ever all come out?

Curious to know your views ?

NAR

Quinn and family will have several bankers to discuss their futures with behind bars. Quinn threatened to take the bank down by flooding the market with bank shares. Senior officials then gave family and friends 450billion euro to buy shares in the bank, falsely forcing the share price up. Quinn at that stage then knew he had the bank in his pocket and has now retaliated for the bank making him bankrupt.
All good fun and games in the world of corruption, that these guys all lived in.

warmhands.coldheart

NAR wrote: »

Quinn and family will have several bankers to discuss their futures with behind bars. Quinn threatened to take the bank down by flooding the market with bank shares. Senior officials then gave family and friends 450billion euro to buy shares in the bank, falsely forcing the share price up. Quinn at that stage then knew he had the bank in his pocket and has now retaliated for the bank making him bankrupt.
All good fun and games in the world of corruption, that these guys all lived in.

Do you recon??.... What benefit would it have been to him to bring the bank down? Did he really have that much interest in the bank in hte first place? I recon a lot more people in the Irish government knew what was going on than Mr Joe Public thinks!

saverbuyer

3 months prison time isn't bad for the theft of 500 million. I'm sure there are more than a few robbers down south who'll be looking to cite this when it come to their sentencing.

The Quinns are crooks; they have removed 500 million of assets beyond the reach of the Irish tax payers. At the end of the day it will be the Irish taxpayer who'll have to repay this money.

I'm not defending the banks BTW. I think retaining the profits in the form of bonuses and socialising the massive losses is disgusting. I actually surprised there haven’t been more riots on the streets, but they we haven’t woken up to the fact we are no better than Greece yet. It’s probably coming.

warmhands.coldheart

saverbuyer wrote: »

they have removed 500 million of assets beyond the reach of the Irish tax payers.

Yeah but they were bought with loans he was (knowingly or not knowingly) given by dodgy/corrupt bankers, so personally, I can't blame him for doing what he did, he obviously feels hard done by...

saverbuyer

warmhands.coldheart wrote: »

Yeah but they were bought with loans he was (knowingly or not knowingly) given by dodgy/corrupt bankers, so personally, I can't blame him for doing what he did, he obviously feels hard done by...

And now a High Court judge has told him to give them back. He has refused. He should be locked up indefinitely until he returns the property to the Irish taxpayer.

A no doubt highly qualified member of the independent judiciary has looked at the case, presumably in great depth and passed judgement.
This is the same Quinn who said "I'm not dishonest". :eek:

http://www.bbc.co.uk/news/uk-northern-ireland-18396329


He's lost the lot by tanking a massive gamble that didn't pay off. Many "normal" people did the same throughout the boom years in the form of big houses and multiple buy to lets, but we have a system in law where collateral can be taken if you can't pay your debts. The rules should be applied from the top down.

NAR

warmhands.coldheart wrote: »

Do you reckon??.... What benefit would it have been to him to bring the bank down? Did he really have that much interest in the bank in the first place? I reckon a lot more people in the Irish government knew what was going on than Mr Joe Public thinks!

AIB were threatening to bankrupt him because of the money he owed them in loans, so he retaliated first!

saverbuyer wrote: »

3 months prison time isn't bad for the theft of 500 million. I'm sure there are more than a few robbers down south who'll be looking to cite this when it come to their sentencing.

Prison time is indefinite, with minimum 3 months.

NAR

saverbuyer wrote: »

The Quinns are crooks; they have removed 500 million of assets beyond the reach of the Irish tax payers. At the end of the day it will be the Irish taxpayer who'll have to repay this money.

Whilst no one can argue with this statement I would have to balance it with they brought a lot of employment and prosperity to Co Tyrone.

saverbuyer

NAR wrote: »

Whilst no one can argue with this statement I would have to balance it with they brought a lot of employment and prosperity to Co Tyrone.

All true but if the underlying business had any really value and wasn't all just asset speculation in one form or another the jobs will still be there. I suspect a large part of the Quinn “empire” was just like most of the other 2000 onwards Irish “empires” credit and consumer fuelled with little regard for underlying fundamentals.

saverbuyer

I don't think it actually is indefinite. 3 months has been reported by all the Irish press.

It is also worth noting that the Quinns refuse to say what has happened to the £35 million in unaccounted rental payments.

A public flogging would be too good for them.

warmhands.coldheart

saverbuyer wrote: »

I don't think it actually is indefinite. 3 months has been reported by all the Irish press.

It is also worth noting that the Quinns refuse to say what has happened to the £35 million in unaccounted rental payments.

A public flogging would be too good for them.

Sounds like he may owe you some money ??:rotfl:

NAR, you're asying AIB were threatening to Bankrupt him and he retaliated first, I highly doubt he forced them to loan him such large amounts of money, they obiously thought he was a safe bet. only when they got themsselves in the $h1t they obviously came back looking for the cash.... I'm not saying he's 100% Innocent but his companys were all and are still all money making companies. He said he could pay the money back over time if loans were re-structured.... why did they not give him a chance?