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EVERY WEEKDAY EVENING, TheJournal.ie brings you the five things you need to know before you head out the door.
1. #AIB: AIB has announced a 0.5 per cent increase in its Standard Variable Rate mortgage which will affect around one-fifth of its mortgage customers. The bank also confirmed it is to close 67 branches around the country as part of a cost-cutting measure. The move has been criticised for disproportionately affecting rural parts of the country.
2. #SEAN QUINN: Seán Quinn has said he made a conscious decision to put his assets beyond the reach of Anglo Irish Bank in a bid to stop the bank from taking possession of his remaining wealth. The Fermanagh businessman said he believes he and his family have been made ‘scapegoats’ as the bank has sought to restore its damaged reputation by claiming taxpayers’ money back from the Quinn family.
3. #NEW BOSS: The Minister for Health has appointed Tony O’Brien, the current head of the Special Delivery Unit in the Department of Health, as the new head of the HSE. O’Brien will become the Director General of the HSE once new legislation is passed in the autumn which will radically change the structure of the HSE.
4. #FACEBOOK: Facebook has reported a loss of $157 million (around €127 million) in its first results since it floated on the stock market in May. Shares in the world’s biggest social network have plunged today after the news which came a day after Zynga, the game company which has become a key partner to Facebook, reported unexpectedly bad earnings.
5. #OLYMPICS: The much-anticipated opening ceremony of the 2012 Olympic Games will be kicking off at 9pm tonight at the Olympic Stadium in Stratford in east London. Slumdog Millionaire director Danny Boyle has spent months – and more than €30 million – preparing the ceremony, which involves live farm animals, cricket players, and Paul McCartney. Meanwhile, boxer Katie Taylor has found out who she will be facing in the quarter finals of the Women’s Boxing 60kg on 5 August.
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“Seán Quinn has said he made a conscious decision to put his assets beyond the reach of Anglo Irish Bank in a bid to stop the bank from taking possession of his remaining wealth.”
Well he can’t complain about being taken to court and having family members jailed over his actions.
And if he was so worried about his wealth, he should have managed it better, and not blame other people because he screwed up.
He was doin ok till he got conned into bailing out Anglo. The boys that organised it are still swanning around free. I wouldn’t blame him for trying to salvage some of his wealth. I doubt too many would do differently. He s not innocent but there are far worse sinners I’d like to see before the courts.
He made efforts to put assets beyond the reach of IBRC before they made efforts to gain a court order to retrieve them which is legal and makes good business sense. I have heard suggestions on radio interviews that he was convinced to buy shares in Anglo for the benefit of the country and not for the benefit of his own fortune. But I’m sure we’ll never know
Can someone point me to somewhere with the details on how Sean Quinn was conned into bailing out Anglo? I’ve heard it said numerous times but what actually happened?
Tim Feeney, that certainly is not the case. Once a company is facing insolvency the creditors become the owner of the company’s assets in equity. Any attempt to intentionally put those assets beyond the reach of creditors is fraud even before court orders have been made or applied for.
I’m not defending Quinn. But what he did makes sense. I don’t know what transactions took place on what dates. I don’t know the state of his companies at what times. But if he he intentionally put assets beyond reach before insolvency then I’m sure it could be legal. I would be surprised if admitted to these transactions, in court, if they weren’t legal. Like I said before we’ll probably never know all the facts and we are probably only speculating.
Basically what you’re saying Tim is that Sean Quinn taking money out of your pocket makes sense because that is essentially the net result of his actions.
He increased his share in Anglo to 24%. That one single trade put all of his businesses and assets on the line. A professional investor would never put 100% of their fortune on the line but that is what he did. It would be like you or me working for 40 years and having a lump sum pension pot of €500,000 upon retirement but then deciding to go to the casino and putting it all on red in the hope of becoming a millionaire.
It was either pure stupidity or pure greed, no other way to look at it.
Derek that is exactly why I posted my first comment. He’s a professional investor yet he bought shares at there peak. That makes no sense to me, but maybe you would do it to save or help your country. I heard an interview saying that he had meeting with either Cowen or Lenihan, can’t remember which, who sought is help. I wouldn’t risk my entire fortune but its the only thing that adds up.
have your say