The Regulator (state employee) v Sean Quinn (bankrupt businessman) + Anglo Irish (state bankrupt ban

Current Affairs
21

the disgusting thing about this is that th GGA are saying they are getting involvd to save jobs- strange that they didnt step in when 1000s of others lost their jobs- sean quinn is hugely linked to the GGA- his brother was ex chairman & he made a fortune out of building th bigotdome & all th other white elephants- the GGA are unscrupulios liars

22

Will the government guarantee Quinn’s insurance policies if they can’t find a buyer?

23

:rolleyes: *

  • now there is a bit of attention, happy now?
24

Some amount of shite been written about this in the media. Quinn Insurance have over 1 million customers. They’ll be bought or taken over by some other insurance company and most of the jobs retained (much like Quinn did with BUPA). Also, where does the 5500 employees come from or is that a KIB Man mistake?

I find it odd that for a man who was apparently “media shy” he’s whoring himself around to anyone who’ll listen now.

25

Yes but the Financial Regulator is an organ of the State surely? Anglo Irish is also.

From my reading of it the Regulator is against Anglo running it as they have no expertise in running an insurance company. Their only expertise is running a bank into billions of debt so he is 100% correct in his course of action imo.

Havent had a chance to read Michael Clifford’s article yet but I’ve always thought he is the best journalist in the country.

26

Was Clifford at the Tribune while Matt Cooper was editor? They’re very similar writers in a lot of ways. Very interesting insights in Cooper’s book into the inner workings of the O’Reilly media empire. He makes no effort to disguise his distaste for the Sindo anyway.

27

Ffs, myself, Bandage, Appendage and Dunph had this whole issue covered well over a week ago, try and keep up ye fooks

28

Clifford is nowhere near as smug as Cooper in fairness.

Distaste for the Sindo is a given. He had no problem taking O’Reilly’s wages though or sacking three journalists at his behest. While Cooper’s book was a good read there was an air of smugness about it. Probably the Carkie in him in fairness. Describes the Quinn punt on Anglo well. I kind of got the impression that he reckoned Anglo was saved to save the likes of Quinn but doesnt really appear that way now.

I actually preferred Marc Coleman’s book. He had some constructive ideas in it with some crazy opinions too. Granted he wrote a book titled ‘the best is yet to come’ prior to the collapse of the Irish economy and society but some worthwhile policies and reforms were in it too. Wasnt cutting enough on the bankers for my liking and his idea that the introduction of more women into the workplace will lead to more broken homes was a bit medieval I thought. A good read though.

Clifford is a superb journalist. Wrote a fairly brave but balanced piece after the Wayne O’Donoghue case if I remember correctly.

29

It’s an organ of the State but acts independently of government, or should anyway.

I think the Regulator will ultimately sanction an Anglo takeover. The Regulator is interested only in regulatory compliance and corporate governance. Quinn has breached the first two so the Regulator will rightly object to his continued involvement but I don’t think the current Anglo management have done anything to piss him off so not sure if he’d object to that.

Also have you read my article on Xavi recently? I’m right up there with Clifford.

Mac - the problem with another insurance company taking over Quinn is that there are suspicions that the business model behind Quinn isn’t all that sound. I think he’s more of a broker than an underwriter. I know Willis (the primary broker in the State and probably Europe) ask people to sign a disclaimer if they insist on taking out a Quinn policy - they don’t trust the business behind it.

In insurance (particularly non-life stuff) it’s actually relatively easy to build up a book of business - the problem is keeping it. You can cut margins on new business and as long as you’re in growth mode then you’ll do very well as the new premiums will continue to generate enuogh margins to cover claims on older policies. While you’re still new there won’t be as many claims and it’s only when the new business dries up and the claims experience increases that you find that your business model is unsustainable because it’s built on margins that don’t support the policy administration lifetime or the potential claims.

And that’s why we have solvency margins in the first place - to ensure you’re keeping enough of your premium income aside to meet expected claims. It seems to me like Quinn was flying along when the premiums were dwarfing claims and as long as he kept attracting new customers (helped by opening up new markets like the UK or solicitors’ liability insurance or healthcare) then he had enough front-end margins to meet the growing numbers of claims as his book of business matured. A slowdown in the economy, coupled with market saturation and it doesn’t look so good anymore. I’m not sure the business is anything near as healthy as he claims it to be and other, more prudent insurers, will be intersted in the policybase, not the business structure I reckon.

30

That fucking clown from Quinn who was ‘leading’ the employee marches in Dublin on the last word saying that “on further examination we welcome the decision to appoint administrators.”

I wonder who helped her with this further examination :rolleyes:

31

We’re smug because we’re better.

Thanks.

32

So some lorry drivers are organising a protest in Dublin tomorrow to complain about the lack of government intervention and the actions of the Regulator.

Heard a moron on Newstalk earlier explaining that we went from “no regulation for 15 years to over strict regulation” so he’ll be driving his Laois Concrete truck (or whatever his company is called) on a couple of laps of Dublin’s quays in protest.

Absolute first class idiots. This country is doomed.

33

A few points:

  1. What a shower of mongs
  2. I thought trucks were banned from the city center
  3. see 1.
34

Three very good points. Hope to fuck they’re all fined so.

35

The problem rocko is that there is no organised left in this country. The reaction to regulatory initiatives is only highlighting it. Where were the consumer organisations when the Quinn controversy was at it’s height? The labour unions have long ceased to be a powerful voice in Irish politics. What about the Labour party? Where are they when the regulator is under fire from corporate interests? The net result is when initiatives are introduced the only organised reaction is a corporate one. TDs don’t open their mouths because regulation has very quickly been equated to putting jobs at risk, and because there are no civilian organisation campaigning for change there is no political capital in it for the backbenchers either.

What we’re left with is a situation where the only political power which exists in our country resides with the corporate sector. Is it any surprise they ran riot?

36

Not following much of that but the simple fact is that any clown who is giving out about excessive regulation in the financial sector at present, given all that has happened in the last few years, is either very dumb or just a cunt.

37

What don’t you follow?

38

Your post.

39

Do you have specifics or are you just being an awkward miserable cunt in keeping with your typical contributions?

40

Relax there - I only said I found the post hard to follow. I didn’t insult your mother or anything.