The rags to riches story of Sean Quinn turned back to rags today when pariah Anglo Irish Bank called in the receivers and removed Quinn and family members who continued to serve within the group.
Once Ireland's richest man, Quinn amassed a multi-billion euro fortune. The speculative entrepreneur started humbly when gravel was found on land he owned. It was perfect timing as the Celtic Tiger roared. Quinn went into everything from Property to Insurance and Glass. It is a spectacular fall by any accounts within the world of big business. These may be dark days for Quinn who has combined debts of close to €4 billion. There may be darker days to come when the DPP has finished sorting through the mess that is Anglo Irish Bank and the controversy over share dealing within the bank the bankrupted a nation. I'd defintely question the timing of this move.
All jobs within the Quinn Group were said to be safe by Michael Noonan today, who also added he felt sorry for Quinn. Quinn will always hold some favour, particularly in the border counties, but alas it does appear his business life may be over. But stories are never ended until the words The End are written.
Derek Quinlan also felt the wrath of the receivers today when NAMA went after nine luxury properties the developer owns in some of Dublin's most expensive areas. NAMA were not convinced with plans Quinlan had set out to repay the agency money it is owed. I don't think Nooner made a personal comment.
Brave men who risked it all and almost won. But getting in to deep with any bank and there is only going to be one winner in present day society. That's just the reality. 'Financial Terrorists,' as Max Keiser calls them. Wasn't he great on Vinnie Browne recently?
On a bright note Bank of Ireland only posted a loss of €950 million last year. Things may be looking up!