| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 Asia Economy


How to use our RSS feed

Follow Finfacts on Twitter

Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.


Finfacts is Ireland's leading business information site and you are in its business news section.


Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax - Income/Corporate

Global News

Bloomberg News

CNN Money

Cnet Tech News


Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News




Content Management by interactivetools.com.

Analysis/Comment Last Updated: Apr 18, 2011 - 6:50 AM

Ireland: A dramatic day when the die was cast at last
By Michael Hennigan, Founder and Editor of Finfacts
Apr 15, 2011 - 7:40 AM

Email this article
 Printer friendly page

Ireland: Thursday was a dramatic day in the ongoing devastating economic crisis when the die was cast at last and the Rubicon was crossed by an Irish government.

Alea iacta est (also alea jacta est in Latin: "The die has been cast") is a Latin phrase which Suetonius attributed to Julius Caesar on January 10, 49 BC as his army reached the River Rubicon in northern Italy. By crossing, he entered Italy at the head of his army and began his long civil war against Pompey and the Optimates. Caesar is said to have actually spoken in Greek.

On Thursday in Dublin, the Quinn Group was seized from entrepreneur Seán Quinn, brought low by debts of over €4bn. Also on Thursday, the National Assets Management Agency (NAMA) appointed a receiver to take charge of a number of properties owned personally by former tax inspector and ex-billionaire Derek Quinlan and members of his immediate family on foot of the debtors’ failure to present and agree an appropriate Business Plan for the repayment of loans owed to the agency.

Seán Quinn built his business from a startup in County Fermanagh, almost 40 years ago. He deserves a huge amount of credit for challenging established companies in cement and insurance. Quinn has provided thousands of people with jobs and Ireland needs people who are prepared to take risks.

The tragedy of Seán Quinn is that he succumbed to the casino capitalism of the Wild West Ahern era and ended up placing a bet on Anglo Irish Bank shares that for Ireland was of monumental proportions.

Derek Quinlan like many others, leveraged his contacts and the people who were making windfalls at home from property were also obsessed in investing overseas.

By 2007, the Irish were the second biggest investors in commercial property across Europe.

The irony is that the individuals who were carried away in the bubble of crony capitalism, would have prospered without billions in a system of ethics, the rule of law and governance in the public interest.

Hopefully, that it what the New Ireland can be.

Just weeks after the issue of the disastrous State banking guarantee, in October 2008, the Financial Regulator had shown at last that he had more than hen's teeth.

Quinn Insurance was fined €3.25m and Seán Quinn was fined €200,000  for using funds from the company to offset losses from share trading.

The die was already cast for Seán Quinn.

He may not have welcomed tougher regulations earlier but they would have saved him from his current fate.   

A common curse for self-made business people and political leaders is that inconvenient truths can be very uncommon in their worlds when they reach the peak of their climbs.

Ireland seizes Quinn Group from ex-billionaire Seán Quinn

NAMA appoints receiver to recover debts from ex-tax inspector/ex-billionaire Derek Quinlan and family members

Finance Minister Michael Noonan spoke to journalists on Thursday about matters relating to the Quinn Group. Speaking in the Department of Finance, the Minister spoke about the background of the case, the whys and the hows of what will occur and the Government’s intention to preserve jobs. The Minister then took a number of questions from the journalists present:

Related Articles
Related Articles

© Copyright 2011 by Finfacts.com

Top of Page

Latest Headlines
Disastrous 44-year War on Drugs and ignoring the evidence
HSBC & Tax Evasion: France/ Belgium issued criminal charges; UK/ Ireland nothing
Analysis: Germany world's top surplus economy; UK tops deficit ranks
Facts do not always change minds - can even entrench misinformed
Finfacts changes from 2015
Facts of 2014: Guinness not Irish; 110 people own 35% of Russia's wealth
In defence of dissent and Ireland's nattering nabobs of negativism
Dreams of European Growth: France and Italy facing pre-euro economic problems
Globalization's new normal needs permanent underclass - Part 1
MH17 and Gaza: who is responsible?
Israel vs Palestine: Colonization set for major expansion
Aviva Ireland's 'fund' runs dry and life cover to die for
We wish Martin Shanahan - new IDA Ireland chief - well but...
Ireland as an Organised Hypocrisy is in lots of company
Dr Peter Morici: Friday’s US jobs report won’t alter Fed plans to raise interest rates
Own Goal: Could FIFA have picked worse World Cup hosts?
Ireland: Spin and spending will not save bewildered Coalition
Irish Government parties set for 2-year vote buying spending spree
European Parliament: Vote No. 1 for Diarmuid O'Flynn in Ireland South
Dr Peter Morici: US April jobs report may show 215,000 added in April
Dr Peter Morici: Hardly time to call Obamacare a success
Celtic Tiger RIP: Change in conservative Ireland six years after crash
Dr Peter Morici: Five things to know about the Fed’s obsession with inflation
In age of acronym/ Google, Trinity to rebrand as 'Trinity College, the University of Dublin’
Hoeness case part of ‘painful’ change for Swiss bankers
Dr Peter Morici: The Cold War was only on vacation
Dr Peter Morici: US economy drags on Obama's approval ratings; Don’t look for changes in Washington
Dr Peter Morici: Bitcoin debacle shatters the myth of virtual money
Dr Peter Morici: US Tax Reform: Eliminate the income tax and IRS altogether
Wealth threatens the simple life in Gstaad, Switzerland
Irish journalists get cash payouts over 'homophobic' defamation claim
Irish academics get lavish pension top-ups as private pensions struggle
Dr Peter Morici: Inequality is President Obama’s highest priority, but solutions are naive
The Finfacts Troika: Better times ahead and a hangover to forget?
Dr Peter Morici: Volcker Rule arrives with the hidden jewel in Dodd-Frank financial reforms
Ireland's toothless fiscal watchdog threatens to bark
Analysis: Germany's current account surplus - - Part 2
The end of western affluence?
Bono's hypocrisy on Africa, corporate tax avoidance in Ireland
France like Ireland is run for the benefit of the old