Arab Today, arab today irish extycoon defends angloirish stake
Last Updated : GMT 16:05:09
Arab Today, arab today
Arab Today, arab today

Irish ex-tycoon defends Anglo-Irish stake

Arab Today, arab today

Arab Today, arab today Irish ex-tycoon defends Anglo-Irish stake

Dublin - AFP

Ireland's one-time richest man on Monday defended his decision to keep gambling on the success of the now defunct Anglo Irish Bank despite plunging share prices. Billionaire-turned-bankrupt Sean Quinn was speaking at the trial of three former executives of the bank, the collapse of which nearly broke the eurozone nation. Ex-Anglo Irish chairman Sean FitzPatrick and former executives Patrick Whelan and William McAteer deny providing unlawful financial assistance to individuals to buy shares in the bank. Quinn had a huge stake in the bank in the form of complex financial derivatives called contracts for difference, effectively gambles based on future share price changes. By September 2007 his stake was up to 24 percent despite the share price plunging by around a third, and he refused to sell it. "There were brokers left, right and centre talking about Anglo being the best bank in the world. I could see no reason why selling shares in Anglo would be a good idea. It turned out I was wrong," Quinn told the court. "The logic is very clear. The share price had reduced by around 40 percent -- the profits had increased by 46 percent in the year 2007. It was a phenomenal result." Quinn eventually suffered losses of over two billion euros relating to the derivatives. Contracts for difference involve investors taking a bet on whether a particular share price will rise or fall, instead of actually buying the share itself. The investor is paid the difference between the share's current value and its future value at a specified point so long as it moves the direction they predicted. But if it moves the other way then they have to pay the difference, exposing them to big losses. Fitzpatrick, McAteer and Whelan are charged with lending the bank's own money to 16 people -- including Quinn's wife and adult children -- to unwind Quinn's stake in the bank in July 2008, and to thereby keep its own share price up. Quinn, once ranked amongst the richest 200 people in the world by Forbes magazine, built his empire through cement, glass, radiator and manufacturing, and later acquired an insurance company and an extensive property portfolio. He was later declared bankrupt when his empire unravelled due to mounting debts from his Anglo gamble. He spent nine weeks in prison for contempt of court as Anglo Irish Bank attempted to get control of his assets. Anglo Irish lent aggressively to property developers during Ireland’s booming Celtic Tiger years but was left badly exposed when the Irish property market collapsed. In 2008, nearly 30 billion euros ($33.8 billion) of taxpayers money had to be pumped into the bank to prevent it from collapsing and in 2009 Dublin nationalised it. Last February, the bank, which had become known as the Irish Bank Resolution Corporation, was liquidated. The trial will be one of the longest in Irish legal history and is expected to run until May.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today irish extycoon defends angloirish stake Arab Today, arab today irish extycoon defends angloirish stake

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourist guide reveals methods of tourist attractions

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Air raid kills eight women, child

GMT 06:42 2017 Friday ,17 February

Air raid kills eight women, child
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 20:02 2017 Saturday ,18 February

Gold edges higher as global equities lose momentum

GMT 10:20 2017 Thursday ,16 February

New Zealand's Spark rings up interim profit rise

GMT 05:40 2017 Thursday ,16 February

Stocks rise on Yellen’s positive US outlook

GMT 05:34 2017 Thursday ,16 February

‘Protectionism, populism threaten euro zone’

GMT 04:51 2017 Thursday ,16 February

Oil pulls back after brief rally
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Actress Nadeen Al Rassi views art as her entity

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:05 2017 Friday ,17 February

Singer Diana Karzon will issue a new album soon

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 09:03 2017 Thursday ,16 February

Tour guide praises women’s beaches

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 15:16 2017 Sunday ,19 February

Apple to start India operations with iPhone SE

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday