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(BBC)   Ireland's richest man is Ireland's newest prisoner after trying to evade responsibility for billions in losses. Are you paying attention, America?   (bbc.co.uk) divider line 34
    More: Interesting, Ireland, Irish people, Anglo Irish Bank  
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2907 clicks; posted to Business » on 02 Nov 2012 at 11:13 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-02 11:21:44 AM  
I love this caption from the article:

"Peter Darragh Quinn avoided jail in July because he did not show up to court for sentencing"

Really?
 
2012-11-02 11:22:08 AM  
It wasn't that long ago that becoming a celebrity and being selected 'CEO of the Year' by the U.S. business press was kind of a leading indicator for which ones were about to be busted. Ken Lay, the Tyco guy, et al.

I don't think we've all forgotten those days quite yet.
 
2012-11-02 11:27:55 AM  

Lego_Addict: I love this caption from the article:

"Peter Darragh Quinn avoided jail in July because he did not show up to court for sentencing"

Really?


Did the cops also go to his house and sternly scold him and insist he come outside?
 
2012-11-02 11:38:24 AM  

Lego_Addict: I love this caption from the article:

"Peter Darragh Quinn avoided jail in July because he did not show up to court for sentencing"

Really?


Brilliant!
 
2012-11-02 11:39:27 AM  
Without wanted to check myself, can any Irish farkers contrast the North and the Republic in terms such as quality of life, wages, and economic development? I'm genuinely curious.
 
2012-11-02 11:41:07 AM  
Total lack of remorse and screwing around with the court's schedule? Yeah, good luck on getting a compassionate leave pass to go to your grandkid's "christening".
 
2012-11-02 11:42:41 AM  
Somewhere Angelo Mozilo is swimming Scrooge McDuck-style through a vault full of gold, laughing his ass off.

"On Friday October 15, 2010, Mozilo reached a settlement with Securities and Exchange Commission, over securities fraud and insider trading charges. Mozilo agreed to pay $67.5 million in fines and accepted a lifetime ban from serving as an officer or director of any public company; it is the largest settlement by an individual or executive connected to the 2008 housing collapse. Robert Khuzami, director of the SEC's Division of Enforcement, said in a statement that "Mozilo's record penalty is the fitting outcome for a corporate executive who deliberately disregarded his duties to investors by concealing what he saw from inside the executive suite."

By settling the SEC charges, Mozilo will avoid a trial that could have provided fodder for future criminal charges.

This fine represents a small fraction of Mozilo's estimated net worth of $600 million.
Countrywide will pay $20 million of the $67.5 million penalty because of an indemnification agreement that was part of Mozillo's employment contract. The terms of the settlement allow Mr. Mozilo to avoid acknowledging any wrongdoing.

In February 2011, the U.S. dropped its criminal investigation into the facts behind that civil settlement.
"

http://en.wikipedia.org/wiki/Angelo_Mozilo

You farking government assholes. You suck.
 
2012-11-02 11:44:20 AM  
'Ireland's richest man is Ireland's newest prisoner after trying to evade responsibility for billions in losses. Are you paying attention, SEC.'

FTFY

Why hasn't Jon Corzine been arrested yet?
 
2012-11-02 11:55:58 AM  

douchebag/hater: 'Ireland's richest man is Ireland's newest prisoner after trying to evade responsibility for billions in losses. Are you paying attention, SEC.'

FTFY

Why hasn't Jon Corzine been arrested yet?


Step 1: Create toothless oversight agency
Step 2: Install revolving door between said agency and the industry they are supposed to oversee, allowing them to trade employees back and forth
Step 3: Profit!!
 
2012-11-02 12:09:10 PM  

Lego_Addict: I love this caption from the article:

"Peter Darragh Quinn avoided jail in July because he did not show up to court for sentencing"

Really?


Well, in fairness, it's not quite as simple as that.

He lives in Northern Ireland, where the Irish judicial system, and police force (Gardai) have no jurisdiction. As soon as he sets foot back inside the Republic he'll be imprisoned.
 
2012-11-02 12:15:11 PM  
No!

blogs.e-rockford.com
 
2012-11-02 12:15:24 PM  
Step 1) Nationalize a private bank.
Step 2) Determine "We didn't take enough."; Attempt to arrest the former owner.
Step 3) Profit?
 
2012-11-02 12:17:56 PM  

Frank N Stein: Without wanted to check myself, can any Irish farkers contrast the North and the Republic in terms such as quality of life, wages, and economic development? I'm genuinely curious.


They wouldn't be much different in terms of wealth, standard of living etc.

In terms of economic development RoI is geared towards pharma and IT. NI is more industrial, and also has a lot of employment in UK administration.
 
2012-11-02 12:19:56 PM  
It sounds like this has nothing to do with the bank's losses and more the fact that he's been hiding assets from the bankruptcy court since he owes the Irish government about $2 billion. According to his Wikipedia article, he sold $193 million worth of land to his cousin for $1,000 and transferred a bunch of his Irish assets to other countries.

He's not being jailed for bankrupting his company, he's being jailed for pretending that he can't pay back his loans.
 
2012-11-02 12:28:40 PM  

rugman11: It sounds like this has nothing to do with the bank's losses and more the fact that he's been hiding assets from the bankruptcy court since he owes the Irish government about $2 billion. According to his Wikipedia article, he sold $193 million worth of land to his cousin for $1,000 and transferred a bunch of his Irish assets to other countries.

He's not being jailed for bankrupting his company, he's being jailed for pretending that he can't pay back his loans.


Absolutely - he's been jailed because he failed to comply with court orders to undo his attempts to put his assets out of reach of the banks, and it's still something he's actively doing.
 
2012-11-02 12:44:29 PM  

Cormee: Lego_Addict: I love this caption from the article:

"Peter Darragh Quinn avoided jail in July because he did not show up to court for sentencing"

Really?

Well, in fairness, it's not quite as simple as that.

He lives in Northern Ireland, where the Irish judicial system, and police force (Gardai) have no jurisdiction. As soon as he sets foot back inside the Republic he'll be imprisoned.


Bankruptcy laws are much stricture in Ireland vs UK.

In Ireland you can't get credit for 12 years after bankruptcy.
 
2012-11-02 12:48:09 PM  
FTFA: In making her decision to jail him, Ms Justice Elizabeth Dunne referred to the three findings of contempt against the 66-year-old at the same court in July, and her rejection of his evidence in the contempt hearing as 'not credible, evasive and unco-operative'.

Ms Dunne, if you ever tire of living in Ireland, we could use judges like you here in the States.
 
2012-11-02 12:58:25 PM  
...oh geeze, not this again.
 
2012-11-02 01:21:39 PM  
"In making her decision to jail him, Ms Justice Elizabeth Dunne referred to the three findings of contempt against the 66-year-old at the same court in July, and her rejection of his evidence in the contempt hearing as 'not credible, evasive and unco-operative'. "

What's unco-operative?

/lazy reposting
 
2012-11-02 01:23:45 PM  
Can't the Real IRATM send some lads round to have a little chat with this fellow, Cuchulain style.
 
2012-11-02 01:27:53 PM  
Which country was it again that attempted the very first socialist uprising against imperialist rule?
10 point tip: ICA
 
2012-11-02 01:45:04 PM  

mod3072: Why hasn't Jon Corzine been arrested yet?

Step 1: Create toothless oversight agency


And done. Oversight agencies aren't police forces, and preempt any that might otherwise pursue justice.
 
2012-11-02 02:44:20 PM  

Ramsay: Which country was it again that attempted the very first socialist uprising against imperialist rule?
10 point tip: ICA


Greece.
 
2012-11-02 03:57:25 PM  
FTA: Sean Quinn has been taken to prison to begin a nine-week sentence

Oh Noes! 9 Weeks. I'm sure that will be enough to get him to give up $2,000,000,000 in assets...
 
2012-11-02 04:00:59 PM  
Whoa whoa whoa, hold on a second here....rich people actually serve time in other countries? I thought that was just a myth.

Ours just plead the 5th and go on clubbing baby seals.
 
2012-11-02 04:02:14 PM  
no sorry subby, America is to too upset over a family on welfare no being forced to pee in a cup to get a couple hundred bucks a month to worry about silly things like the trillions wall street execs lost us.
 
2012-11-02 04:46:55 PM  

Frank N Stein: Without wanted to check myself, can any Irish farkers contrast the North and the Republic in terms such as quality of life, wages, and economic development? I'm genuinely curious.


I have family in both parts. The Republic seems to be sputtering on. My Brother-in-law in the north was pretty successful 4 years ago, but is working in England now because there is no work where they live.
 
2012-11-02 06:46:29 PM  
rich people problems...
 
2012-11-02 07:01:26 PM  

StoPPeRmobile: "In making her decision to jail him, Ms Justice Elizabeth Dunne referred to the three findings of contempt against the 66-year-old at the same court in July, and her rejection of his evidence in the contempt hearing as 'not credible, evasive and unco-operative'. "

What's unco-operative?

/lazy reposting


BBC style guide.
 
2012-11-02 10:15:03 PM  
Subby: the wealthy are watching, and are working donating bribing hard to make all their desired actions legal so they don't have to worry about the hassle of trials, or finding a fall guy to face trial.

Lego_Addict: I love this caption from the article:

"Peter Darragh Quinn avoided jail in July because he did not show up to court for sentencing"

Really?


I have a cunning plan.
 
2012-11-02 11:13:52 PM  
Bernie Madoff already turned himself in, Ireland. Go home, you're drunk.
 
2012-11-03 05:33:09 AM  
FOR THE LOVE OF ALL THAT IS HOLY.....

Do *NOT* pay attention to Ireland.
No, seriously.
 
2012-11-03 10:17:03 AM  
N/A to the suggestion in Subby's title: the Irish have a tradition of the Molly Maguires and other Direct Action types, while the Americans have a tradition of toady-like surcking rich peoples' cawks.
 
2012-11-04 03:29:49 PM  
Have the Garda recovered his pot of gold?
 
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