IBRC, Irish Bank Rotten to the Core! Why are journalists are not asking, or more specifically, deliberately not asking key questions? Is it because those who actually own the publications they work for have a vested interest in the case? Sean Quinn has not committed a crime, despite the insatiable appetite of a baying mob only too eager for the taste of the blood of an evil, greedy businessman who is to blame for all of Ireland’s woes! The fact is, Sean Quinn never borrowed from the public purse or the often used phrase "The Irish Tax Payer".
What was criminal, immoral and illegal was the fact that the Department of Finance overnight, nationalised the Anglo Irish Bank, with “The Irish Tax Payer” now guaranteeing the Anglo deposit holders. Even our more financially equipped neighbours, the UK, only secured deposit holders up to limit £50,000. Why did the Irish Government take a decision to burden the taxpayer? Was this because the deposit holders were in fact other prominent Irish businessmen? Who are they and do they have a vested interest in ensuring that Sean Quinn never wins a case against Anglo Irish Bank? Why have the so called investigative journalists not asked the question? Perhaps it is indeed easier to take instructions from Anglo’s handlers on the hunt for Sean Quinn’s ever dwindling assets, assets which he needs to prove the guilt of Anglo. In January 2007, banking consultants Oliver Wyman, at the World Economic Forum in Switzerland, named Anglo Irish Bank as" the best bank in the world". In January 2007 Sean Quinn bought 5% of Anglo’s ordinary shares and by July 2008 Quinn converted his CFD investments into shares, taking his position to 15% of the bank. Quinn borrowed from Anglo to buy shares in Anglo; based on all the data presented to Quinn this was a solid investment, even when there was a global banking crisis. He couldn't do anything else, Anglo was solid, well regulated and had impeccable credentials. Six months later Merrill Lynch was paid to audit Anglo and reported that the bank was financially sound. Again, backing up Quinn's decisions. Less than two weeks later the bank collapsed and was nationalised by the Irish government. Quinn owed €455m when the CFD’s were converted. It was subsequently discovered that the Anglo Irish Bank was balancing it's cash positions illegally, its governance was suspect and Sean Fitzpatrick was arrested for fraud. Therefore why are journalists not asking those bodies that are complacent or indeed complicit in the misrepresentation and the misregulation of Anglo Irish Bank? Why is it that Ernst and Young is not answerable before the courts and why they year after year signed off the accounts of Anglo Irish Bank? (a simple look at Sean Fitzpatrick's employment history will answer that one). Why did the Department of Finance through the Financial Regulator allow this corrupt entity to attract hard investors? All the while Anglo Irish Bank was being lauded by its peers around the world as a solid investment. Sean Quinn like others invested heavily, pre-July 2008, in what he believed was a properly audited, properly regulated and highly praised Irish Bank. Many of the Irish pension funds did the same. Why would he risk his entire business otherwise? Depositors believed that the
bank was safe. Now the depositors, with the help of the government would ensure that they would be protected. The fall of Sean Quinn was inevitable. Why has Sean Quinn not been given the right to present a case where he may actually prove that Anglo, Ernst and Young and the Irish Financial Regulator completely mislead, misrepresented and fraudulently audited the activities of Anglo Irish Bank. That is the question that hipped pocket journalists should ask? The very bank Sean Quinn is trying to pursue a case to prosecute has sought to strip him of every means with which do so. Which bank? An Irish Bank, Rotten to the Core!
Importand questions asking why journalists are not going after the real culprits and instead focusing their atnetion on Sean Quinn.