Friday, April 9, 2010

The Rise of Quanglo

This country and specifically the inbred circle at the top of the financial world gets worse by the day. After years with effectively no supervision, the first time the new financial regulator steps up to the plate and actually does his job by protecting the interests of the public he is asked to back down. The anger of the Quinn employees is wrongly directed - the regulator isn't their enemy, the man at the top of the firm who led them over the edge of the cliff is.

I am at a complete loss understanding why the tax payer, through Anglo Irish, the bank we already own and have pumped billions into, is to underwrite any outstanding debts that might be incurred by the Quinn group. This is a private company that made bad decisions and should not be protected from itself. Live by the market, die by the market should be the motto, not privatizing profits and socialising losses. I'm sure that Quinn is a wonderful employer up in the Cavan area, but the future of a few FF TDs in the region should not saddle the rest of the tax payers in the state with another massive debt.

How can an institution that has just been bailed out by the tax payer now turn around and use that money to bail out yet another corporation? Of course the links between Anglo and Quinn are well known with the magic 10 who were given unsecured loans to buy out Quinn's CFDs a while back. Any surprise that the FF gombeenarchy is rowing in behind these shenanigans to protect the Galway tenters? Makes me sick.

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