QUINN 2005 / ANGLO 2008

“The Sunday Business Post” jubilee publication on Sunday 02/11/14 made interesting reading as it repeated a profile for each year.
In 2005 Ian Kehoe summarised his profile on Sean Quinn …...
“In years to come people will look back at what Sean has done, and pinpoint him as the outstanding entrepreneur of his generation.”
There have been many attempts to disparage him in the intervening years but as Valerie Cox surmised in her review of the papers, his successes can never be taken from him.

However in a profile of David Drumm there were serious concerns about Anglo and SEAN QUINN WAS NEVER MENTIONED. There have been attempts in later years to blame him for the demise of Anglo but the disquiet was there regarding Anglo's performance with property developers. In Nov.2007 investors had...
“Dumped the bank's (Anglo) stock amid fears over its reliance on property lending, as the Irish property market has gone into reverse. Investors are also worried about the bank's ability to get its hands on enough cash to fund its lending activities, in the face of an unprecedented credit crunch that has turned the global banking industry on its head.”

The article went on to highlight all the concerns about Anglo's “business model” and how David Drumm “Responded with an information blitz to reassure investors, sending out his management team for face-to -face briefings.” Surprisingly the analysts backed him up; Tania Gold and Darren Chappell at German investment bank Dresdner Kleinwort “We are now even more convinced that the fundamentals are safe.”

The profile is well worth a read as it shows unquestionably Drumm's and Anglo's ability to convince even financial experts that the bank was on a sound footing. It would have been impossible for Quinn to have realised the full extent of Anglo's problems and it appears that he trusted them and the other authorities who commended them.

All this was before the revelations about fraudulent accounts again sanctioned by presumed financial gurus.
Where does the blame lie? Isn't it quite obvious who the main victim is?