Was watching the Sean Quinn saga on RTE last week. The one thing that interested me was his CFD in Anglo in 2008 and the timeline of that "investment ". The share price kept falling throughout 2008 but the situation was still salvageable if only he had accepted his losses earlier.
He started his investment at I think 14euros a share but even after the St Patrick day massacre the share price I think was still in the 7euro range but he kept adding to his CFD exposure
I know we like to make villains of Sean fitzpatrick and David drumm but they recognised immediately that Quinns CFD exposure was a huge problem and needed to be got out of, even if Quinn had been upfront with them earlier things could have been different. Quinn to put it mildly was an idiot and his hubris and lack of education contributed to his downfall.
I think the mentality of the celtic tiger that lowly educated builders etc knew more about everything because they happened to amass more money was prevalent, the classic reverse snobbery that we see so much of in Ireland
He started his investment at I think 14euros a share but even after the St Patrick day massacre the share price I think was still in the 7euro range but he kept adding to his CFD exposure
I know we like to make villains of Sean fitzpatrick and David drumm but they recognised immediately that Quinns CFD exposure was a huge problem and needed to be got out of, even if Quinn had been upfront with them earlier things could have been different. Quinn to put it mildly was an idiot and his hubris and lack of education contributed to his downfall.
I think the mentality of the celtic tiger that lowly educated builders etc knew more about everything because they happened to amass more money was prevalent, the classic reverse snobbery that we see so much of in Ireland