Quinn Group - ‘Light touch’ regulation was madness

THERE are layers of bitter irony behind Ireland’s most toxic bank’s move to sell the empire created by a self-made businessman who became the country’s richest man only to fall victim to greed and over-weaning ambition.

It is a salutary tale of our times. Having amassed a vast fortune, Seán Quinn must endure the ignominy of seeing Anglo Irish Bank, the villain behind the state’s financial collapse, become involved in the imminent takeover of Quinn Insurance.

In its new form, Anglo has also appointed a receiver with the aim of recouping every last cent from Quinn-owned cement and glass manufacturing and other interests. With the group effectively owned by Anglo, Seán Quinn and his family are removed from any involvement in the companies that bear their name.