Friday, 16 April 2010

The Quinn Group; I think I see where it all went wrong

People have been asking how it could all have gone so wrong for the poor old Quinn Group. I think I've figured it out.

On my way home, I passed a big banner which said "Support the Quinn Group if you want to avoid paying €3.6 million a week in dole payments" It's not signed or anything, so I can only speculate who hung it up, but it seems like a safe bet that it was some group of people working in or with the Quinn Group.

Anyhow, there are 5,500 employees in the Quinn Group in Ireland, according to its own website. And dole payments max at €196 a week. Multiply those two figures together...


So I think I see how the Quinn group might have wound up not having enough money to cover its insurance exposure. Its finest minds may not be up to the challenges of high-ish finance. And if that sign was put up by Quinn Group employees, it's not a puzzle any more why Elderfield sent in administrators; the puzzle would be why he didn't send in remedial maths teachers.

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