ISN'T it funny to look back at Feargal Quinn's decision to flog Superquinn in September 2005 and think that the supermarket was regarded at the time as something of a failure?

As Quinn's traditional position amongst the Irish oligarchy had been usurped by property tycoons, there was a feeling that his career had somehow ended ignominiously in a forced sale.

Quinn went into the boom in the top tier of Irish wealth, was relegated to the second division but has emerged one of the very few cash-rich businessmen in the country.

Bernard McNamara, on the other hand, was at the height of his investment spree, buying 14.5pc of the vehicle that took out Superquinn, only to dispose of it within three years.

Having played up some of his fortune through Domhnal Slattery's Claret Capital with mixed results, it is hard to know how the €440m he and his family pocketed four years ago has performed.

In common with most investment funds, Claret's recently-filed accounts don't break down who put what into what, so only Feargal and Domhnal know how Quinn's Claret-inspired punts in Hertz and Pizza Hut did. It's fair to assume he lost money in defunct TV brand Channel 6, and the future of private airline Jetbird has yet to become clear. The latter is due to start operations at the end of this month but, as yet, its website is still unable to take bookings.

Quinn is now a 25pc shareholder in Claret, paying a reported €2.5m for the privilege.

Regardless of his investment record since disposing of the family firm, Quinn remains one of the handful of Irish business figures with cash.

Could we see him return to the aisles?

Bankers will have to get used to the skinhead look with €15bn loan losses

Coming up to its first birthday, the ban on short selling of financial stocks remains in place.

While it would be fun to see how the banks would be bouncing around if short selling was permitted, there can be little doubt that it has been a practical and successful decision.

Not that the Financial Regulator had any choice, however, as the US and UK had also introduced a ban at the same time. Both of these restrictions have long since been lifted, but Irish banking bears have to play the market without their traditional toolkit.

The Irish political and financial nexus is notoriously leaky and in the current situation information is worth, literally, billions and must be guarded as such.

Conservative estimates would suggest the two main quoted Irish institutions have in the region of €50bn of "distressed" debt waiting to be shifted over to NAMA and yet the collective market capitalisation of AIB, Bank of Ireland is less than €5bn.

Therefore, it doesn't take a genius to work out that every 1pc swing in what the Exchequer will pay for these loans can, crudely, justify a more or less 10pc swing in share price.

If the banks received around 70pc of the value of these loans, as was being mooted before half of the country's economists, Garret FitzGerald, Fine Gael and the ECB waded in, they would be looking at €15bn "haircut".

With the notion of "long-term economic value" now looking untenable as a valuation criterion and McInerney biting the bullet with a 52pc downward revaluation, the chances are that the banks will shortly be sporting the skinhead look.

For the first time in six months, it now looks like there is a major downside in the AIB and Bank of Ireland share price.

Rugby's heavyweights join line-out to launch books

OPENING salvoes in the Christmas sports book war are fired tonight when Eddie O'Sullivan launches his autobiography, entitled 'Never Die Wondering'.

If anyone was in any doubt as to the oval ball game being -- to quote Zoolander's Mugatu -- "So Hot Right Now", they just have to stroll into any High Street bookshop in the coming weeks and glance at the shelves.

As well as the former Irish coach's memoir, Alan English's official story of Ireland's Grand Slam and Peter Breen's official volume on Leinster's Heineken Cup triumph are currently rolling off the presses.

Rugby tomes, it seems, are the new chick lit.

Branson to give lesson in philanthropy

It will be interesting to see if there are any Irish in the audience to hear Richard Branson provide the keynote speech at New Philanthropy Capital's 'Raising Funds From The Rich' conference in London's Westminster Central Hall on October 14.

Over 1,000 are expected at the event to hear the Virgin founder, Martha Lane Fox, legendary hedgie Stanley Fink and Alec Reed of the eponymous recruitment group. An entire 'giving' industry was created over the last decade as the global super-rich discovered philanthropy as a good focus for their energies once they had made their pile.

The world's richest man, Bill Gates, set the trend by deciding almost a decade ago to put his unlimited resources to work on behalf of the less fortunate and no self-respecting company is now without a Corporate Social Responsibility executive.

Any Irish developers who think they might qualify for philanthropic assistance can get in the door for a mere Stg£145.