Monday 22 December 2014

Anglo: What was said

Published 07/02/2014 | 02:30

what was said ...{ Weapons of mass destruction"

Senior Counsel Brendan Grehan, representing Pat Whelan, tells the jury how investor Warren Buffett described Contracts for Difference (CFDs).

{ It's a bit like that movie 'Trading Places'. Win, lose, or draw, they always get paid"

Senior Counsel Michael O'Higgins, representing Sean FitzPatrick, describes how the big international institutions profit from the use of Contracts For Difference.

{ They're not saying Hail Marys. They are selling large amounts of the share"

Senior Counsel Michael O'Higgins, representing Sean FitzPatrick, describes how "ruthless" hedge funds are "hoping" the share price might fall.

{ He had an underlying belief the shares would recover."

Liam Quinn, former CEO of the Quinn Group, explains that businessman Sean Quinn did not want to sell his CFD position, even after the "St Patrick's Day massacre" of Anglo shares in March 2008, because he believed the share price would rise.

{ He maintained an eternally optimistic view that it (the Anglo share price) would recover."

Senior Counsel Brendan Grehan, representing Pat Whelan, suggests to former Quinn group CEO Liam McCaffrey that Sean Quinn was an eternal optimist.

{ It became a question of how low can it go?"

Mr McCaffrey in reply.

Irish Independent

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