Final presentation

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Information about Final presentation
Business & Mgmt

Published on March 10, 2014

Author: donallong



A copy of my final presentation

A Tale of Two Companies Leadership Failure Within Anglo Irish Bank & Quinn Group (And two of the people involved…) Donal Long - AD 5831

The Bank Net worth grew from €5m to €13.5bn (95-07) Culture was to lend to parties that did not meet the criteria If lending was problematic, find the “Yes” (Nyberg, 2011:p32) The Rise & Fall “Best Bank in the world with high asset quality” – Mercer Oliver Wyman, 2006 Exposed to - Rising default levels - Emerging international bank crisis affected access to finance - Sean Quinn growing stake in Anglo via CFD’s Government nationalised Anglo in Jan 2009

Sean Fitzpatrick – His History Started at AIB in 1980 (age 32) after graduating from UCD Director of other companies (Aer Lingus, Smurfit Kappa, Gartmore Irish, Greencore) On the board of Dublin Docklands Development Authority Anglo CEO until 2006 & Chairman until 2009 His Behaviours Presence of CEO in press releases, Heightened overconfidence. Reinforced by followers and outsiders (eg; Bertie Ahern). His Downfall Anglo became IBRC (debts taken on by exchequer – the people) Bankruptcy Maple 10 court case just started

CONCLUSION Sean Fitzpatrick’s traits, including… - His inflated self-belief - His “right” to conduct himself with having to answer to anyone - His consolidation of control by undermining institutions and laws …contributed to the opinion of this paper that he was a narcissist and that this narcissism played a part in the destruction of Anglo Irish Bank

The Rise & Fall Grew to include an empire covering several diversified business groups Overconfidence = Little conscious avoidance orientation or fear of failure (Campbell et al, 2004) Elevated risk taking displayed through trading in CFD shares Used company money to buy shares Sean Quinn – His History Took over family farm and developed gravel business from a quarry found on the farm Brought family in to help run his empire as the business continued to grow Became Irelands richest man in 2008

His Behaviours Punched an English Soldier without repercussion at a border checkpoint Heightened overconfidence Elevated levels of risk taking Reinforced by family and supporters His Downfall Anglo Nationalised – CFD’s matured and cost €280m Total owed to Anglo in loans when nationalised = +€2bn Did not accept blame (Sean Quinn said that “it wasn’t my fault” in an interview with Vincent Browne He also said that “I don’t see myself as a gambler” in an interview with Pat Kenny in 2013

CONCLUSION Sean Quinn can be seen to have displayed Narcissistic traits, however, as he did not regularly strive to be in the public spotlight and he did not court personal publicity, it may be more accurate to use the Chatterjee and Hambrick position that the absence of these traits points more toward Hubris than narcissism. Where hubris can be described as narcissism with the absence of the requirement for a steady stream of self- image reinforcement and Sean Quinn fits this description.


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