So I was tending to my aquarium this evening and Anglo came to mind (it too is full of filth and I'm having a hard time getting rid of it).
I was observing the behaviour of the fish, I noticed that after a small school of a certain species died out leaving only one behind the other fish were picking on the remaining one.
This got me thinking about Anglo and Drumm: Was he set up to be the Anglo fall guy?
Drumm took over as CEO of Anglo from Seanie in 2005. As we see from the thread here the that particular overcharging event stopped or came to light around the time he took over.
It was FitzPatrick and Bradshaw who took out the €87 million in director's loans from Anglo to buy Anglo Shares, and transfered them to another bank to make it seem as though the loans to Directors was smaller (€40m rather than €150m) not Drumm. Drumm did, however, resign after this came to light.
In fact, the majority of the bank's underlying problems were created prior to Drumm taking over as CEO. Also, Anglo was also very much Seanie's baby and the clientelist nature of the bank derived from FitzPatrick's time at the helm... it would have been difficult for Drumm to work against that.
Then, recently, we heard that Drumm offered a settlement to Anglo which was, to say the least, almost as generous as it could be by offering up all his assets (including his €5.4 million pension - which would be worth less than that were it to be cashed in now it has to be said) save his clothes and jewellery. But it turns out this was refused by the Bank.
I found it odd that this was refused. But then on RTE's Six-One they speculated that if it had been accepted that it would be seen as "letting him away" with his actions. That is to say that a political decision was taken, not a commercial one. As a bank Anglo's responsibility amounts rt recovering as much as they can from bad loans, not making political decisions.
It was reported that Drumm was frustrated with this, and I can't blame him for that. He did make a genuine offer to cover as much of his debt as he could and it was refused. One can't help but understand why he would then go and file for bankruptcy in the US where their laws are much less draconian in this regard.
Drumm, unlike Seanie, owes Anglo €8.5 million... that's it. FitzPatrick owes Anglo €155 million, over 18 times as much. Drumm is now living in exile in the US while Seanie is living it up here.
A few weeks ago Cowen said that it would be "helpful" if Drumm came back. To be honest, I think a lot of the Anglo boys are only to happy to see him stay where he is and keep his mouth shut. I would like to see someone the Irish media relinquish it's establishment bias (full page pictures of him smiling, the b@stard!) and give Drumm a fair hearing. It might do us a world of good and save us more than €8.5 million and David Drumm's washer/dryer.
- (wasn't sure if this should be Current Affairs or Economy, Mods feel free to move if necessary)
POST TAKEN FROM MY BLOG>> HERE