Follow @PoliticsIE
 
 
 
Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: David Drumm - Anglo's unwitting fall guy?

  1. #1
    Politics.ie Member
    Join Date
    Feb 2005
    Posts
    34,311
    Mentioned
    1 Post(s)

    Default David Drumm - Anglo's unwitting fall guy?

    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
    Last edited by CookieMonster; 15th October 2010 at 09:25 PM.
    Happiness is a dry martini and a good woman … or a bad woman.
    –George Burns

  2. #2
    Politics.ie Member darkhorse's Avatar
    Join Date
    Dec 2005
    Location
    In the hills with the daughters of Lenin
    Posts
    18,210
    Mentioned
    0 Post(s)

    Default

    Makes sense - the same thought occurred to me when they turned down Drumm's offer
    This is about optics now and Anglo want blood - not money

  3. #3
    Politics.ie Member spotty's Avatar
    Join Date
    Apr 2010
    Posts
    364
    Mentioned
    0 Post(s)

    Default

    Spotty has been following events all day. At first blush, this would seem to Spotty to be a line of enquiry worth pursuing. The phrase "GUBU" comes to Spotty's mind when he turns his searchlight-like intellect to the various developments we've seen today.....
    Spotty. A pimple on the arse of politics.

  4. #4
    Politics.ie Member teapot's Avatar
    Join Date
    Aug 2009
    Location
    Head due East from Labrador, stop when you see cliffs.
    Posts
    1,129
    Mentioned
    0 Post(s)

    Default

    Dunno about him being a 'fall guy' but I do think that a lot of what is being kicked around now could have been avoided if the Garda and whoever else had robustely interviewed him, searched his records, etc., when THIS THING FIRST BROKE - INSTEAD of pussyfooting around and hiding behind phrases uttered by the leaders like 'INAPPROPRIATE BEHAVIOUR' and doing sod-all for months-an-months-an-months, and waiting to be told what to do by The Masters - by which time said David had relocated to the U.S. of A., having purchased two desirable properties in a very desirable neighbourhood, to say the least. So whatever the Country via Anglo, loses on the deal - just put it down to political non-savvy or worse. Sems to fall right into line with S.Fitzpatrick; R.Molloy; M.Fingleton, FAS, DDA, etc., etc., etc....
    'BE WHO YOU ARE AND SAY WHAT YOU FEEL, BECAUSE THOSE THAT MATTER DON'T MIND; AND THOSE THAT MIND DON'T MATTER...'

  5. #5
    Politics.ie Member spotty's Avatar
    Join Date
    Apr 2010
    Posts
    364
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by teapot View Post
    Dunno about him being a 'fall guy' but I do think that a lot of what is being kicked around now could have been avoided if the Garda and whoever else had robustely interviewed him, searched his records, etc., when THIS THING FIRST BROKE - INSTEAD of pussyfooting around and hiding behind phrases uttered by the leaders like 'INAPPROPRIATE BEHAVIOUR' and doing sod-all for months-an-months-an-months, and waiting to be told what to do by The Masters - by which time said David had relocated to the U.S. of A., having purchased two desirable properties in a very desirable neighbourhood, to say the least. So whatever the Country via Anglo, loses on the deal - just put it down to political non-savvy or worse. Sems to fall right into line with S.Fitzpatrick; R.Molloy; M.Fingleton, FAS, DDA, etc., etc., etc....
    In the current environment, Spotty thinks Mr. Drumm should be given a fair hearing. Immunity in return for all of the information he has, or something. Spotty could stomach that. Barely.
    Spotty. A pimple on the arse of politics.

  6. #6
    Politics.ie Member ManOfReason's Avatar
    Join Date
    May 2007
    Posts
    4,321
    Mentioned
    0 Post(s)

    Default

    Caedite eos. Novit enim Dominus qui sunt eius
    Clicking an ad a day keeps Politics.ie in business.

  7. #7
    Politics.ie Member spotty's Avatar
    Join Date
    Apr 2010
    Posts
    364
    Mentioned
    0 Post(s)

    Default

    Spotty is of the view that todays revelations in the Indo make CookieMonster's theory look better and better.....
    Spotty. A pimple on the arse of politics.

  8. #8
    Politics.ie Member
    Join Date
    Jun 2010
    Location
    Kildare
    Posts
    1,109
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by ManOfReason View Post
    Caedite eos. Novit enim Dominus qui sunt eius

    Sorry for being a bit thick but can you supply a translation, Latin wasn't taught at my school they had enough problems trying to drum French and English into me!

  9. #9

    Default

    Is he at all related to professor Benny Drum ex head of that other wonderful institution the HSE?

  10. #10
    Politics.ie Member
    Join Date
    Feb 2005
    Posts
    34,311
    Mentioned
    1 Post(s)

    Default

    David Drumm is Brendan Drumm's brother I think.
    Happiness is a dry martini and a good woman … or a bad woman.
    –George Burns

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •