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Thread: Anglo's David Drumm is coming back to face the music

  1. #1
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    Default Anglo's David Drumm is coming back to face the music

    I guess he was scared witless that Charlie Bird would come knocking for a bag of sugar
    David Drumm, the former chief executive of Anglo Irish Bank, has agreed to return to Ireland to be interrogated by fraud squad detectives. He will be asked what he knew about a €7.4 billion loan that bolstered his bank’s 2008 accounts and which was described to investors as deposits.
    Drumm faces immediate arrest for questioning about his knowledge of a temporary loan from Irish Life & Permanent (IL&P) that artificially propped up Anglo’s end-of-year balance sheet in 2008. He may be re-arrested for questioning about other financial irregularities at Anglo.

    Senior gardai hope his homecoming will result in a significant breakthrough in their efforts to bring the investigation into financial irregularities at Anglo to a successful conclusion.

    Drumm’s decision to co-operate with the gardai investigation follows weeks of communications between detectives and his lawyers.

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    Default Re: Anglo's David Drumm is coming back to face the music

    Drumm’s decision to co-operate with the gardai investigation follows weeks of communications between detectives and his lawyers.
    I thought this was a very telling line in the article.

    Smacks to me of some kind of 'deal' being negoiated.

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    Default Re: Anglo's David Drumm is coming back to face the music

    Quote Originally Posted by Newsy View Post
    I thought this was a very telling line in the article.

    Smacks to me of some kind of 'deal' being negoiated.
    Either that, or they might be able to have him and his family deported?

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    Default Re: Anglo's David Drumm is coming back to face the music

    The yanks don't hold back on helping out in this kind of investigation. Losing money is not something they tolerate as well as we do.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

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    Default Re: Anglo's David Drumm is coming back to face the music


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    Default Re: Anglo's David Drumm is coming back to face the music

    The music is not exactly hard to face in Ireland. There in fact is no music.
    Mr Lenihan said the guarantee was “the cheapest bailout” compared with bank rescues in other countries, including the UK and the US, where “billions and billions of taxpayers’ money are being poured into financial institutions” - October 24 2008

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    Default Re: Anglo's David Drumm is coming back to face the music

    Not sure about all this, sounds like just a front / scam. Not to long ago a few bankers where taken from their homes during the midnight hours then questioned for hours, what came of it, nothing? Lock up the bankers after giving them billions? Thats just like catching a robber, letting him keep the stolen items while charging him at the same time. Doubt it.
    Last edited by Fing Fers; 16-05-2010 at 11:38 AM.

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    Default Re: Anglo's David Drumm is coming back to face the music

    Drumm is proposing to use his pension to pay off his debts..

    TATE-OWNED Anglo Irish Bank plans to reject proposals by the bank’s former chief executive David Drumm to settle its legal action aimed at securing repayment of loans of €8.3 million from him.

    Mr Drumm has made a series of proposals to settle his debts, but Anglo is understood to be intent on securing full repayment and will not settle for a lesser sum.

    It is understood Mr Drumm has proposed handing over his multimillion-euro pension to Anglo, which would be used to settle his debts. Under his pension, he is entitled to annual payments of €271,000 a year when he reaches 55, valuing his pension at more than €5 million.
    Anglo has sought a full statement of Mr Drumm’s assets and liabilities and is intent on forcing him to liquidate assets to repay his loans in full and to agree a repayment schedule to meet any shortfall on his debts arising from the proceeds of those asset sales.

    http://www.irishtimes.com/newspaper/...274101258.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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    Default Re: Anglo's David Drumm is coming back to face the music

    Thats a bit of a dodge there when you consider that Drumm's pension may theoretically be worth £5million but for an organisation that should have been put down mercifully two years ago its value is in reality worth 'nil'.

    So Drumm is offering a pension from a bust employer.

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    Default Re: Anglo's David Drumm is coming back to face the music

    David Drumm has formally abandoned his challenge to extradition from the US to face charges including forgery, conspiracy and false accounting. He has been in custody since early October. It is expected to take a few weeks to complete the extradition and hand him over to the Gardaí here.

    http://www.irishtimes.com/news/crime...rges-1.2531740

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    Default Re: Anglo's David Drumm is coming back to face the music

    It's easier for Drumm to get away with it perhaps a lighter jail sentence here as you can see that none of the bankers/accountants were jailed since the crisis broke.

    It would be interesting to hear his version of events leading up to a crisis in comparsion to other versions such as central bank/govt/regulatory authorities/banks et al.

    In America, justice in white collar crime is a lot harsher and more severe than here .... One look at Madoff case say it all.

    All of his monies squirreled away to his wife's accounts or an offshore accont where he can access here it than he be sentenced to prison in America.

    Perhaps Justice people from the states may object to Drumm extradition and to have him tried in USA instead???? Who knows?

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    Default Re: Anglo's David Drumm is coming back to face the music

    Quote Originally Posted by disability student View Post
    Perhaps Justice people from the states may object to Drumm extradition and to have him tried in USA instead???? Who knows?
    Nah, they won't. Drumm was arrested pending the extradition, otherwise he'd be out on bail. Besides, unlike Bernie Madoff Drumm doesn't make for a good "fall guy" in the US, they have no interest in him.
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

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    Default Re: Anglo's David Drumm is coming back to face the music

    David Drumm has been convicted of conspiracy to defraud and false accounting. During the trial, the fact that regulation authorities effectively encouraged this carry-on was noted as not a defence, even if true.

    Drumm has been given bail until sentencing in spite of the Gardai stating that he is considered a 'flight risk'.

    The fact that the back to back loan was deliberately camouflaged as a customer loan was how he did himself in.

    This is not a conviction for having contributed to driving a devastating housing bubble. No-one gets charged with that.

    https://www.independent.ie/irish-new...-36965049.html
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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    Default Re: Anglo's David Drumm is coming back to face the music

    Paddy Neary should raise a glass of expensive wine to Drumm
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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    Default Re: Anglo's David Drumm is coming back to face the music

    Good to see him convicted, but what of all the others who were complicit? Including those who engineer, and are currently revving up, such a system ?

    What changes have their been?

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