id like to see the then acting governor of the central bank and financial regulator both implicated as well, Drumm and Casey et al are the scapegoats.
Former Anglo CEO David Drumm sentenced to six years in prison
independent.ie/irish-news/c … 30205.html
Former Anglo CEO David Drumm ‘ready’ for today’s sentencing, accepts ‘it must be custodial’
independent.ie/irish-news/c … 31201.html
Not nearly long enough.
I see he got leniency for time served in the states. Was the fact he ran off to the states in the first place and then fought extradition factored in at all? It doesn’t sound like it was.
Yeah, that strikes me as odd. Still 6years is a reasonable stretch. Leaving the seen of the crime clearly doesn’t cost you. Hopefully the government will invest more in prosecuting white collar crime.
Six years, he’ll probably end up in Shelton Abbey and be out in three years with good behaviour.
Judge said yesterday if he’d admitted guilt, she’d have taken a considerable lump of the 6 year sentence off.
So an 8 year sentence less 2 years for loss of reputation/damaged future employment status and 5 months taken off for time served in the US…less 25% automatically because this is Ireland…that should equate to 3 years,7 months in actual prison here. And that’s before the appeal.
But I doubt he’ll serve that time inside. Lack of spaces/day release for preparation of full release etc will come into place
Same here - sends the wrong signal to others who might think it’s worth fighting extradition. Should have ignored it or been less lenient.
Any guesses why he pleaded not guilty?
Arrogance? Self delusion? Feeling victimised?
David Drumm Released On Good Behaviour After Arriving At Prison
Yep it’s from WW … but for a second you thought it was true.
And that says so much about the times we live in.
so brave from Waterford Whispers as usual!
And as funny as always!!
Well he’s working on that good behaviour record already
He will end up paying significant wedge to the incarcerated cast of love/hate for protection, failure to do so will result in intimidation beatings or rape.Prisons like mountojoy are utterly brutal and there is no sofas to hide behind.
I’m presuming he will spend his entire sentence there?
Well, he’s got privileges already, prisoners aspire to get a job as a cleaner, it usually comes with perks like a cell to yourself.
I expect he’ll soon be off to Shelton.
If he goes to Shelton Abbey it will not be until about the final 1/4 of his sentence.
Prisoners generally spend no longer than six months there.
FO’T says Drumm is not a tragic figure because he is too banal and lacking in self-awareness. I agree but FO’T doesn’t really understand Drumm’s situation.
The best thing about this article is that the Deputy Editor of the IT has finally come clean on his paper’s unquestioning support for Anglo.
The IT Editors at the relevant time, Geraldine Kennedy and Maeve Donovan, were full of banal denials to the Oireachtas Banking Inquiry.
degruyter.com/downloadpdf/j … 7-0016.pdf
A basic problem with FO’T’s analysis is that he doesn’t understand that promoting Drumm in 2004 was a stroke of genius by Seanie. With a stooge like Drumm as CEO, Seanie as Chairman could run the show by remote control without legal responsibility, especially for those personal loans. Seanie was never charged with the shenanigans around the ILP “deposits” or the Maple 10 and the charges about misleading the auditors on his personal loans were quashed by the judge ( )
FO’T also overlooks the fundamental point of the Anglo trials. The criminal charges arose from efforts to rescue Anglo, not from the actions which undermined Anglo in the first place. If their various last-gasp manoeuvres had managed to keep Anglo afloat, Drumm and Co. would be legends in their own circles. Nor does FO’T understand the role of a Central Bank. Of course, Anglo was insolvent but so were many other banks around Europe (Deutsche!). An independent Central Bank would be obliged to keep Anglo afloat because Anglo had a clean bill of health from the Financial Regulator who was part of the Central Bank.
Hence, FO’T misunderstands Drumm’s anger towards, and contempt for, the Central Bank. The trial judge ruled out all the evidence about the Financial Regulator but we should be told who actually knew what and when about these crimes. First and foremost, their auditors, E&Y, who have been hiding behind Drumm for the past 10 years.
Can you post the article? I’m too cheap/principled to pay for that pap!
Firefox Focus makes it very easy to browse most articles for free on the mobile
I assume the rules won’t allow me cut n paste but I see the headline has changed. “Hyped-up Accountants” are sensitive souls (and pay for their IT, unlike Slasher ) Now, it reads:
“Drumm too dull to understand what he was part of and too thick to feel pain of other’s suffering”
The Detective who lead the investigation says it sends a signal that ‘following orders’ defence will not work anymore. Except if you’re the Chief Financial Officer. Sorry about the firewall.
He pleads guilty for this case
rte.ie/news/courts/2018/062 … vid-drumm/
By Orla O’Donnell
Legal Affairs Correspondent
Former Anglo Irish Bank chief executive officer David Drumm, who is serving a six-year sentence for conspiracy to defraud and false accounting, has pleaded guilty to authorising or permitting unlawful loans to be given to ten developers to buy shares in Anglo in July 2008.