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 Post subject: Re: Drumm Guilty!
PostPosted: Sun Jun 24, 2018 12:27 am 
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Too Big to Fail

Joined: Aug 23, 2008
Posts: 3609
Location: Bogtrotterland!
Dubhgeannain wrote:
Well he's working on that good behaviour record already

https://www.irishexaminer.com/ireland/d ... 72192.html

Quote:
Multi-billion euro fraudster David Drumm is working as a cleaner in the basement of Mountjoy Prison, the Irish Examiner understands.

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.

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 Post subject: Re: Drumm Guilty!
PostPosted: Sun Jun 24, 2018 6:46 am 
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Posts: 2074
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.


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 Post subject: Re: Drumm Guilty!
PostPosted: Sun Jun 24, 2018 4:23 pm 
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Single Home Owner

Joined: May 21, 2017
Posts: 155
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.

https://www.irishtimes.com/opinion/fint ... -1.3539119

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. 8DD
The IT Editors at the relevant time, Geraldine Kennedy and Maeve Donovan, were full of banal denials to the Oireachtas Banking Inquiry.
https://www.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 ( :mrgreen: )

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.


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 Post subject: Re: Drumm Guilty!
PostPosted: Mon Jun 25, 2018 6:36 am 
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Nationalised

Joined: Sep 29, 2010
Posts: 8718
Location: London, innit
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


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 Post subject: Re: Drumm Guilty!
PostPosted: Mon Jun 25, 2018 8:05 pm 
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Single Home Owner

Joined: May 21, 2017
Posts: 155
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 :P ) 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. :oops:

https://www.irishtimes.com/news/crime-a ... -1.3542248


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 Post subject: Re: Drumm Guilty!
PostPosted: Sat Jun 30, 2018 10:27 am 
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Single Home Owner

Joined: Jun 6, 2011
Posts: 153
He pleads guilty for this case


https://www.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.


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 Post subject: Re: Drumm Guilty!
PostPosted: Sat Jun 30, 2018 1:39 pm 
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Nationalised

Joined: Sep 29, 2010
Posts: 8718
Location: London, innit
Shane Ross was spinning furiously on behalf of Anglo and the revenge fund back then. His Wikipedia page has been scrubbed of references though. The cunt was in on it.

Quote:


A GROUP of clients of Anglo Irish Banks, including big builders and entrepreneurs, plan to set up a large investment fund to buy shares in the troubled bank.

A meeting took place in a Dublin hotel recently in which it was decided to buy shares worth up to €500m. Gerry Gannon of Gannon Homes and Sean Quinn are thought to have been targeted to join the consortium. Quinn is already a large shareholder.

Sources close to the group suggest that each member will be asked to put in several million euro. When the fund reaches €500m, it will be leveraged up with borrowings to buy further Anglo shares.

Supporters of Anglo are convinced that there are still scores of big investors who will be forced to buy back stock as a result of short selling.

Some of the consortium are incensed by the recent short selling of Anglo shares by stockbrokers in Dublin and London and are determined to punish the offending brokers.

Last night one member told the Sunday Independent: "We are going to teach the brokers and hedge funds that damaged the bank a salutary lesson. It is our bank, it has an entrepreneurial culture. They will come out of this with their fingers burned."

Shares in Anglo have tanked in recent weeks, due largely to short selling. They plunged from a 12-month high of €17.53 to below €7 at one point.

The Financial Regulator has launched an investigation into dealings in the stock, especially around the St Patrick's Day holiday when the shares were assaulted by sellers.

Anglo has bankrolled some of the State's most successful entrepreneurs, from developer Bernard McNamara to Richard Nesbitt's Arnotts and Mick Bailey of Bovale.


To think some people view him as some sort of scourge of the banks


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 Post subject: Re: Drumm Guilty!
PostPosted: Tue Jul 03, 2018 10:35 am 
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Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5958
Location: SthDub
Jailed Drumm gets to keep €4.4m pension pot 'protected by Irish law'
IBRC loses out as just €3m is distributed to banker's creditors
https://www.independent.ie/irish-news/c ... 74513.html
Quote:
But a US bankruptcy trustee has concluded the massive pot is protected under Irish law. As a result, it could not be cashed in for the benefit of creditors, who include Anglo's successor IBRC.

Court filings indicate the pot was built up as part of a defined-benefit pension scheme at Anglo, where Drumm (51) worked from 1993 to 2008.

Financial sources said Drumm would not have to wait until retirement age to benefit from the pot and, if he wished, could place it in an approved retirement fund, from which he could draw an income.


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 Post subject: Re: Drumm Guilty!
PostPosted: Tue Jul 10, 2018 11:07 pm 
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Single Home Owner

Joined: May 21, 2017
Posts: 155
mr_anderson wrote:
David Drumm Released On Good Behaviour After Arriving At Prison

Quote:
CITING his exemplary record within the first 14 seconds as a prisoner, disgraced former Anglo banker David Drumm has been released on good behaviour following his conviction for conspiracy to defraud and false accounting.


http://waterfordwhispersnews.com/2018/06/21/breaking-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.


But it is true, just a little ahead of its time.

https://www.irishtimes.com/business/fin ... -1.3560245

15-month sentence entirely suspended. :shock:


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 Post subject: Re: Drumm Guilty!
PostPosted: Wed Jul 11, 2018 6:35 am 
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Under CAB Investigation
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Joined: Oct 20, 2010
Posts: 2209
Lefournier3 wrote:
But it is true, just a little ahead of its time.

https://www.irishtimes.com/business/fin ... -1.3560245

15-month sentence entirely suspended. :shock:

Not quite.....
Quote:
The suspended sentence will run concurrently with his current jail term.

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 Post subject: Re: Drumm Guilty!
PostPosted: Wed Jul 11, 2018 6:00 pm 
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Old Time Landlord

Joined: Dec 5, 2007
Posts: 384
What's the bet, he's been found guilty sentenced to 5 year, pleads guilty to seconds case, get 15 months suspended, the appeals and wins fist conviction and is free to go.


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