the financial regulator and Anglo

thebaz

I have been a massive critic of Mr. Drumm, but fair play to speaking out today

http://www.independent.ie/national-news/anglos-drumm-i-did-not-act-alone-2383012.html

it begs the question, what the hell was the financial regulator doing ?

Why is Mr. Neary's pension not cut to 196 a week , like most ordinary folk, for a job terribly done ?, **** the legal mumbo jumbo

Ronin247

What a dose of self serving bollox.

" I am sick all the way to my stomach and my multi million home and pension that American bankrupts get to keep."

Come home and face the music scumbag.

Biggins

Ronin247 wrote: »

What a dose of self serving bollox.

" I am sick all the way to my stomach and my multi million home and pension that American bankrupts get to keep."

Come home and face the music scumbag.

I agree.

A PR stunt in words is what he's trying to pull off in that article.
He knows exactly that the Massachusetts Bankruptcy more flexible and loose laws will allow him to keep a lot of what he would have had to hand over to the Irish state.

Let no one be fooled. His latest actions across the water only serve himself better. What miserable words he offers to the papers here in lame excuses is nothing more than trying to pass the buck and/or take the spotlight away from himself.

He can say what he likes now in spin but he was there from the start and was in co-hoots with those equally responsible.

Nodin

Biggins wrote: »

I agree.

A PR stunt in words is what he's trying to pull off in that article.
He knows exactly that the Massachusetts Bankruptcy more flexible and loose laws will allow him to keep a lot of what he would have had to hand over to the Irish state.

Let no one be fooled. His latest actions across the water only serve himself better. What miserable words he offers to the papers here in lame excuses is nothing more than trying to pass the buck and/or take the spotlight away from himself.

He can say what he likes now in spin but he was there from the start and was in co-hoots with those equally responsible.

And this **** about 'anglo was caught by suprise by Drumm declaring bankruptcy'....it was sticking out a fucking mile that was what he was at....they just couldn't figure out a way around it.

Slick50

thebaz wrote: »

I have been a massive critic of Mr. Drumm, but fair play to speaking out today...

..it begs the question, what the hell was the financial regulator doing?

Weasly words from a weasly character, the first thing he did was "bail" out (ironic) to protect his ill gotten fortune. Now he talks from the far side of the atlantic about how he understands our pain, and empathises with our situation.

Surely it occured to you before now to question what the financial regulator was doing... and come to that, those above him.

The only positive aspect to this is, this could be a start to the veil of secrecy and closing ranks crumbling... Drumm could be the first man to blow the whistle on what has really been going on, and who knew what and when. Heads may role yet!

orourkeda

Is American Law given precedence on this issue?

Liam Byrne

I'm a bankrupt.

How many "bankrupt" people own a massive, expensive house and get a quarter of a million a year ?

I'd happy opt for Drumm's version of "bankruptcy".

Biggins

orourkeda wrote: »

Is American Law given precedence on this issue?

As a lot of his savings, assets and holdings, etc are state-side based (conveniently moved there?), what ever the American courts look at and lay down judgement on (in instances giving American legal court protection to assets), the scraps that are left over are virtually nothing - and Drumm knows this. He and his legal team probably have it all well, well worked out down to the dotting of the legal papers.

Cheap Thrills!

Roughly translates as: 'poor me I'm a victim too, but I'm not going down alone I'm gonna take some other cnuts with me' which is sweet news.

Bring it!!!!!

*knits at guillotine*

Biggins

Slick50 wrote: »

...The only positive aspect to this is, this could be a start to the veil of secrecy and closing ranks crumbling... Drumm could be the first man to blow the whistle on what has really been going on, and who knew what and when. Heads may role yet!

I honestly wouldn't hold out too much hope. He knows too much, who was involved (at what levels) and how far the scandal reached across either sides of the Dail.

I suspect myself that he was conveniently let escape responsibility for some of his actions due to knowing the above and the fact that should he appear in an Irish dock, he might just pull down the government by side effect - if by some miracle he actually got to speak from there.

Hell, we are still years on and we have yet to discover who was fully involved in the "Golden Circle" and the "Drumcondra Mafia".
FF are not saying and FG are not conveniently pushing the issue either! I wonder why!!! :rolleyes:

drBill

"I would say to you at a human level, there isn't a day goes by, all day and sometimes all night . . . I'm haunted by what we as a bank, as the management, as the board of the bank, could have done differently to not end up where we ended up," said Mr Drumm.

This is the guy who skipped off the the states when things got rough, who is trying to transfer his home into his wifes name 'for taxation reasons' and who is currently trying to sue Anglo for a couple of million in lost earnings. Yes he must be terribly anguished and terribly traumatised - just not enough to take his hand out of the till or cooperate with the Gardai or take any meaningful action. Wonder what is real agenda is here, surely he wasn't hoping to get any sympathy from this nonsense?

Cheap Thrills!

I'd say everyone and their wife was involved as if anyone was innocent they'd have already blown the whistle.

When will I get me heads on plates? I'm hungry dammit! :mad:

thebaz

i got lambasted here before, for venting anger at Drumm and his Anglo and AIB buddies - i despise what they did - but am equally angry that the state and all of us are paying a massive pension to Mr. Neary, who failed so drastically in his job , nearly broke this country - whilst average good people have to get by on 190 a week, and he is living comfortably on a 6 figure pension, paid for by you and me - disgusting

galwayrush

They are all pigs eating out of the same trough.:mad:

th3 s1aught3r

thebaz wrote: »

I have been a massive critic of Mr. Drumm, but fair play to speaking out today

http://www.independent.ie/national-news/anglos-drumm-i-did-not-act-alone-2383012.html

it begs the question, what the hell was the financial regulator doing ?

Why is Mr. Neary's pension not cut to 196 a week , like most ordinary folk, for a job terribly done ?, **** the legal mumbo jumbo

All these guys use the legal system to hide behind, bankrupcy in America probably is more favourable to him for some reason

Biggins

th3 s1aught3r wrote: »

All these guys use the legal system to hide behind, bankruptcy in America probably is more favourable to him for some reason

It is and depending on what state you have applied in, the favourable terms are better and better.
The state Drumm is in, is known as one of the best counties that is favourable towards the person applying for bankruptcy.

policarp

This Drumm chap wouldn't give Charlie Bird an interview a few months ago and was quite agressive if I remember correctly.
He has mellowed since then, I wonder why?

Biggins

policarp wrote: »

This Drumm chap wouldn't give Charlie Bird an interview a few months ago and was quite agressive if I remember correctly.
He has mellowed since then, I wonder why?

Melllowed? I wonder if Charlie turned up again, would he get the interview he sought before?

The only major difference now is that time has passed and Drumm has had more time to move things around, change things into his wifes name, and probably done a few other financial tricks to reassure himself that his assets will not all be taken from him and he won't go hungry.

If I was that reassured having done all the above (and quietly thought "stuff you Irish state"), I would be then more 'mellowed' too to be honest.

thebaz

on retiring Mr Neary said: 'I am proud of my distinguished career spanning almost 40 years as a public servant who acted at all times in the public interest and it was a great honour for me to serve as Chief Executive of the Financial Regulator."

thank you Mr Neary for your great service and acting in our public interest, of allowing anarchy in the banks . regulating nothing and creating a black hole in our economy.

P.S. job well done, though i think a retirement pen would have been more appropriate , than your €143,000 a year pension, €2,750 per week, for the rest of your life, while most decent citizen retire on 190 a year

Biggins

Thomas Molloy: Drumm's rewrite of history is nothing but Cape Codology

FORMER Anglo Irish chief executive Sean FitzPatrick turned himself into something of a national hate figure when he refused to apologise on the 'Marian Finucane Show' for Anglo's mistakes and then told the rest of the country that it should tighten its belt.

His successor has just done something similar, in what is the most nauseating and self-serving interview since FitzPatrick's vainglory.

David Drumm's interview is so full of lies, half-truths and sophistry that it is almost impossible to convey just how self-pitying and deluded he has become in his self-imposed exile in a series of luxurious Massachusetts homes.

A few examples of the several classes of lie will have to serve for those fortunate enough to have missed the interview itself. Perhaps the biggest whopper was the simplest. "I acted at all times in the interests if the bank" -- this from the man who was the last man to serve as the head of an independent Anglo Irish and who was one of the main architects of its destruction.

Another leit motif in Drumm's apologia is the idea that Anglo is chasing him for political reasons and that forcing him into bankruptcy makes no financial sense when it is clear that all the banks need to chase debts to prove to other creditors that they are serious about recovering bad debts.

On his decision to file for bankruptcy in the lax United States rather than Ireland, Mr Drumm says: "I didn't choose that course of action. It was chosen for me," which could probably best be classed as a downright lie as it goes without saying that it was Mr Drumm who decided to file.

A comment a little later in the interview also belongs to the downright lie category. "The issue I have is that the whole worldwide banking system collapsed in 2008 and it wasn't just one bank." As we all know, even in Ireland, some lenders such as Irish Life & Permanent survived without government aid while most banks overseas survived. Only a couple of hundred banks worldwide collapsed and none have cost more to bail out than Anglo.

Perhaps the most egregious example of his efforts to rewrite history is his portrayal of the forced nationalisation of Anglo as a mistake that destroyed a good bank. One senses this will be the first attempt of many to reinvent history by suggesting that everything would have been okay without a bailout -- a process some US merchant banks have already begun.

Naturally, even a liar as accomplished as Mr Drumm does not put it in quite those terms but mawkishly hints at it.

"When the bank was nationalised, the shares were rendered worthless," is perhaps the most choice lie. The record shows Anglo's shares had been virtually worthless for weeks before the decision was taken and had been worthless for years.

Later in the interview he returns to the fantasy that the bank was somehow a functioning organisation, saying that "the spin out there is that there were all sorts of hidden losses on the books and reckless lending and so on, which totally ignores the fact that the market began to melt really badly in early 2009, which has created some of the issues for all the banks".

This breath-taking deception almost defies rational analysis and even contradicts Drumm's own analysis, which also admits a serious crisis a year earlier. While the public and the press still don't know much about the bulk of Anglo's secret lending, we do know enough about the bank's lending to Sean FitzPatrick to buy casinos, oil wells and other dud investments to know that there was indeed reckless lending going on. We also know that loans were hidden from the accounts thanks to Irish Life & Permanent. To suggest otherwise is to ignore the most basic facts known by everybody who has been reading a newspaper for the past three years.

It is against this background that Drumm's other charges against the regulator and the Government must be judged.

While the lack of proper regulation over the past decade was probably the single biggest cause of our present problems and proper regulation is the only thing that could have saved us, we know this from reports such as the Honohan report rather than the codology served up to us yesterday from the comfort of Cape Cod.

http://www.independent.ie/opinion/analysis/thomas-molloy-drumms-rewrite-of-history-is-nothing-but-cape-codology-2383636.html