mariaalice wrote: » what exactly have David Drumm and Sean Fitzpatrick done ... covering up loans to the Irish nationwide building society which should be tried under whatever company law that was broken. lent money recklessly ran the bank they worked for in to the ground behaving stupidity ignoring standard banking practices? David Drumm offered to give almost everything he owned to clear his debt to his former employers and the amount was very near what he owed
mariaalice wrote: » The second thing that has me wondering is apparently David Drumm offered to give almost everything he owned to clear his debt to his former employers and the amount was very near what he owed, but that wasn't good enough. Sean Fitzpatrick in particular seems to be some sort of Dick.
mariaalice wrote: » I cant be the only one who wonders about this....what exactly have David Drumm and Sean Fitzpatrick done ...i know about covering up loans to the Irish nationwide building society which should be tried under whatever company law that was broken....but other that that they seem to have been two men with big egos who though they were cleverer that they were.... who lent money recklessly and ran the bank they worked for in to the ground.....but can you be tried for behaving stupidity and ignoring standard banking practices? The second thing that has me wondering is apparently David Drumm offered to give almost everything he owned to clear his debt to his former employers and the amount was very near what he owed, but that wasn't good enough. Which leads me to believe that there is some sort of political pressure to make a public spectral of David Drumm and Sean Fitzpatrick as a way of deflecting attention from the governments and anyone elses part in the collapse of the economy. Sean Fitzpatrick in particular seem to be portrayed as some sort of Dick Dasterly cartoon baddie? To be clear i am not an apologist for them and if they have done wrong they should be tried and sent to jail in the same way anyone who has done wrong should be. Or have i go this all wrong. Any one else see the irony of the Sunday independent moralizing about bankers and Builders, when a few short years ago they lavished praise on them.
mariaalice wrote: » .....but can you be tried for behaving stupidity and ignoring standard banking practices?
The sale of Anglo’s Austrian business was completed on December 19, 2008, the day after FitzPatrick resigned as chairman after his dodgy loan dealing had been uncovered. ..the Valartis annual report reveals that the Austrian operation manages about 1.6 billion Swiss francs (€1.25 billion) for about 4,000 private banking clients. Those clients can now remain very private indeed, far away from the scrutiny of the Irish state which stepped in and nationalised Anglo Irish Bank in January 2009 in the wake of revelations about FitzPatrick concealing large loans from his shareholders. One of the big advantages of having money on deposit with an Austrian bank is that the identity of depositors cannot be disclosed to the authorities, as Austria enjoys certain derogations from the EU Savings Directive. This was and remains a key attraction for those who deposit funds in Austria. [...] Let’s hope those clients don’t include any Irish depositors who might owe money to Anglo, to other struggling Irish banks or to the Irish taxpayer.
DOC09UNAM wrote: » I have never seen the word Apologist used before, that was actually the most interesting part of your post imo.
sbsquarepants wrote: » Am I the only one sees the problem with offering to pay most of what you owe, when you're still keeping a little kitty for yourself? Also, I fixed the bit about Seany for you:D
geeky wrote: » On David Drumm I think you're right. Guy was stupid to over-extend himself personally and part of a hugely damaging corporate culture. And of course he should ever be allowed near a boardroom again. But unless something's actually proven - and the Gardai are still investigating - it seems like he's a convenient public scapegoat. Sean Fitzpatrick, on the other hand, is a special kind of creature altogether. Before his fall, he was known for pontificating about how overly strenuous company and bank regulation regulation was in this country (well guess what - it's to stop little f***ers like you banjaxing the country seanie, and it obviously wasn't too tough, because you managed it anyway).He also happily called for a 'brave' budget that raised taxes on the lowest paid and cut the dole while also cutting the top rate of tax. He was a totally shameless and self-interested talking head, and I always marvelled at how anyone in the media could hold their nose and repeat his nonsense. Even after Ireland extended that catastrophic banking guarantee, he went on Marian Finiucan's show acting like a blank cheque from the Government when the chips are down was his f***ing birthright. Exactly the childish attitude - smugly wanting big brother off your back when things are going well, but crying blue murder for help when they're not - that gives Irish businesspeople a really bad name. Regardless of whether he's proven to have committed criminal acts, he personifies the worst aspects of the Celtic Tiger era businessman.
seamus wrote: » I think what has people so worked up is the scale of the fallout from their actions moreso than the actions themselves. Had Seanie's messing just led to the collapse of Anglo, we'd probably still be pissed at him, but I doubt the Sun would be hounding him like a rat. I'm reminding somewhat of the Selby train disaster in the UK. There was huge public outcry at the time, the guy they pinned it on was turned into public enemy number one - claims that he'd tried to kill himself and nearly took hundreds of people with him, and all sorts of other things. When the dust settled it turned out that he'd made a very simple mistake. He fell asleep at the wheel. A very serious thing to happen, indeed, but it happens to hundreds of people every day. Most people manage to wake before it happens, or they hit a barrier or they crash into the back of another vehicle. Overall they walk away from it, lesson learned. This guy just got unlucky. He feel asleep in exactly the right circumstances for a complete disaster - jeep down an embankment onto the tracks, derailed one train into the path of another. Pure bad luck. But the media focussed their anger onto this guy. And that's what happened to Seanie Fitz and the like. They screwed up. Very seriously, making no apologies here, but bankers have probably been doing the same things for the last 20 years and no-one noticed. Maybe they did notice, but the papers didn't consider it particularly news-worthy. These guys however did it at exactly the wrong time and made things really bad for all of us. It doesn't help at all that they've been bull-headed and unrepentent about it, but we need to separate out the crime from the unlucky fallout. Economic treason? Nonsense. You would need to show their actions were intentionally designed to cause damage to the country. In all likelihood their actions were intended to increase profits and income, but they gambled and they lost. I think my point here is that if the proper controls had been in place, Seanie and his buddies wouldn't have been able to make the mistake in the first place. But still, you know, burn him, rape his children, etc.
Rented Mule wrote: » Apparently, you aren't familiar with Fox News.
Anglo Irish Bank has been granted an injunction against the wife of former chief executive David Drumm preventing her from transferring half of her property in Dublin back into Mr Drumm's name. The bank told the court it feared this was being done to put the house beyond the reach of creditors. Anglo Irish Bank is taking Mr Drumm and Lorraine Drumm to court over the transfer last year of a house in Malahide from their joint names to Mrs Drumm's name. The action was due to begin next week, along with another action to recover more than €8m from Mr Drumm. But last Thursday, Mr Drumm filed for bankruptcy in the US. Anglo told the Commercial Court it received a letter from Mrs Drumm's solicitors last night saying she had given instructions to transfer a half share of the house back into Mr Drumm's name. She said this was being done to settle the proceedings in relation to the house.Under US law, an asset acquired after a person has filed for bankruptcy cannot then be brought back into the bankruptcy proceedings, the court was told. Mr Justice Kelly granted an injunction stopping the transfer. He set next Tuesday as a date for the US trustee in bankruptcy to come to the court and explain what she intends to do in relation to the Irish legal proceedings.
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