independent

Monday 21 April 2014

Fionnan Sheahan: Apologies are all well and good – but Drumm must face the music over Anglo

David Drumm
David Drumm

Poor auld David Drumm. He thinks he's getting a hard time. He's sorry for the "frivolous tone and language" he used in conversations contained in the Anglo Tapes.

He feels the media, particularly the Irish Independent, is being mean to him.

He doesn't like the personal coverage of him.

Aww ... ...

Poor auld David Drumm.

He's having to live in a colonial pile in an upmarket location on the east coast of the United States.

He hasn't cooperated with the investigation into banking activities because of legal advice.

Aww ... ...

Poor auld David Drumm.

He complains about the excerpts from Anglo Tapes, which have cast him in a particularly poor light and have enraged people in this country over the past week.

"If the public are to be offered selected excerpts which tell a one-sided story of conversations in the banks during the crisis, to suit an agenda set by an unknown special interest, then they should be afforded the opportunity to hear all of them, from all of the banks, along with those of government officials, the regulator and the Central Bank.

"Anything less just prolongs the proliferation of inaccurate accounts of the circumstances surrounding the government's decision in September 2008.

"I believe that the Irish public will see a very different picture when the full story is told, having been denied a full account of the precise circumstances for so long," he told 'The 'Sunday Business Post'.

EFFORT

Unfortunately, Drumm is making no effort whatsoever to assist the authorities in Ireland in their efforts to find out the precise circumstances and bring forward prosecutions.

Drumm is staying in the United States, refusing to come back to Ireland to assist with enquiries.

The Office of the Director of Corporate Enforcement and the gardai have made efforts to get information from Drumm.

But he remains untouchable in the States.

At one point, there were hopes he would cooperate, but these proved unfounded. The prospect of Drumm being extradited to face charges has been raised in the past week.

But no charges have been brought forward and Drumm has not been questioned as he remains in the States.

The past week has seen Drumm being immortalised in the public mind through the repetition of his phrase "We need the moolah."

He bragged he was going to tell the Central Bank, in the run-up to the bank guarantee, how it had no choice but to assist the doomed bank.

MOOLAH

"Get into the f**ing simple speak: 'We need the moolah, you have it, so you're going to give it to us, and when would that be?' We'll start there," he told his fellow Anglo executive John Bowe.

He claims there are two sides to the story.

The side of the story in Ireland is the country wants answers.

Getting into Drumm's simple speak, here are just a few:

1. Did Anglo Irish Bank mislead the Central Bank about its true financial position when it was seeking state funding?

2. Did Anglo Irish Bank abuse the state bank guarantee to boost its liquidity?

3. How did Anglo Irish Bank manage to get into a position where it would require a state bank guarantee, an injection, nationalisation and liquidation – contributing to the country as a whole needing a bailout, which is inflicting pain on every citizen in the country and generations to come will be paying off?

Getting into the simple speak, Drumm would be better off focusing on those questions, rather than feeling sorry for himself.

The country doesn't want apologies for "frivolous tone and language".

The country wants answers.

David Drumm would be better off sparing us the apologies and giving us the answers.

Irish Independent

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