'I'll tell you what sharp is, sharp is €400 f***ing million of losses...'
AT another point in the conversation, David Drumm rants about a plan to burn the bank's own bondholders by quietly buying back Anglo's own bonds at a discounted rate.
The idea was that the bank would then make a profit because of its own precarious financial position.
He tells a fellow executive: "I'm just thinking of cushioning, see I'm feeling terribly hard done by as you are and the rest of us by the market on the bond book.
"Matt's giving me the whole line about: 'Got to watch this, got to watch that, blah blah, it's a bit sharp.'
"F*** that, I'll tell you what sharp is, sharp is 400 f***ing million of losses on a bond book that we didn't create.
"So if there's a bit of a sucker that can be got from doing a semi little trade to just take some of the pain out of it, we're actually paid to do this. That's our job."