Monday 18 March 2019

'That is b***ocks': Drumm's expresses frustration at Anglo's poor performance

Anglo Irish Bank's financial situation was increasingly precarious at the start of 2008. In the Anglo tapes the bank's chief executive David Drumm expresses his frustration at how badly the bank's debt is performing on the international markets – using some rather coarse language.

* I was probing my learned friends in group finance, otherwise know as the f***ing CIA in the way they behave themselves."

* Well I'm going around with this f**ing chisel at the minute trying to dig money out of people."

* And I said "Why the f**k doesn't the bank take a profit and f**k the whole lot of them and it will be a hedge against the old bond book? And I've been given all sorts of spurious but non-substantiated reasons why they wouldn't do that."

* That is b***ocks. Why wouldn't you just buy it back?"

* Yeah now what I'm thinking is that we've got f***ed up the a**e by the market on our bond books, why wouldn't we use this as a way of pay backs for the hedge?"

Irish Independent

Also in Business