Sunday 17 December 2017

This stunt has left all of us feeling sick...

Former Anglo boss David Drumm talked about being sick to his stomach so often in the interview he gave the Sunday Independent, you'd think he was going for a job where constant nausea was a key job spec.

He was sick to his stomach about what had happened to the Irish people.

He was sick to his stomach about the economy. Agonised, he was, for the new poor created by the actions of him and his like. Sure, God love him, living in exile, bankrupt and bereft.

Except that while David Drumm was conveying how troubled he is, particularly in his digestive system, about the national disaster heavily contributed to by the bank he ran, quiet efforts were being made to transfer property from his wife's sole name back into joint ownership. Interesting timing.

There's David drumming up sympathy for his gastric grief, while at the same time playing footsie with his assets. Oops, sorry. His wife's assets.

Here's the way it was going to work, if it had worked, which, fortunately, didn't happen. David Drumm's been declared a bankrupt in America, having voluntarily petitioned for this status. In other words, nobody other than David Drumm himself made him bankrupt. And he became bankrupt in one of the best countries in the world for bankruptcy: no shame attached, no lengthy period outside the business community.

So there's David Drumm, presumably happy about his US bankruptcy, but still sick to his stomach on the phone to an Irish newspaper about how badly the rest of us are doing. And in the background the house that's been transferred into his wife's ownership is readied for going right back into joint ownership. A cunning plan, I hear you say. A very cunning plan. Because, you see, assets acquired after bankruptcy are protected.

You go bankrupt in America on Tuesday, but the house you've signed over to your wife doesn't get counted as an asset when they're adding up the sums.


Grand. Tickety boo, even. Then, on Wednesday, after you wake up bankrupt, your wife gets generous and wants to transfer half the house back into your ownership, because at that point none of the people to whom you owe millions can then get their hands on it.

This guy thinks himself the master of the stroke.

While it shouldn't be a surprise, accordingly, to find him trying to do a stroke with the ownership of his house, it has to be infuriating that he talked to a newspaper with such apparent contrition. The attempted house stroke gives the lie to the claims of wanting to do the right thing and fully co-operate with the authorities.

If David Drumm wants to co-operate with the Irish authorities, he knows where they are and an Aer Lingus flight out of Boston will deliver him to them in comfort.

He can't have it both ways. If he's sick to his stomach about what's happened and eager to do what he can to fix it, then he should quit giving long-distance newspaper interviews, come home and tell the truth.

Even if it makes US sick to OUR stomachs.

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