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Former Anglo Irish Bank Boss forced to take personal budgeting course

Disgraced banker takes budgeting class

MOLLY MULDOON,

IrishCentral.com Staff Writer

Published Tuesday, January 4, 2011, 5:08 AM

Updated Tuesday, January 4, 2011, 5:22 AM

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Former Anglo Irish Bank chief executive David Drumm

David Drumm, the former Anglo Irish Bank boss who filed for bankruptcy in Boston last October, was forced to undergo a course in personal financial management by U.S. authorities.

As part of his bankruptcy proceedings, the former bank boss was required to complete the course.

Despite now working as a financial advisor, Mr Drumm was forced to take part in the education program which took the form of a “debtor education” course.

On December 27, he was issued with a certificate of completion by the Institute of Financial Literacy.

The debtor education course is designed to improve your financial planning for the future and provides information on creating a budget, managing money and the prudent use of credit cards.

The 44-year-old fled to the U.S. after resigning from Anglo Irish Bank in December 2008 after it emerged that director’s loans had been concealed from the banks shareholders for several years.

As part of his bankruptcy proceedings, Mr Drumm will face questions from Anglo legal representatives about his financial affairs this coming Wednesday.

One of several U.S. homes, his mansion in Chatham on Cape Cod was put on the market for $5.5million two weeks ago. However less than half of the proceedings will go to creditors as Mr Drumm’s wife is entitled to a share.

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Liamkeyes | Jan 05, 2011, 04:52 PM EST

C'mon over Lads, I'll show you around. I'll take you out the Massachusetts Turnpike to Wellesley and show you the nice pad. I'll also show you Wellesley College, I'll make it in twenty mi9nutes from Downtown Boston. If I take you down the Cape to Chatham, it may take a little more time, the best part of an hour. I'll take you to the Kennedy Library, Harvard Square. Then on to the sight of the Boston Tea Party and then of course to Quincy Market and the Cheers pub and so it goes......We'll have some good craic.

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Searlit | Jan 04, 2011, 03:30 PM EST

That's rich, our Americans teaching another country about managing their finances, oh wait they did say personal finances, it doesn't count if it's the banks finances.

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cillowen | Jan 04, 2011, 11:49 AM EST

wink wink and nod game playing - while the sheep pay the freight. the beat going on.

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LoyalCitizen | Jan 04, 2011, 08:35 AM EST

Did I hear a rumour that Irish Politicians are arranging to take the same course.

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