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David Drumm: ‘There is a witch hunt ... I convince myself that this will pass’

An Irish Central exclusive interview with the former Anglo Irish Bank boss now in US


David Drumm

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I have had the great Charlie Bird banging on my door on a Sunday night, it was my daughter’s 15th birthday, which she’ll never forget and I have moved them around and around to try and keep them away from the media. That’s what it’s like.

NOD: That sounds pretty devastating, how about your wife?

DD: My wife, we cope and we do tell ourselves that we will be OK and that we are good people and what have you. The way you cope with this is you convince yourself there are worse things in life and you constantly look for perspective, somebody that you know that has got cancer, somebody dies, somebody has a sick child God forbid, you say all I have is this ridiculous media thing, these lawsuits and what have you, but me, my wife and my two children are healthy. That’s how you cope.

NOD: Do see you seen an end to it, or is this your life?

DD: You could not survive if you didn’t think it would end. The day you don’t think it will end if the day you have lost hope and then you just couldn’t get up in the morning. When I get up in the morning, I start in a very negative tone of mind, that’s the way it is and then I convince myself  that it will pass and we will get through it, there will be another day. The big hit is the damage to the children, because you don’t get that back. Moving them and them watching me, watching what I have to do, at their age, they are seeing the stuff on the web anyway. Not having a normal life of interaction, because we have had to keep a low profile, so why don’t we go to other people’s houses, why don’t people come to our house, that kind of stuff.

NOD: So who is on your side now?

DD: People who know you, my mother my siblings and what have you, it’s very, very hard on them, but they are always there , they don’t waver, they take a huge amount of pressure. In my mother’s case, she is 76 and people will make Smart Alec remarks to her, which she just does not deserve whatever.  People who know me and have known me for years, there are a small group of people that just have not wavered. But I have lost friends.

NOD: Because of the coverage?

DD: Boston was in some way an upsetting experience, because I made great friendships there over a number of years and I kept up with them ever after I moved home to Ireland, we came back every year, we had a vacation home.

NOD: How do you answer people who say ‘I accept that but think of the damage the banks did in Ireland,' or people who are out of work or forced to emigrate. How do you relate to that?

DD: That’s what you want the debate to move to, or the discussion to move to is, the much broader reality than that other than it was one rogue bank and that nothing else mattered. Ireland had a 15-year boom, unprecedented and the Celtic Tiger. There wasn’t a person in Ireland in 2005/06/07, not a person, who did not believe Ireland would just rage on for decades. There was a report done by, I think it was NCB Stockbrokers, I think it was in  2005 or 06 and it was called 20:20. It predicted this economic miracle going on and it would be 2020 before this extraordinary growth, which I think was averaging like six percent year, would ever waver, because everybody believed it.


Nster.com


23 Comments

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Anglo didn't destroy Ireland. The Irish Goverment did.
TODufaigh - you miss hte extent of the scandal. These criminals have not just destroyed our Irish economy. Almost every nation in Europe and the USA is suffering terribly. Greece, Italy, etc come to mind I'm not very religious but there are a few good things int he bible. Jesus upset the tables of the money lenders at th temple gates The love of money (or is it lust) is the root of all evil. the best message we could send in the USA is to seize some big banks HQ, get the people and records out of it, And send the the specialists in controlled demolition. And leave the mess standing forever - as a message to the next criminals to be. A far more noticeable solution then trying to keep up in slow govt with the next super wealthy capitalist scam.
Thanks Citizen, there's light in your pronouncements. Hard to believe that there will any large 'capital inflows' for the forseeable future, but you never know with those Chinese et al. It seems totally insane to be putting thousands of mortgage defaulters out on the street while tens of thousands of homes lie empty. One thing we need is leadership.
If everything around Anglo was so kosher why is Patrick Neary who was Financial Regulator for the banks still in hiding?
This confirms my worst suspicion that there may have been political collusion in the casino capiltalism of Anglo. It may also emplain a certain bureaucratic foot-dragging in Irish government circles. Whose implicated? Why should the electorates Confirmation money pay back such reckless debts
A meretricious, self-serving tissue of lies and half-truths from a man who stands for all that is most rotten about Celtic Tiger Ireland. And if anyone had any doubts, the post below from Simon J Kelly (look him up) shows that fatcats stick together. These criminals have destroyed an economy, a society and a country and left the 'little people' to pay for generations as well as forcing most of their children out of the country. I would like to see him tried, convicted and jailed. But in Ireland, Europe's Zimbabwe, that will never happen.
We need to punish them all, but Drumm is an idiot if he thinks he can complain... Anglo destroyed Ireland.. it was helped by the government but ultimately he made the decisions.. why did he think he was getting such pay.. and then he's doing dodgy loan deals.. I think if he wants to be honest he should be and tell everything.. then he will at least help the Irish people ... but I'm guessing he'll keep his mouth shut and let bertie and them use him as the whipping boy...
Nyberg's report was a whitewash commissioned by Brian Lenihan and carefully restricted to exclude the most telling element of the corrupt link between the Irish government and Anglo-Irish Bank- the bank guarantee itself when private losses were adopted on behalf of the Irish people by a wholly corrupt Irish government desperate to stave off a proper examination of that bank's books. Four years later and the Garda investigation is still trying to find a way to report but not blame anyone and find no evidence of criminality. The Nyberg report was a disgraceful attempt at a government inspired whitewash. We do not need to 'learn from' corruption- we need to prevent it and raise the stakes. How much 'moving on' is there from a loss of sovereignty which is the gravest offence against the state? We need to make sure the people involved in the Market Abuse which was the Maple 10 share ramping operation, the private loans handed out on a non-recourse basis to 'friends' in the Galway race tent and which effectively are a fraud on Anglo Irish shareholders and the back-to-back loans hidden and undeclared in statutory accounts declared to the Irish Stock Exchange as 'fair and true' are traced back to the senior officers of that bank. Letting them walk away is not an option likely to discourage such fraud in the future is it not? What kind of message does it send when all you have to do is run away abroad and whinge about a witchhunt while denying any personal responsibility. Drumm had a major hand in destroying Irish sovereignty and there are far worse sanctions for that than jailtime.
anglo man in more ways than one. as long as we have henry viii's pope elizabeth, close at hand, we have a ring to kiss and knighting honors bestowed on our (irish and irish american) achievers. Those who get giddy at the thought.
David's story is spot on. Anybody who thinks that pinning the blame on a few bankers for Ireland's collapse is delusional. That is also the informed opinion of the official report carried out on the banking collapse by Nyberg. I screwed up like so many other Irish people and so did David. We need to learn from it and get over it. It is a which hunt. Aib will loose almost as much as Anglo, but I don't see the gov chasing those guys. There are winners and losers. Thats the nature of all things. We just need a system that accepts this rather than punished people who try and fail. The irish in Ireland need to learn from he Irish in America
@RedBranch ... Ireland will not do anything proactive, such as setting up a system to monitor and restrict capital inflows; forming 2-3 new mutually owned (that is, owned by the customers) banks with the capital it is wasting on paying off the banks' debt (and hiring some Canadians and Swedes to run these new banks and train Irish natives in sound banking practices); reducing mortgage amounts owed and retail rents; selling off - very cheap - abandoned homes and apartments only to those who have lost their homes; publishing all meetings between politicians and bankers and requiring that the pols send a letter/email to their constituents stating why the meeting took place and what was discussed and how the pols will be following up. Some of these meetings with local bankers are quite legitimate, so this will not be an onerous task for honest pols. ... The big problem is that Ireland now needs EU/ECB/IMF money not just to pay off the foreign banks (through putting money continuously into the zombie Irish banks) but also to run its government budget and services. Any default on paying the banks will cut off this money. In brief, Ireland is literally being held hostage to the EU/ECB/IMF protection racket. ... Another problem is that Irish bankers appear not to know the fundamentals of how to operate a bank. hence the suggestion to get gopod bankers in from Sweden and Canada to teach these fundamentals to Irish trainees and bank professionals.
So family man Dave was just following orders. Give me a break. The only pity is we cannot execute these people.
Dave Drumm's may be suffering hard times now, but he had his day in the sun, on three continents! Has he got his cash stashed away off shore? I'd say he has. Only the Irish Taxpayers out, lost money, lost homes, lost their lives, lost their dignity, lost their land, lost their families. Throughout the interview David, like everyone of his banking pals, put the blame on those in government, the very people without whose help he would not have been able to do what he did. Shame on him! There is not one modicum of shame in his tone. He is still arrogant! His his whinny "poor me" attitude stinks! Over six million Irish people are suffering because of him, his partners and his government cronies Those greedy raiders of the finances of the Working and Middle Classes should be sent to join Madoff! They were the ones who gave those other crooks: Land Developers the go ahead; or maybe it was the other way around. The Land Developers stormed through countries around the world, changed the landscape of counties, states, cities and rural areas (in their haste to waste the land, they outlawing the term "urban sprawl". So while they dug up farm lands and put down over-priced houses, with zero interest bank loans, loans handed out to people that the banks knew wouldn't be able to pay back the loans when the interest went up, CEO like David Drumm got hefty bonuses. -Thanks to Developers' Lobbyists in Washington, and in other seats of power, other government around the world, especially the Irish government, hand-picked government officials (I would not put it past them to take bribes) rushed through the building permits). So go ahead and suffer Dave! Learn to be HUMBLE! HUMILITY is, in the end, the great equalizer.
Nice going Citizen! Any ideas how to extract ourselves from this predicament? Although a half cable length of hemp rope and a low branch would be one starting position.
Comparing the Irish banking system to Lehman shows an incredible ignorance and incompetence. Lehman was a trading operation, known for deception, dealing in dodgy derivatives that technically could be sold anywhere in the world, thus in theory having a huge market for its goods. Anglo-Irish was a lending operation, borrowing capital from foreign banks to lend to dubious Irish real estate developers (but members of the cozy in-crowd that ruled Ireland). Any competent banker or government would have known that the huge capital inflows coming from foreign banks were much too large for the size of the Irish economy and the number of Irish consumers. Brazil, for instance, tightly limits capital inflows. ... Lehman was doomed. It could not be saved. Its fall was not a mistake. Ango-Irish could also have fallen, with the government using its capital to start a new bank with responsible lending rules. Instead, pushed by Tim Geithner, the government foolishly took on Anglo-Irish's enormous debts, a burden that will cripple the Irish economy for decades and force high rates of emigration of the young and skilled. ... It is true that some big German banks might have failed if Anglo-Irish collapsed and did not repay the German banks. That is why Geithner and the EU pushed the Irish government to take on the humongous debts run up by people like this man, either an incompetent too highly paid or an ignoramus too highly paid. But a member of the club. Bah!




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