Ummmm lending money to prop up share prices.
Rings a bell.
In all honestly Muppet as I know you keep a close look at this and the bail out in general what would be your gut feeling about this? ( I know my interest is mostly on the SQ aspect but leaving that to an aside).
Do you believe Drumm regarding the fact that the gov not only knew about the deal but were actively involved in it and therefore involved in the deception of the markets? Or would you believe that Drumm is just trying to limit his liability?
Just out of interest as I know there is alot of information and misinformation flying around regarding this so would be interested to hear which side you believe is more likely? Obviously no one can say for definite at this stage so just your gut instinst?
1) David Drumm formerly of Anglo (not Professor Drumm of the HSE) is not the only person saying this type of thing, there are others such as Denis Casey formerly of IL&P
who has sworn under oath that the regulator knew of the €7bn loans from IL&P to Anglo.
2) There is no way any bank on the planet post-Lehmans would have lent €7bn to Anglo-Irish bank without some very important people either pressurizing them to do so, or guaranteeing the money in some way. It could easily be argued that this was another deception of the markets and either IL&P were incredibly reckless in doing so, or a higher power gave the nod.
3) There is obviously a reason why Drumm, Fitzpatrick and co are not in jail. My guess is that they would bring some very important people with them. Cowen & Lenihan were dispensable as we have seen. Kenny and in particular the abrasive Noonan appear to be unable to do anything about it which suggest the real power is elsewhere, probably in the Department of Finance. Remember Kevin Cardiff was in the Department throughout the crisis, Cowen & FF were dispensable but it appears Cardiff wasn't