'Stick two fingers up at Britain and Germany' joked Anglo Irish Bank boss

The former chief executive of Anglo Irish Bank joked about abusing Ireland’s bank guarantee scheme and suggested sticking two fingers up at Britain and Germany.

David Drumm is caught on tape laughing with John Bowe, the bank’s ex-head of capital markets, urging him to “get the ------ money in” whatever the concerns from Irish financial regulators and foreign governments.

davidcraig: Anyone who is interested should read "SHIP OF FOOLS" by Fintan O'Toole. He is about the only person to dare reveal the corruption of the mafia that runs Ireland. Oh, and in case you think I'm being overdramatic, I've worked for AIB - I imagine the Italian mafia will be looking at the bosses of AIB and their political stooges and wondering how they got so much money so easily. Oh, and you should look at where many of the AIB dud loans went - to AIB directors and their cronies in construction. Corrupt, corrupt, corrupt.

kevinlynch1005: Dodgy loans to directors accounting for "many" of the total dud loans?! Come off it.

signoftimes: Why it took the Telegraph a full day to report this news is beyond me.

boudicca: I'm not aware that the BBC has mentioned it… and it was about 5th story on Channel Four News tonight. Jeff Randall on Sky had it as lead story.

alegitbritcit: You mean the EU run BBC.,they will report nothing negative about the EU or the Euro. As for the Irish public's rage forget it,they will behave like good little Europeans and accept all shlit thrown at them,they had two referendums to get it right and still the thicko's buggered it.  Let them wallow in their own stupidity.

factualf: No surprise to me.  Doesn't suit the Islingtonian, neo-Liberal, love-in agenda of most of the media, does it? If a British banker had said the same about the Irish there would be a full blown political incident and calls by the press for his head and Labour would be tabling a question in the house faster than you can say "where's my tofu?" And the comments would be deemed racist and the police would be investingating. But it's OK because the UK has contributed £billions to the Irish banks bailout. Criminal double standards.

jynx101: Circa 70% of the Irish parliament is related through blood or marriage, probably the same for the civil service…both among the best paid in Europe, which is why the dirt always gets swept under the rug. No one in jail this side of the pond regarding the now dead in the water horse meat scandal. This is a welcome distraction for the masses, conveniently distracting peoples attention from such issues as the ESM not looking likely to take on junk Irish banks, another failure of the current coalition. Banana republic. Just wait until we hear the NAMA tapes in ohhhh about 5 years!

kevinlynch1005: hahaha! Did you just pluck that 70% figure "out of your arse", to quote a banker?!!!

treebrain: Well said jynx101! The political elite are looking after themselves and the likes Bono are doing the same while the decent, ordinary Irish people subsidise them! Is it any wonder that they now despise politicians and Bono?

James Roberts: I doubt your subsidising Bono…

kevinlynch1005: "you're" not "your". Badly conveyed but well made however!

sotintin: Oh my…!  Are you married?  If so I pity…!  You're not by any chance the moral conscience of Eire are you kevinlynch1005? I hope not, things are bad enough there without having such an uninspired voice but if you are then where the *&@k were you in 2008 mate?:)

angietou: I agree sotintin, kevin is on an ambivalent 'reply' campaign of nothingness. 

istanbullet: I have no way of knowing whether the points you make are true or relevant but I definitely feel that you've used a couple of clichés that your comment would have been better without, i.e. "the dirt always gets swept under the rug" and "dead in the water". When you write "dead in the water horse meat…" it looks particularly strange, disgusting even…

kfdm: I don't know where you get your figure that about 70% of Irish parliamentarians are related through blood, or marriage and "probably" the same for the civil service. However, I agree with the rest of your post. The tapes are being used as a distraction by the Government and were probably leaked by a Government spin doctor. The police have had these tapes since early 2009. They were holding them while they finished the rest of their time-consuming criminal investigation, which, as your report point out, is due to go to court shortly. Let's hope the Government has not prejudiced a fair trial in the hope of gaining advantage in the local and Euro elections next year.

London Eye: With people, like these morons in charge, what hope for the future of banking, not jusr Ireland but around the globe! It's obvious from these conversations, that they were taking the pi** out of everybody, including the bail out funders and their objective was to grab what they could to save their own and families backsides, before the whole thing collapsed. Criminal intent, must be prosecuted asap!

easyp: Morons? They seem to have got away with it and no doubt have cash stashed in trust funds off shore.

upton: Trouble is, the lousy Irish politicians sacrificed their own taxpayers for the good of the evil Euro project. Irish people consequently will be under the cosh for two generations. The puzzle is why have the people been so meek? .

Fawltyoldboy: You have hit upon 2 of the keys in this disgraceful comedy of criminal conduct. The publishing of the Anglo Irish Phone Tapes in the Irish Independent this week has ignited a slow burning firestorm, as the country learns first hand exactly how 1) the executives of the bank schemed to extract as much money as they could from the Irish Government of Brian Cowen & Fianna Fail and 2) how that same political party had basically castrated and neutered almost all forms of banking regulations to facilitate business growth. There is no puzzle to why the Irish citizenry were so meek about this - just like every other economy that was enjoying the benefits of a grossly overvalued real estate boom, no one gave a crap as long as the banks were happy to keep on extending credit to everyone. Then reality set in - in the shape of Lehman Bros. first and then, dessert was served in the shape of Anglo Irish. Right now the current Irish Government is on the horns of a dilemma - what are they going to do about the disclosures from these tapes? Why weren't these tapes made public when they first surfaced? Did the government of Brian Cowen know about these bank executives and their plans back when they made the decision to throw the Irish tax payers under the bus? As matters currently stand, there are very limited provisions for a government inquiry into this affair per the constitution. IMO, Enda Kenny will have to hold a national referendum to get the impetus to alter current legalities in Ireland. Once he can establish a proper government hearing equipped with the necessary powers to investigate and prosecute, he should then proceed to bring every one of the parties involved in this debacle to answer for their conduct.  

flexico: Re: " the lousy Irish politicians sacrificed their own taxpayers"… The Irish will probably blame the English anyway!

robertbrowne: The problem is they were not joking! They also put two fingers up at the Irish non existent regulator authorities and knew the Irish government were not even at the races.  They asked for 7bn saying that the government might pull back "if they could see the enormity it" "it" being the black hole. They bust the country and sat around laughing and joking.  They designed the famous promissory note deal it was mentioned on one of the tapes and the only reason you need promissory notes is when you have crap assets that can not securitise the loan.  Irish banks are still totally insolvent and could not stand for themselves for longer than 5 minutes and yet they hypothesise  leaving the bailout and "seeing off the IMF" it is complete and utter balderdash and only a story for the tax paying plebs. Not one single person has been jailed in fact 90% of them have been promoted and the rest have been retired on big pensions.

kevinlynch1005: There is a criminal trial pending in early 2014 for three ex Anglo execs. The charges are basically fraud-related. Perhaps you would rather forget about due process and follow the historical British model of a star-chamber?!

robertbrowne: Due Process in one court above district court level for bankrupting a country? In the meantime they can and more importantly OTHERS can use the little court case pending as an excuse to hide their own culpability. It is the truth we want not revenge and I would rather drop all criminal charges so that the people of this country can really find out how this happened. These mini show trials will be a complete farce and will tell us nothing we don't know already.

Chris Try: One finds ones self wondering if Fred and his gang might just possibly have had a more or less identical conversation, perhaps with their mates round the corner at the dear old HBOS? I wonder if they did? No, it would have been impossible, wouldn't it.

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