Byline: Sandra Murphy
DaviD Drumm has been told to go back to school... to learn how to do his sums.
The disgraced former chief executive of anglo irish Bank is a qualified chartered accountant but he had to spend the Christmas holidays swotting up for exams in basic finances in the United States.
although he was one of the key players involved in the disastrous collapse of anglo, which helped destroy the economy, the banker now works as a financial adviser.
Mr Drumm, a close colleague of anglo's ruinous former chairman Sean FitzPatrick, was once paid [euro]2.6million a year as the head of the bank's U.S. operations but he is now being pursued by it for more than [euro]8million. Listing debts of over $14million ([euro]10.4million), he filed for bankruptcy in america three months ago. as part of the process, he is legally required to complete a course in personal finance.
Those who file for bankruptcy protection in the U.S. must get credit counselling and complete a debtor education course before they can have their debts discharged. and the 44-year-old, who qualified as a chartered accountant with Deloitte & Touche, did a course on the basics of money management with an internet education site in Massachusetts.
He was awarded his certificate on December 27.
The banker, who is aiming to make a 'fresh start' in america, faces a grilling from anglo lawyers at a meeting in Boston tomorrow. They will question him on his legal and ethical obligations while running the bank.
They are also expected to question the accuracy of certain financial information provided by Mr Drumm to the bankruptcy courts.
He faces a fine of up to $500,000 ([euro]367,000) and a five-year prison term if it is proven that he gave misleading information.
Mr Drumm had refused to return home to answer questions from gardai. As well as owing [euro]8.5million to his former employers, he ran up a number of credit card and car loan debts in the months before filing for bankruptcy.
CAPTION(S):
Do the math! David Drumm
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