Blame Laying- David Drumm And The Spanish Siesta


Reading the other day of how an Irish Times article caught David Drumm, (ex-chief executive of Anglo Irish Bank) on the hop in the summer of 2008, this correspondent was reminded of a holiday to the Basque city of San Sebastian some years back, where he too was also caught unaware- by the commercial culture of siesta-time.

Early on, on the holiday, your correspondent was shocked to discover that all shops hung a sign inside their doors in the afternoon reading- ‘Cerrado por 13h-16h meaning ‘Closed from 1pm-4pm’.

The reason this commercial culture shocked your correspondent was not so much down to being accustomed to the Irish commercial culture, but mainly because of awaking in the early afternoon (due to a late drinking session the night before), with a craving for a biscuit, or to be more precise, a packet of them.

As anyone who has had yearnings will tell you, one is less than enamoured with anybody that impedes one from acquiring what one hungers after. Consequently your correspondent did not take kindly that afternoon to the siesta-sleeping, provisions-purveyors of San Sebastian.

Similar to your correspondent, in the summer of 2008 David (who is presently trying to get himself discharged from Bankruptcy) was also not best pleased with the Irish Times columnists Simon Carswell and David Labanyi due to them impeding him from satisfying what he hungers after i.e. money.

This correspondent read that David was shocked to hear of an article in the Irish Times on the 19th June that reported Anglo Irish Bank’s Tier 1 capital (a method of measuring a bank’s core capital i.e. it’s ordinary shares + retained income) was one of the lowest of all the European Banks.

The reason this article shocked David was not so much down to being unaccustomed to this type of reporting (Bank Chief Executives would generally not report such information), but mainly because of the money lost in the following day’s trading (investors subsequently took out €80 million from Anglo).

What this correspondent learnt from his travels to the Basque country is that the provisions-purveyors there, (shops & restaurants) don’t take kindly to a poor-gastric-life-styled Paddy banging on their premises in the middle of the day for a packet of biscuits; and what this correspondent has learnt from reading of the running of Anglo Irish Bank is that informed-investors are not best pleased with a poorly performing manager.

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