DRUMM dumb

The first time the word fraud has been used about an Anglo Irish banker came not in an Irish court but an American one. Former chief executive David Drumm has been accused of fraud by Chase Bank over the credit card bill he ran up in the weeks before he filed for bankruptcy in a bid to protect himself from creditors including his old employers now owned by the Irish taxpayer. He maxed out his €10,500 card on day-to-day spending from $1300 for a mattress to $3.80 at a Dunkin Donuts. Chase Bank are suing him for the cash. They are making what appears to be the fairly obvious point that he must have known he was already broke when running up the bill. Read the story here. Once you start maxing out banks its just hard to stop.