anglo tapes that brought down drumm
On March 27, 2008, ILP Treasury director David Gantly discussed that month’s transactions with Anglo’s Matt Cullen.
Gantly: “You put the stuff into us and we put it straight back through the other boys.”
(Laughter) (1)
Cullen: “I’m purposely not using names here. The walls have ears in this climate… you have to be tight as a duck’s arse here.”
On September 19, 2008 Drumm and John Bowe were heard discussing getting money from the Central Bank.
Drumm: “You can’t take it off f**king Freddie f**king Fly (2) down there, the Financial Regulator because it will appear on the balance sheet.” Drumm also spoke about the stress Anglo was under.
Drumm: “We'll be saying, 'Yeah, a stress because HBOS were f**king sold and Lehman's went bust and f**king Bank of America f**king took over Merrill's and other f**king non-normal things happened. We need the f**king loan because we are running out of money.”
Drumm: “I'm going to keep asking the thick question: 'When, when is the cheque arriving? You have it, so you're going to give it to us and when would that be? We'll start there. If they don't give it to us on Monday they have a bank collapse. If the money keeps running out the door, the way it has been running out the door.”
On September 22, 2008, Drumm and John Bowe talked again about what would happen if they got money from the Central Bank.
Drumm: “If we got the four billion or if it was available from that f**king shower of clowns down on Dame Street.” Drumm asked Mr Bowe to come in for the CEO’s review at the next board meeting.
Drumm: “We just need a ladybird-type thing... something we can hand out to them. This is what could happen, this is what we think will happen, even with the 6bn fixes, which Mr f**king Denis confirmed for me this morning… we’re f**ked.”
Drumm: “We have to get a get out of jail card before December 3rd. Unless we can fix the poxy balance sheet over year end, which is next weekend, which to me just does not look doable.”
Drumm: “If this photo (3) is ever going to be published on f**king Bebo, it’s not going to look that great.”
On September 22, 2008, CFO Matt Moran and John Bowe were heard discussing an upcoming meeting with Ewen Stevenson of Credit Suisse and how a proposed deal with that bank would be approached.
Moran: “If I can get a bit of drink into him, I might say to him, I’d like about €5bn before the 30th.” (4)
Bowe: “Get him to sign the beer mat. Do you think he’d be prepared to give us a little kind of one night stand?” Moran: “If I can promise him there’s no f**king STD out of it.” Moran: “It’s a dance.” (the pair discuss the proposed transaction) Bowe: “It’s sort of the cherry on the cake, plus a bit of the cake as well. And the f**king tin as well. And the bloody oven.” Moran: “It’s two f***ing layers.”
On September 29, Drumm was on the phone again to John Bowe.
Bowe: “So, what happens is the money goes round in a circle. We give the money to them and the dance here is that we actually get it back in time and that is becoming very very tough to do.”
Drumm: “Yeah, I know how it works.”
Bowe: “It has to go through a lot of different hands, it’s actually very hard to do but we are picking away at it.”
Drumm: “F**king journal entry would do it an awful lot quicker. Willie [McAteer, Anglo’s former finance director] might be auditing the books himself this year.”