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The Briefcase: Anglo boss's 'outright lies', Welfare Wednesday and oil like water

This was the week in business.

EVERY WEEKEND, TheJournal.ie asks its readers to put their feet up and take a look back at all the goings-on from the world of business.

So once again it’s time to delve deep inside The Briefcase for all the important – and sometimes less-important – financial news that has come out this working week:

Hartmann Briefcase Source: JaseMan

Need to know

The “absent prince” could be returning to his princedom

Massachusetts judge Frank Bailey didn’t miss when he took aim at David Drumm in his ruling on the former Anglo Irish Bank boss’s US bankruptcy bid this week.

“Drumm’s statements to this court were replete with knowingly false statements, failures to disclose, efforts to misdirect, and outright lies,” Judge Bailey said in his scathing ruling.

The 48-year-old banker filed for voluntary bankruptcy to potentially walk away from €10.5 million in debts – the vast majority of which was owed to the in-liquidation Irish Bank Resolution Corporation (IBRC).

Former Anglo Irish Bank chief executive David Drumm Source: Graham Hughes/Photocall Ireland!

But the judge’s decision not to grant him bankruptcy in the US, where he would have got a smoother ride than under the equivalent Irish laws, opens up the door for him to be pursued for the full sum.

The man dubbed the “absent prince” during the high-profile trials for other Anglo officials was accused of defrauding his creditors through a string of clandestine transfers to his wife Lorraine as the bank he led collapsed in a smouldering ruin.

Judge Bailey rejected Drumm’s “so stupid” defence, adding in his withering 122-page judgement that the banker appeared to be “casting about for any plausible answer but the truth”.

The decision was followed with reports, yet to be officially confirmed, that the Justice Minister had pressed the “go button” on plans to extradite Drumm on up to 30 charges.

Meanwhile, the IBRC was keeping tight-lipped on how much former directors from Anglo and Irish Nationwide – the two firms nationalised and rolled into the now-liquidated entity - owed it in total.

By the end of 2009 there was €166 million outstanding in loans to former directors and managers, but there has been scant information out since then.

At least Drumm’s deeds inspired this charming Dublin mural:

Anglo Irish Bank Graffiti Source: Sam Boal/Photocall Ireland

Nice to know

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Clothes Animated GIF Source: Giphy

Now you know

Budget Day 2015 Source: Leon Farrell/Photocall Ireland

Cheezburger Source: Giphy

One for the road

The BT Young Science and Technology Exhibition opened its doors to the public on Thursday and we took the chance to visit the RDS and chat with some of the young entrants.

From probing the benefits of a gluten-free diet to perceptions of feminism, the students weren’t afraid to tackle the big issues.

Take Hannah Allsopp, who raked over 170 years of crime statistics to work out if the media was spinning the truth on murders – or if things had actually got worse.

Source: Video TheJournal.ie/YouTube

Maybe we should give her a job.

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About the author:

Peter Bodkin  / Editor, Fora

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