DAVID DRUMM’S BANKRUPTCY hearing continues in the US today, where it is generating considerable media interest.
Yesterday, it was revealed that he had transferred €550,000 over to his wife’s US bank account, the month he resigned from Anglo, the Irish Times and Independent report.
Drumm also admitted he had pocketed hundreds of thousands of euro in salary and bonuses at the same time, including his last monthly pay cheque of €92,000, as well as a bonus of €372,000.
At the hearing, he came under intense pressure to explain how his wife, Lorraine, had been able to support him during his stay in the US.
US bankruptcy trustee Kathleen Dwyer revisited a line of questioning she had used in December, asking whether Lorraine Drumm’s money could really be considered distinct from that of her husband, Capecodonline.com reveals.
The money in Lorraine’s account — did it come from anywhere other than your earnings?
Drumm responded that the money in his wife’s accounts derives from her share of the income he has earned during their marriage.
During the 90-minute grilling, Drumm was asked to outline the lavish lifestyle that he enjoyed prior to filing bankruptcy, the Boston Herald adds.
He admitted to spending millions of dollars buying Cape Cod homes, a BMW X5, a Land Rover and private-school educations for his kids. Many of those assets – including a 110 year old, $5.5 million house on Stage Neck Road in Chatham in Cape Cod – will be sold to pay off his debts. The proceeds will be split between Lorraine Drumm and his creditors.
Drumm is the subject of a number of ongoing inquiries in Ireland, including one by an accountancy body, RTÉ reports.
Asked how he was holding up under the pressure, Drumm replied:
How do you think?
To embed this post, copy the code below on your site
have your say