Monday, September 5, 2011

Party Like a Bank Star

[The senior executive of the Anglo Irish Bank - which single-handedly almost brought down the Irish economy - embarked on a series of wild parties and giveaways to clients as the Irish economy tanked.

They spent heavily on American clients. The bank spent $120,000 on one party for staff at the Mansion House in Dublin as the crisis kicked in.

An e-mail from the bank’s then Chief Executive, David Drumm, announced the party stated: “Dear colleague, the stock markets are down. They say the economy is in recession. It rained most of the ‘summer’. The holidays are over. This is Anglo so there is only one thing to do – party!...”

In December 2008, as the economy began its free-fall Anglo spent $250,000 on a Christmas party for staff and $100,000 on wine and Christmas gifts that month alone.]

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