$300k worth of former Anglo chief David Drumm’s furniture valued at just $10k

The lawyer for the state-owned Irish Bank Resolution Corporation threw the kitchen sink and $300,000 (€220,000) worth of other furniture at David Drumm yesterday in Boston.

Question marks over the former Anglo chief’s valuation of household furniture at a luxury $5m seaside home in Chatham, Massachusetts, led to a protracted discussion as IBRC lawyer John Hutchinson attempted to ascertain how Mr Drumm registered a value of $10,000 for the expensive furniture when he filed his original schedules on October 29, 2010.

It is the prosecution’s case that this sworn testimony is false and includes “both material misstatements and material omissions”.