Anglo Irish Bank’s former CEO David Drumm has been found guilty in a Dublin court of defrauding and false accounting in a $10 billion dollar “confidence trick” which almost collapsed the Irish banking system.
Drumm had been deported from the US where he lived after leaving the Anglo Irish Bank job when the bank collapsed.
It was one of the longest trials in Irish history running 86 days.
Drumm was convicted of creating the impression that Anglo’s bank reserves were $10 billion more than what they actually were in September 2008
Independent Ie reports that he “conspired with Angelo's former Finance Director Willie McAteer and head of Capital Markets John Bowe, as well as Irish Life and Permanent then-CEO, Denis Casey, and others.”
Drumm who was head of Anglo Irish Bank when it was nationalized and left behind billions in debt has always accepted he had a role in the banking collapse but that others, some never mentioned publicly, have equal roles. He has long been the face put on the financial meltdown.
The case centered on a series of interbank deposits which circulated between Anglo and Irish Life Permanent who injected funds into Anglo during the auditing period then withdrew them when the audit was over.
Drumm lived in Boston where he had represented Anglo Irish for many years before agreeing to be returned to Ireland.