Ex-Chief of Anglo Irish Bank Extradited After 7 Years in U.S.
The former chief executive of the collapsed Anglo Irish Bank has been extradited back to Ireland after seven years in the United States during which he fought unsuccessfully to claim bankruptcy protection and evade Irish fraud charges.
A Dublin judge granted bail to David Drumm hours after his arrest Monday at Dublin Airport. Prosecutors, police and fraud investigators had argued that he should be denied bail.
Drumm faces up to 10 years in prison if convicted on 33 charges connected to the Dublin bank’s hiding of massive loans and losses from shareholders. Ireland nationalized Anglo in 2009, seized control of its toxic property portfolio and ultimately dissolved the bank at an estimated cost of 29 billion euros ($32 billion), a burden that forced Ireland to negotiate an international bailout.
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