Saturday, March 19, 2016

Ireland To Prosecute Top Banker Who Destroyed Their Economy — Guess Where He Was Hiding

Former Anglo Irish Bank chief executive David Drumm walks free from Central Criminal Court in Dublin, Ireland Tuesday March 15, 2016, after he and relatives lodged 150,000 euros for his bail on 33 fraud charges. Drumm was extradited from Boston to Dublin on Monday after spending seven years in the United States seeking to gain U.S. bankruptcy protection and avoid facing 33 Irish fraud charges connected to Anglo’s 2009 nationalization and collapse. Court officials expect his trial to begin in mid-2017.
A former head of a major Irish bank has been extradited from the U.S. and brought before Dublin District Court to face several charges stemming from the bank’s role in the 2008 financial crisis.
David Drumm, former chief executive of Irish Anglo Bank from 2005 until 2008, had been arrested in Boston in October 2015, and originally attempted to fight extradition — but he recently withdrew the objection and was returned to Ireland early on Monday.
Drumm faces 33 charges in Ireland, which echoes Iceland’s unprecedented move to hold its bankers criminally accountable for their role in that country’s economic meltdown.…
Iceland, and now Ireland, have taken action to hold criminal bankers accountable for their direct role in the economic devastation which enveloped most of the world beginning in 2008 — the exact opposite of what the US does.
As of October, Iceland’s criminal bankers had been sentenced to a combined 74 years in prison — with others awaiting trial. Then, the sale of one of its national banks meant a payout, albeit small, for every Icelandic citizen.
The U.S. notoriously and controversially bailed out its banks — essentially rewarding them, or at least, excusing them for the crisis they created.…
Mint Press News

1 comment:

Matt Franko said...