News Editorial

Friday 24 March 2017

Pity real victims of the crash

FROM his mansion on Cape Cod, David Drumm has told us of the sufferings inflicted on him by Ireland's financial disasters. "I'm sick to my stomach," he says, "about what's happened to our country."

That experience is shared by many thousands at home. But they will not be greatly moved by his gastric troubles -- or his personal financial affairs. They remember too vividly the conduct of the institution which he headed until recently: Anglo Irish Bank, the taxpayers' heaviest burden.

The cost of the banking bailout is reckoned at above €50bn. Some experts consider that a serious underestimate. Anglo accounts for a minimum of €29bn. Mr Drumm was Anglo's chief executive officer at a time when it engaged in extraordinary practices, which led to the government guarantee of September 2008, the nationalisation of the bank in January 2009 and the initiation the following month of an investigation by the Garda Siochana and the Director of Corporate Enforcement.

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