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Downfall of Anglo banker who once stormed America


Former Anglo Irish Bank chief David Drumm

Former Anglo Irish Bank chief David Drumm

Irish Independent

Former Anglo Irish Bank chief David Drumm

The last time David Drumm went to America, he enjoyed considerably more financial success.

His stint working for Anglo Irish Bank in the US began in 1997, and went so well that within five years he was appointed head of Irish lending, aged just 35.

By 2005 he was the surprise choice to succeed Sean FitzPatrick as the CEO of the booming bank.

The bank took increasingly bigger risks, and under Drumm's tenure Anglo's profits grew by 70pc within three years.

But Drumm is now better remembered for his response to the financial crisis that hit in 2008. He was exposed by recordings in The Anglo Tapes, revealed by the Irish Independent, which had him laughing as the bank haemorrhaged money.

After the banking crisis Drumm resigned from Anglo, and in 2009 he decided to return to Massachusetts with his family, on a permanent basis.

He settled in the exclusive neighbourhood of Cape Cod, and with his wife Lorraine he purchased a five-bedroom property with a private beach in 2008.

It was later sold for $3.9m (€3.1m) and the couple paid almost $1m from the sale to creditors.

In 2010 the family relocated to the wealthy suburb of Wellesley, 20 miles south of Boston.

Although the former banker initially set up a business, Harborlight, later renamed Delta Corporate Finance, to advise the real estate sector, the company was dissolved in 2013 after failing to file records for the two previous years.

Most recently, Drumm has found a job as a consultant and has been seen working out of the offices of a scaffolding firm in New Jersey.

The Irish Independent exclusively pictured Drumm last April, looking relaxed and without the usual shirt and tie, following an early morning meeting.

In recent times his complex financial affairs have been in the spotlight.

In the two years before he filed for bankruptcy in October 2010, he allegedly transferred more than €1.1m from his own accounts and assets, into accounts held solely or jointly by his wife.

Irish Independent