WHAT is David Drumm playing at? He resigned in disgrace as CEO of Anglo in December 2008. In January 2009, as the Government grappled with the horror of nationalising the bank, Anglo conducted a review of its directors' loans.
Drumm quietly applied for a US visa and on May 13, 2009, unknown to Anglo, his luxury family home in Malahide was transferred to his wife, Lorraine.
Last November, Anglo launched civil actions against Drumm and his former mentor Sean FitzPatrick, who hurtled into bankruptcy earlier this year.
As the net closed in, Drumm -- from his new home in Massachusetts -- engaged in feverish talks to repay his loans.
But Anglo insisted any settlement of his debt action would be contingent on a handover of his lucrative pension and co-operation with all inquiries into the bank, whether civil or criminal.
The deal fell apart and last week David Drumm filed for bankruptcy in Boston.
This called Anglo's civil action, which had been due to start on Tuesday, to a halt. It also deprived the Garda Fraud Squad of a vital opportunity to interview him here.
The bankruptcy move was a clever one as all of his worldwide assets will be vested in the US Trustee in bankruptcy, whose job it is to liquidate Drumm and hand out the leftovers to his creditors.
According to documents filed in the United States, he failed to pay off debts on at least four different personal credit cards before he filed for bankruptcy, owes money to a car finance firm and amassed debts with another bank that specialises in sub-prime lending.
In the broad scale of things, however, these debts are minuscule.
The real prizes, which Anglo sought to secure before Drumm's surprise bankruptcy bid, are his massive €5.4m pension pot and his half share in Abington, his former family home in Malahide, Dublin, which went on the market for almost €3m last year.
It is these assets which may or may not be placed beyond the reach of Anglo and the Irish taxpayer.
Anglo will find out next week whether the long arm of US bankruptcy law reaches into its board room.