He was once one of Ireland’s most powerful and wealthy bankers, making decisions that influenced his country’s economy and the lives of countless ordinary citizens.
But the circumstances were very different in a Boston courtroom Wednesday. It was former Anglo Irish Bank chief executive David K. Drumm’s turn to wait for someone to render a decision about his financial fate.
Drumm, 47, sat with his arms crossed as lawyers made their closing arguments in his bankruptcy case. Now US Bankruptcy Judge Frank J. Bailey will decide how Drumm should settle the $12 million debt he still owes his former bank.
Bailey’s decision is not expected for several months, leaving tensions to simmer in a case being followed with intense interest in Ireland. Some see Drumm as a symbol of the excesses that felled Ireland’s financial system, prompting severe austerity measures and causing widespread pain. Drumm largely escaped those repercussions when he moved to the Boston area in 2009.
Wednesday’s closing arguments often focused on legal technicalities, but the passions of the case bled through repeatedly as the parties accused each other of lying and manipulating financial documents to protect their bottom lines.
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