David drumm is found guilty

Anglo Irish Bank's former CEO David Drumm has been found guilty of taking part in a € 7.2bn conspiracy to defraud investors and depositors in the now defunct bank.

He was also found guilty of false accounting in December 2008 by furnishing information to the market about the strength of Anglo's deposits. The marathon trial heard about multi-million euro circular transactions between Anglo and Irish Life & Permanent. The prosecution claimed they were carried out with a view to make Anglo's deposits look better than they actually were. Mr. Drumm accepted they took place but denied they were fraudulent or dishonest. Sentencing has been put back until June 20th.