Ex-Anglo Irish Bank CEO held in Boston pending bail hearing

Tue Oct 13, 2015 7:08pm EDT
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By Scott Malone

BOSTON (Reuters) - The former head of Anglo Irish Bank must remain in custody ahead of a bail hearing while a U.S. court decides whether to send him back to Ireland to face 33 criminal counts related to his role in the bank's collapse, a U.S. judge ruled on Tuesday.

The executive, David Drumm, was arrested on Saturday in the tony Boston suburb of Wellesley, where he had been living since the bank was nationalized in early 2009.

Drumm, the bank's former chief executive, was escorted into U.S. District Court in Boston on Tuesday in handcuffs, wearing a blue dress shirt, no tie and dark trousers. He did not speak during the brief proceeding other than to greet the judge.

His attorney, Tracy Milner, said she would be asking for Drumm to be released on bail at a Friday hearing and indicated that he planned to challenge the extradition proceeding.

"There are additional considerations on extradition, such as whether it is being done for a political purpose," Milner said.

Magistrate Judge Donald Cabell said he would consider the bail request but noted that "in extradition proceedings there is a presumption towards detention."

Following the hearing, Milner questioned why Drumm was arrested on the first day of the U.S. Columbus Day holiday weekend.

"We're going to see if we can get him released. It was outrageous that he was picked up on the Saturday of a three-day weekend," she said.   Continued...

Former Anglo Irish Bank CEO David Drumm sits with his attorney Tracy Miner in federal court in Boston, Massachusetts, October 13, 2015, in this sketch provided by Jane Collins. REUTERS/Jane Collins