It’s emerged that the former CEO of Anglo Irish Bank proposed to burn the bondholders for 9 billion euro.
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In the latest tapes revealed by the Irish Independent today, David Drumm speaks of how Merril Lynch, the governments external advisors on Anglo, had turned against the bank and branded it a basket case.
The tapes also reveal that Fianna Fail, who were in government at the time refused to shut down Anglo Irish Bank despite warnings from the Merril Lynch.