News Summary: Ex-Anglo Irish Bank exec charged

The Associated Press

FORMER BANKER ARRESTED: Detectives arrested the former chief executive of Anglo Irish Bank, Sean FitzPatrick, on charges that he helped hide colossal losses at the bank at a cost that brought the nation to the brink of bankruptcy.

THE RAP: FitzPatrick was arraigned on 16 counts related to Anglo's doomed 2008 effort to prop up its collapsing share price. Forensic accountants found that Anglo provided secret loans to 16 insiders on condition they used the €1.1 billion ($1.35 billion) to buy Anglo stock. Those shares rapidly turned worthless.

WHAT'S NEXT: FitzPatrick was released on bail of €1,000 ($1,200) and an additional surety of €10,000. His next court appearance was set for Oct. 8.