The chairman of Ireland's embattled Anglo-Irish Bank Corp. has resigned after investigators discovered he hid from shareholders euro87 million ($125 million) in personal loans from the bank.
Sean FitzPatrick said in a statement Thursday night he had broken no laws. "However, it is clear to me, on reflection, that it was inappropriate and unacceptable from a transparency point of view," he said.
In a statement Friday to the Irish Stock Exchange, FitzPatrick's successor Donal O'Connor announced that the bank was launching its own review of how Anglo-Irish Bank is managed internally _ specifically its policy of floating loans to its directors …
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