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Instead of doing time, the two stars of Ireland’s financial crisis will be probably just be picking up trash on the side of the highway.
The judge in the trial of former officers at Anglo Irish Bank Corp. Tuesday spared two former executives from prison following their convictions of illegal lending to prop up the bank’s shares in 2008 Patrick Whelan, a former managing director, and William McAteer, a one-time finance director, of the now defunct Irish lender that played a leading role in Ireland’s disastrous banking crisis will be assessed for their suitability for community service instead. At the end of a two-day sentencing hearing, trial Judge Martin Nolan said that because of huge failings by Ireland’s former financial regulator to put up red flags about the illegal lending six years ago, Mr. Whelan and Mr. McAteer would be spared custodial sentences…Legal experts said the leniency of the sentencing reflected the misgivings about the role played by former regulators in failing to stop malpractices at Anglo Irish as the bank faced collapse in 2008. The former executives had faced a maximum sentence of up to five years each in prison.