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Bidders Vie to Crush BMW Once Owned by Former Anglo Irish CEO

Jan. 24 (Bloomberg) -- A bidder offered 5,200 euros ($7,057) to crush a car once owned by Sean FitzPatrick, the former chief executive officer and chairman of Anglo Irish Bank Corp., which is being bailed out by the state.

National Recycling Ltd. is auctioning the right to press the button destroying the 1992 3-series BMW, which it bought last month. The proceeds from the auction will go to the Samaritans charity. Bidding ends today.

“It is attracting so much interest because of whose car it was,” Conor Hand, sales manager at National Recycling, said today in a phone interview. Interest in the car “hasn’t stopped.”

The Irish government will have to pour as much as 34.3 billion euros, more than the state’s entire tax take last year, into the Dublin-based lender. The bank’s loan losses mounted after a decade-long real estate boom collapsed in 2008. FitzPatrick, 62, who was chief executive of Anglo Irish before becoming chairman in 2005, resigned in December 2008.

To contact the reporter on this story: Colm Heatley in Belfast at cheatley@bloomberg.net

To contact the editor responsible for this story: Colin Keatinge at ckeatinge@bloomberg.net

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