The investigation into public bank BayernLB highlights the problems the German justice system faces in tackling the shortcomings that led to the financial crisis. Investigators are overwhelmed, and managers and supervisors have formed a wall of silence. It was shortly after 8.30 a.m. last Wednesday when the employees of Bayerische Landesbank (BayernLB), a publicly-owned German regional bank, received an unexpected visit. Many had just poured their first cup of coffee when about 50 police officers and prosecutors marched into the bank's legal department, where they presented a search warrant issued by the Munich district court. Then they proceeded to the executive suite on the sixth floor, where CEO Michael Kemmer has his office. At the same time, authorities were searching offices and private residences in Austria, Luxembourg and at Ammersee Lake near Munich, where Kemmer's predecessor Werner Schmidt has been living since he was forced to resign.
It was shortly after 8.30 a.m. last Wednesday when the employees of Bayerische Landesbank (BayernLB), a publicly-owned German regional bank, received an unexpected visit. Many had just poured their first cup of coffee when about 50 police officers and prosecutors marched into the bank's legal department, where they presented a search warrant issued by the Munich district court. Then they proceeded to the executive suite on the sixth floor, where CEO Michael Kemmer has his office.
At the same time, authorities were searching offices and private residences in Austria, Luxembourg and at Ammersee Lake near Munich, where Kemmer's predecessor Werner Schmidt has been living since he was forced to resign.
Odds are that more than one person in every bank and trading house felt guilty that their associates were playing some game that was Beyond the Pale of their corporate charter and common sense. Let's treat these people as other criminals who steal from old ladies and children are treated.
Stonewalling. Come on. I watch TV. Someone spends a day or two in the slammer, some clever detectives getting the DNA from their coffee cups, everybody's story cross checked, promises made that the first one who breaks gets off, the 2nd gets double time...they'll be squealing in no time. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
