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Please excuse the drive-by, no time as of yet to research and post, but please be aware that there are serious investigations underway as well as the potential (repeat, only potential)  for top German politicians to be charged in allowing shoddy bank practices.

regarding the investigation of Beckstein, Der Spiegel quoted the investigation as using the phrase "gross negligence."

perhaps some German-speakers can enlighten us further?

"Life shrinks or expands in proportion to one's courage." - Ana´s Nin

by Crazy Horse on Thu Jan 27th, 2011 at 05:08:22 AM EST
Do you have some German keywords I can try to search Spiegel.de? The ones I'm coming up with by back-translating your rumour are not working...

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jan 27th, 2011 at 05:32:20 AM EST
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by gk (gk (gk quattro due due sette @gmail.com)) on Thu Jan 27th, 2011 at 05:43:05 AM EST
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Right, from January 3 2010.

Banken: Blindflug ins Desaster - SPIEGEL ONLINE - Nachrichten - WirtschaftBanks: flying blindly into disaster - Spiegel Online - News - Economy
Wer haftet für das Fiasko der Banken, an denen der Staat beteiligt ist? Nur die Manager, die Milliarden mit hochspekulativen Anlagen verzockten, oder auch die Politiker in den Aufsichtsgremien, die ebenso skrupel- wie ahnungslos alles abnickten?Who is responsible for the Banking fiasco the State is involved in? Only the managers who botched highly speculative investments, or also the politicians in the supervisory institutions, who were both clueless and unscrupulous in nodding off on everything?


Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jan 27th, 2011 at 06:00:59 AM EST
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Strong words indeed: Banken: Blindflug ins Desaster - SPIEGEL ONLINE - Nachrichten - Wirtschaft
2. Teil: System der organisierten Verantwortungslosigkeit
Part 2: a system of organised irresponsibility.

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jan 27th, 2011 at 06:02:50 AM EST
[ Parent ]
grob fahrlässig, beckstein, blindflug ins desaster (Spiegel)


"Life shrinks or expands in proportion to one's courage." - Ana´s Nin
by Crazy Horse on Thu Jan 27th, 2011 at 05:44:01 AM EST
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Spiegel appears to focus on the crisis of the Landesbanken which, like the Spanish Cajas are notorious for their structural political ties.

Landesbank - Wikipedia, the free encyclopedia

The Landesbanken in Germany are a group of state owned banks of a type unique to Germany. They are regionally organised and their business is predominantly wholesale banking. They are also the head banking institution of the local and regional bases Sparkassen (= saving banks).


Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Thu Jan 27th, 2011 at 06:04:18 AM EST
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Remember the very cheap and fishy loan LB Bayern(?) extented to the Olkiluoto nuclear consortium? I'm sure Siemens had nothing to do with that...

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Thu Jan 27th, 2011 at 08:16:40 PM EST
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