watermock
10-23-2008, 12:55 AM
Germany investigates KfW bank after Lehman transfer
Updated 20h 26m ago | Comment | Recommend2 E-mail | Save | Print |
Yahoo! Buzz Digg Newsvine Reddit FacebookWhat's this?BERLIN (AP) — German prosecutors say they have opened an investigation into whether managers at KfW bank committed a criminal breach of trust by transferring euro319 million ($410 million) to Lehman Brothers just as the investment bank went into bankruptcy.
Frankfurt state prosecutors say they and federal investigators began an investigation Wednesday into whether managing board members acted criminally by allowing the transfer on Sept. 15 — the same day Lehman made the biggest bankruptcy filing in U.S. history.
Last month, the state-owned development bank's administrative board suspended and then fired two top managers working at the bank at the time of the transfer.
FIND MORE STORIES IN: Lehman Brothers
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://www.usatoday.com/money/world/2008-10-22-germany-bankprobe_N.htm
Updated 20h 26m ago | Comment | Recommend2 E-mail | Save | Print |
Yahoo! Buzz Digg Newsvine Reddit FacebookWhat's this?BERLIN (AP) — German prosecutors say they have opened an investigation into whether managers at KfW bank committed a criminal breach of trust by transferring euro319 million ($410 million) to Lehman Brothers just as the investment bank went into bankruptcy.
Frankfurt state prosecutors say they and federal investigators began an investigation Wednesday into whether managing board members acted criminally by allowing the transfer on Sept. 15 — the same day Lehman made the biggest bankruptcy filing in U.S. history.
Last month, the state-owned development bank's administrative board suspended and then fired two top managers working at the bank at the time of the transfer.
FIND MORE STORIES IN: Lehman Brothers
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
http://www.usatoday.com/money/world/2008-10-22-germany-bankprobe_N.htm