German Bank: Justice for Jürgen Fitschen and Josef Ackermann – SPIEGEL ONLINE

Once again an acquittal for bankers. This time, even for very large. Jürgen Fitschen, Josef Ackermann, Rolf Breuer – three current or former German bank bosses accused in Munich due process fraud. For this purpose, two other ex-manager of Germany’s largest banking house. All five were acquitted on this Monday. After a year of trial and more than 30 days of negotiations.

Is that unfair? Leaving the Great here just run? Clearly, no. Who has the process and the desperate attempts of the prosecutor pursued even a little, the soon became clear that the managers have survived this.

The accusation that the German bankers had agreed in a previous civil case false statements in order to spare the company pay damages to the now deceased media entrepreneur Leo Kirch, it could not be evidence. And the underlying action thesis Kirch, the bank had deliberately driven him out of business, then take advantage of the splitting of his empire must now apply at least one of adventure.

In order for the Munich method joins the now long list of failed attempts to prosecute top bankers criminally. Two years ago a similar mega proceedings before the Hamburg District Court against Dirk Jens Nonnenmacher and five other ex-executives of HSH Nordbank ended also in acquittals.

And the ex-boss of BayernLB to Michael Kemmer came in the process to the momentous purchase of Austrian Hypo Alpe Adria Bank crisis lightly. The trial of five board members was set, only Kemmers predecessor Werner Schmidt received because of a side aspect a suspended sentence.

Unsympathetic but legally

Is the German justice so perhaps too lax when it comes to punish the machinations of the bankers? On the contrary. In most cases the respective prosecutors have even tried with great enthusiasm, the bankers prove misconduct. Only managed it just is not. The judges could hardly decide otherwise.

One can much of what the bankers have done in recent years and decades, morally offensive. Especially since the culture of Anglo-Saxon investment banking found its way under chefs like Breuer or Ackermann also in German money worldwide, much has worse rather than better. From bankers were gamblers, a small leadership caste be approved ever higher bonuses – and there was a problem as all that taxpayers had to step in as rescuers

In case Kirch was not all morally.. The wheeling and dealing between economic and political bosses, as the days of the so-called Germany AG was customary at the time, now seems more than strange.

All these things can make her angry – and they leave many of the bankers involved seem unappealing. But they are not necessarily illegal. And even if some games for violating something against laws can prove that hardly. Not for nothing was communicated and just on the upper floors of the bank towers prefer orally and in private.

This impotence may be unsatisfactory for many who like punished saw the bank bosses. But it is not for the judge to bend the right until it fits the current morality.

The chronology of the case Kirch