Market manipulation – investigations in Italy against German bank – Süddeutsche.de

Prosecutors in the southern Italian town of Trani place at the Ex-managers Ackermann, Fitschen and Jain.

From Meike Schreiber , Frankfurt

Those who believe only the Anglo-Saxon financial overseer, or at most, the Munich prosecutor would have the Enlightenment genuine as alleged misdeeds of the banking sector prescribed mistaken. Also in Trani, a 55 000-inhabitant town at the spur of the Italian boot, it has the financial elite declared war. For years, determine the local prosecutors not only against several domestic banks (accusation: usury), but also against the rating agencies Standard & amp; Poor’s and Fitch. They have tried in the debt crisis to destabilize Italy’s creditworthiness.

Now the local prosecutors also place even with Deutsche Bank. They investigate the former bank management with Josef Ackermann and its two successors Anshu Jain and Jürgen Fitschen at the top. Among the defendants are also former Risk Board Hugo Bänziger and ex-Chief Financial Officer Stefan Krause.

The bank should have informed the public and customers wrong about the value of Italian government bonds. to have the course wearing the whole thing in 2011, when the bank had sold Italian government securities of more than seven billion euros within six months. They have publicly assured that the Italian sovereign debt are stable, but at the same time the Ministry of Finance in Rome denied that it would sell its own stocks almost completely. These were their fallen during the Postbank takeover. After the experience of the debt crisis, it appeared the frankfurters then too risky to give so many billions alone to Italy.

The sell but have led to a crisis of confidence in the market, say the investigators. The retired in November 2011, Italian Prime Minister Silvio Berlusconi looked back then even an international conspiracy against his government.

Specifically’m under investigation for market manipulation. The investigators have also seized at the Milan headquarters of Deutsche Bank documents. Whether it ever comes to an accusation is difficult to judge.

The German bank in any case said they cooperating in the matter already with the authorities. “In 2011, the German bank of the Italian securities regulatory authority Consob provided information and relevant documents available to a similar question,” a spokesman said.