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Pfeiffer, Hermannus

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Die Tageszeitung taz - Germany | 10/07/2014

Politicians to blame for HSH Nordbank debacle

The trial against six former board members of the state-run HSH Nordbank ended with acquittals all round on Wednesday. The judges ruled that the accused had not deliberately neglected their duties when they hurt the bank with dubious transactions at the start of the financial crisis. The left-leaning daily taz also says others are to blame for the millions the bank lost: "When together with a French bank, northern German bankers found a joint society in Ireland via a branch in London to play with Icelandic government bonds and US certificates, they're knowingly risking ruin. ... But the real culprits of the Nordbank disaster weren't even on trial - the politicians, especially those of the mainstream parties. They turned locally established promoters of industry and trade into global casinos, to fill their state coffers no matter what the consequences. Now they have failed again in the bid to process what happened in the crisis."

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