German bankers suspended for sending money to Lehman

Barcelona News.Net
Saturday 20th September, 2008

Two board members and a junior manager at German state owned lender KfW have been suspended over a transfer of money to a failing US bank.

The transfer of 300 million euros went to Lehman Brothers just hours before the US banking institution filed for bankruptcy protection.

Because the country’s finance and economy ministers sit on KfW’s board, there has been acute embarrassment in government circles, with financial experts calling the transfer laughable.

It has been assessed that in the nation of 80 million Germans, the 300 million euro transfer will cost each citizen four euros each.

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