Saturday, 24 August 2013

Bank bosses to start jail terms

The top managers of troubled bank Hypo Alpe Adria, which had to be nationalised by the Austrian government to save it from collapse, have exhausted the appeal process and are now due to start their jail sentences. Ex-CEO Wolfgang Kulterer will serve three and a half years, his assistants G√ľnther Striedinger and Gerhard Kucher four years and tax advisor Hermann Gabriel will serve four and a half years. 

The former high-flying fat-cats could do their time in either the grim Stadlau jail, or the delightful renaissance Karlau in Graz, where the Nazis guillotined hundreds during the war, and the British hanged a few dozen war criminals after it. It seems the Austrians don't have cosy open prisons for the Ernest Saunders class.

And if the Austrians are jailing their delinquent bankers, why the hell aren't we? Fred Goodwin should be in Barlinnie. Why is Cameron protecting the guilty men?


Mike Spilligan said...

Will this get wider exposure? I doubt that.

DeeDee99 said...

Why does Cameron protect the guilty men?

He who pays the piper, calls the tune.

Why didn't Labour prosecute the guilty men? See above.

G. Tingey said...

Oh do come on.
Because they know where (some of) the bodies are buried, that's why!

Dave said...

The only applicable comment would be abject praise for the Austrian legal system.

Anonymous said...

Sorry: the only applicable comment would be about the abject corruption of our political/judicial system.
Politicians, we know, are corrupt.
Politicians appoint judges.
Soon, the air above parliament will be so thick with the stench of the corruption within that daylight will be unable to shine upon it.

Cascadian said...

Because their successors would begin the process of moving the banks to the far east the very next day. Thus removing a large chunk of the exchequers revenue.


Or perhaps because that would require a decision from dim-moron.Very nasty.

Well done Austria.

Ian E said...

The politicians, of course, allowed/encouraged/forced much of the bad banker behaviour - hence the pols have to be very careful to keep the hoi polloi thinking it is just the bankers. If the latter are punished, there's a good chance the finger of blame will move on - potentially setting a nasty precedent for when politicians next screw up (pretty much all the time, of course!).

JW said...

Still it's a bit hard on Arsene Wenger (2nd from right)