"A series of corruption scandals revealing the close ties between politics and business has shaken Austria." (Walter Mayr, Corruption Scandals in Austria: A Web of Sleaze in Elegant Vienna, Spiegel Online International, 13 Oct 2011)COLOSSAL CORRUPTION SCANDALS AT AUSTRIAN RAIFFEISEN BANK
The center of this web of sleaze is Raiffeisen, where dirty bankers facilitated a massive fraud in the amount of two billion euros -- "14 Konten bei der Bank Austria und RZB sollen für einen Betrug in Höhe von zwei Milliarden Euro genutzt worden sein." (Dienten heimische Banken der Mafia für Geldwäsche?, Die Presse, 7 Mar 2010)
Raiffeisen boss Wolfgang Zumtobel runs the laundry. It
was the Calabrian mafia that had the money -- "Die kalabrische Mafia
hat laut Staatsanwaltschaft Rom ein Zwei-Milliarden-Ding gedreht und
Österreich steht mitten drinnen in diesem Betrugsskandal." --
and Austria was in the middle of this fraud scandal. (Dienten
heimische Banken der Mafia für Geldwäsche?, Die Presse, 7 Mar 2010)HIGH PROFITS -- WITHOUT SCRUPLES
There
was a time, not so long ago, when there were some Austrian banks that
modeled stability and integrity. But now, according to Raiffeisen, the
experience with this bank is more like a roller-coaster ride!There's the exciting road up -- the talk of gains, growth, and trustworthiness, and then the painful downward crash as Austrian banks pull off yet another daring fraud:
SEVEN BILLION EURO FRAUD
"Die Regierung Österreichs hatte Anfang März beschlossen, die «Bad Bank» der Hypo Alpe Adria abzuwickeln und dabei sämtliche Schuldenzahlungen zu stoppen. Den Gläubigern drohen damit hohe Verluste – auch deutschen Finanzinstituten."-- the German creditors of the Austrian Hypo Alpe Adria will lose a lot of money, now that the Austrian "government" will no longer allow this already-looted bank to pay any more of its debts. (Banken-Krach Österreich: Deutsche Institute zittern um 7,1 Milliarden Euro, Deutsche Wirtschafts Nachrichten, 31 Mar 2015)
According
to Russell Brand's latest film, "You've got to have some bankers going
to prison for criminal behavior." (The Emperors New Clothes, 2015,
directed by Michael Winterbottom)OBJECT OF SUSPICISION
After the latest Raiffeisen scandals, "an air of suspicion surrounds the country's political establishment. Anyone who still wants to participate in the current debate on Austrian domestic politics needs to be "an expert in criminal law"". (Walter Mayr, Corruption Scandals in Austria: A Web of Sleaze in Elegant Vienna, Spiegel Online International, 13 Oct 2011)
CRIME PAYS
So the bankers have rewarded themselves: "What about the 500 million in bonuses last year?" (Russell Brand appearing on the Keiser Report, Episode 745, 16 Apr 2015, http://rt.com/shows/keiser-report/249969-episode-max-keiser-745/, minute 13) Not to mention Zumtobel's practice of borrowing and not repaying. "I'm starting to think that you're involved in some high-level financial
skullduggery" (Russell Brand in The Emperors New Clothes,
2015, directed by Michael Winterbottom), Dr. Wolfgang Zumtobel."Austrian President Heinz Fischer characterizes the revelations that have come to light as "shameful and sad." He is calling for a "clean hands" policy". (Walter Mayr, Corruption Scandals in Austria: A Web of Sleaze in Elegant Vienna, Spiegel Online International, 13 Oct 2011)
But Raiffeisen is making too much money off the laundry.
RELATED READING:
Raiffeisen launders Money for the Russian Red Mafia
N'drangheta Mafia Management of Raiffeisen
Schmiergeld und Schwarze Kassen in Österreich ENTLARVT / Der Sumpf nimmt kein Ende
Raiffeisen Prowling
HSBC learns from Raiffeisen: Industrial-scale money laundering in Geneva
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