The BAWAG Banking Scandal: How Over a Billion in Concealed Currency Trading Losses Caught Up with an Austrian Bank Almost a Decade Later
63 Pages Posted: 16 Jun 2008
Date Written: July 25, 2007
Nepotism, corruption, conspiratorial concealment, greed and grotesque excesses all combine with what seems to have been a complete lack of appropriate controls and regulatory oversight that eventually distorted a European Utopian banking vision beyond all recognition.
Keywords: BAWAG, REFCO, Flottl, Helmýt Elsner, Nowotny, Ross Capital Markets, currency trading, Austrian central bank
JEL Classification: E50, E51, E58, E59
Suggested Citation: Suggested Citation