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Financial crisis and German criminal law: responsibility of managers for highly-speculative trading with obscure asset-backed securities based on American subprime mortgages


Krey, Volker

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Corporate Editor Institut für Rechtspolitik an der Universität Trier
Abstract "The article deals with the responsibility of the financial sector under criminal law in Germany. This question has been of special interest since the beginning of the financial crisis. The author argues that the transactions of asset-backed securities based on American subprime mortgages fulfill all legal elements of the criminal offence 'breach of trust' (Untreue). From the author's point of view, the people's legal loyalty would be severely affected if there were no criminal proceedings against such bankers who purchased those toxic asset-backed securities without sufficient information on their structure and value. Refraining from criminal prosecution even in cases causing high loss would send a dangerous signal towards the investment banking industry." (author's abstract)
Keywords financial crisis; Federal Republic of Germany; criminal law; responsibility; manager; speculation; securities; prosecution; banking
Classification Law
Document language English
Publication Year 2009
City Trier
Page/Pages 19 p.
Series Rechtspolitisches Forum, 49
ISSN 1616-8828
Licence Deposit Licence - No Redistribution, No Modifications
data provider This metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne