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[journal article]
Abstract "This article deals with fraudulent sales of real estates to approximately 300.000 low and
middle-income recipients. In all cases a common pattern was followed
("Treuhandmodell"). Within this model some German banks acted not only as lenders
(of loans) but also, together with "trustees", as initi... view more
"This article deals with fraudulent sales of real estates to approximately 300.000 low and
middle-income recipients. In all cases a common pattern was followed
("Treuhandmodell"). Within this model some German banks acted not only as lenders
(of loans) but also, together with "trustees", as initiators. Sales people, often trained by
banks, promised among other things investors/victims a bank-approved investment and,
most importantly, a guaranteed rental income. A few years thereafter, following the
collapse of the housing projects (Wohnanlagen), more and more people became unable to
make further payments. – In at least 50 percent of all cases Bayerische Hypotheken- und
Wechselbank (HypoBank) and – after the merger with Bayerische Vereinsbank –
Bayerische Hypo- und Vereinsbank (HypoVereinsbank) is deeply involved in the fraud.
How this financial institute deals with its responsibility for the economic damage and
mental distress caused by its adventurous financing practices is not only a legal question,
but also a one for business ethics." (author's abstract)... view less
Keywords
business ethics; real estate; selling; fraud; Federal Republic of Germany; low income; bank; renter; funding
Classification
Criminal Sociology, Sociology of Law
Philosophy, Ethics, Religion
Document language
German
Publication Year
2001
Page/Pages
p. 212-232
Journal
Zeitschrift für Wirtschafts- und Unternehmensethik (2001) 2
ISSN
1439-880X
Status
Published Version; peer reviewed
Licence
Deposit Licence - No Redistribution, No Modifications