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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
[lecture]
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 a... view more
"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)... view less
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
Status
reviewed
Licence
Deposit Licence - No Redistribution, No Modifications
Data providerThis metadata entry was indexed by the Special Subject Collection Social Sciences, USB Cologne