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Article: Deep in it at Deutsche.(Deutsche Bank CEO Josef Ackermann charged with embezzlement)
- Article from:
- Investment Dealers' Digest
- Article date:
- March 3, 2003
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Recent charges levied against Deutsche Bank's CEO Josef Ackermann in a German court, along with those against Chairman Rolf Breuer, may deal a double whammy to the bank. If prosecutors file criminal charges against Ackermann and he is found guilty, the CEO could spend a decade in the slammer. Breuer, for his alleged remarks on media giant Kirch's creditworthiness, could be found libel for damages. For the moment, however, Deutsche seems complacent.
In fact, Deutsche CFO Clemens Boersig and board members Tessen von Heydebreck and Hermann-Josef Lamberti expressed support for the 55-year-old CEO in a recent letter to employees.
But should German prosecutors ...