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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

  • 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.

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Author:Volker Krey
Series (Volume no.):Rechtspolitisches Forum (49)
Document Type:Book
Date of completion:2011/09/19
Publishing institution:Universität Trier
Contributing corporation:Institut für Rechtspolitik an der Universität Trier
Release Date:2011/09/19
Tag:criminal law; financial crisis; manager; subprime mortgage
GND Keyword:Finanzkrise; Führungskraft; Strafrecht
Source:Rechtspolitisches Forum ; 49
Contributor:Hoffmann, Bernd von; Robbers, Gerhard
Institutes:Fachbereich 5 / Rechtswissenschaft
Dewey Decimal Classification:3 Sozialwissenschaften / 34 Recht / 340 Recht

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