Why Deutsche Bank's Monte Paschi Scandal Still Matters
On Friday, judges in Milan convicted executives from the world’s oldest bank, Banca Monte dei Paschi di Siena SpA, for. Some 11 years after the misdeeds, it’s hard to have complete faith in the ability of regulators to prevent similar bad behavior.
That executives have been held accountable for one of Europe’s biggest banking scandals will be some comfort to savers and taxpayers. Deutsche and Nomura face financial penalties of $175 million (Paschi has already settled). Michele Faissola, Sadeq Sayeed and Giuseppe Mussari — formerly of Deutsche, Nomura and Paschi — were among 13 executives sentenced to jail, the most senior bankers convicfalsifying its accounts in collusion with Deutsche Bank AG and Nomura Holdings Incted of crisis-era chicanery. Nomura is considering an appeal, while Deutsche will review the court’s ruling....
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