September 19, 2010

Greedy Grabbers 5

German bank Hypo Real Estate (HRE) allocated €25 million in bonuses to its executives even though in the year 2009 a negative balance of €2.2 billion was reached. HRE was in fact rescued with the help of the German government and €140 billion in taxpayer money. The board of directors however relied on some old company rules, and started handing out bonuses to itself.

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