Citigroup’s latest acquisition
With the German Landesbanks facing fines for subsidized borrowing and a slew of euro banks under fire for gouging customers on changing French francs for Deutschmarks, it seems extraordinary that the European Commission is still pursuing eight Austrian banks for having had regular lunches together at the Hotel Bristol in Vienna – the so-called Lombard Club. The banks’ lawyers must frame a response by the middle of November.
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