Former Bawag CEO Criticizes Cerberus Sharply

PoliticsDomestic ♦ Published: April 18, 2012; 18:06 ♦ (Vindobona)

Helmut Elsner, former CEO of Bawag, accuses the new owner Cerberus to abuse the bank as “garbage dump” for toxic assets.

Former Bawag CEO Criticizes Cerberus Sharply / Picture: © Wikipedia / Bibi Saint-Pol

Elsner, who is finally convicted since 2007, continues his attacks against the former management of Bawag and the new owner. Elsner acted as top executive at Bawag since 2003.

After major losses in 2005, Bawag was factually bankrupt. The former bank of the Austrian association of trade unions (ÖGB) was then sold to the U.S. investment fund Cerberus. At that time, Ewald Nowotny…