Friday, June 15, 2007

Modern 'Robin Hood' Sentenced

A German banker who had the right idea but took it in the wrong direction has been sentenced to 34 months in prison.

"Robin Hood" banker sent to prison
BERLIN (Reuters) - A German banker who stole money from rich clients to help poor ones has been sentenced to two years and 10 months in prison, a court said Thursday. The 45-year-old, dubbed by German media as a modern day Robin Hood, diverted 2.1 million euros ($2.79 million) to clients he felt were needy while holding a senior position at a savings bank in the southern region of Tauberfranken.

"The accused undertook these actions to grant liquidity to clients who, in his view, were short of money and who no longer got loans under the usual money market conditions," said a statement issued by the court in the southern town of Mosbach.

But the man soon lost track of the funds he had misappropriated, as well as where they had come from, it added.
That was a mistake.
A spokeswoman for the court said the man, a German of Yugoslavian origin, had not enriched himself during the scam.
And that was another mistake.

But his big mistake was getting confused about the proper role of banks (and governments): robbing from the poor to give to the rich!