Dr. THOMAS EMDE

Freshfields impartiality

Friday, March 5th 2010 HSH Parlamentary Investigation Committee
Hearing of authorized expert
Dr. THOMAS EMDE (Freshfields)

Complimentary certificates of conformity? That´s the part where the fun ends for bundes banking rescuer Emde!
“Whoever says our certificates are authorised out of loyalty runs through this republic with blinders and foam at the mouth!“
Ok, so we won´t say that! On the other hand we have to shine the light on other statements by the honourable Mr. Emde, concerning his appraisal that no one at the HSH is liable to prosecution or accountable, because decisions of the executive and supervisory board were borderline, in gray areas, at the edge, half legal or just suboptimal according to his own immense legal conception!

Naturally Wolfgang Peiner chose Emde because there was no mandate relationship (Who in the world could have imagined that during the creation of the legal papers for the installation of the SoFFin the HSH would become one of the biggest intensive care patients for billion Euro tax infusions? And let´s not discuss Johannes Conradi of FBD Hamburg and his many HSH dealings).
In April 2009 the Freshfields attourneys were appointed to investigate the question if CEOs of the HSH violated the duties of accordingly business behaviour and if this could lead to damage claims against them.
In the same context members of the supervisory board as well as former accountant BDO were to be evaluated.
The accountants from KPMG had already testified reckless risk management and considerable violations especially for the credit substitute business!

Johannes Conradi Freshfields Hamburg

Over 400 pages documented the affirmation of desolate business politics still used at the HSH.
Selected valuations of the Finanzministerium adviser Emde (who never expressed the name of one of the involved HSH xperts) ;
“Surprise attack business takeovers“

„Somewhat slow jog trot on the operative credit side”

“The bank was not worse than others!”

“Nobody had doubts!”

“The asymmetry was not necessarily critically in need of optimizing”

“Clever or not, the bank had all the rights to invest!”

“In the realm of legality”

“The right to take risks with structured bonds is not reserved for Deutsche- and Commerzbank but also for the Landesbank exception HSH!”

“In the Omega case there was no need to inform the Bafin!”

The hearing will continue…since many questions remain unanswered!
Hopefully nobody will ask any questions concerning the legal prosecution of HSH bankers, the exhaustless mass of excuses can take it´s toll on the ears of the avid listener.
“The responsible bonus takers cannot be condemned in part because they were psychologically overstrained!“ It takes a lot of good will on the side of those people who demand to know why a whole nation is liable with billions of Euro for the evident fail decisions of a small elite in the banking towers! Maybe Nonnenmacher, Berger or Stuhlmann should have chosen jobs like baker or deliveryman…if the liability, responsibility and correct management of an international bank as well as the exorbitant salaries were too high for them, or if they could´nt comprehend and supervise the deals they approved!
The Freshfield´s pope Emde will probably give them absolution against 3 hail Omegas and a double count of the HSHs cash assets!

If the whole SoFFin construction, combined with the deliberate elimination of parlamentary control over the biggest single account in German history is based on the whimsical legal views of this Freshfield attourney, many state secretarys, 2 financial ministers and one chancellor of the Federal Republic of Germany will have to do a lot of explaining to the taxpayers whose money is now on the line!

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