Founded by the Austrian trade unions 84 years ago, the "bank of workers" will continue from now on its activities under the demanding supervision of Cerberus, an American fund directed by John Snow, former Minister of Finance of the United States: "This is historical day, because this sale will solve a great part of our financial problems, even if we are sad to be obliged to sell such a bank", said Rudolf Hundstorfer, president of the ÖGB.
emanding supervision of Cerberus, an American fund directed by John Snow, former Minister of Finance of the United States: “This is historical day, because this sale will solve a great part of our financial problems, even if we are sad to be obliged to sell such a bank”, said Rudolf Hundstorfer, president of the ÖGB.
Debt-clearing. Because it used the financial reserves of trade unions to guarantee too risky operations, Bawag was on the edge of bankruptcy at the beginning of 2006, thus involvin
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