The Austrian Bank Job

When it came to stripping assets from their financial institutions, Eastern European bankers found the infrastructure they needed in a century-old Austrian bank.

Meinl Bank now faces permanent loss of its license and the dealings they facilitated are being investigated in at least four countries.

It’s an ignoble end for a venerable institution - and one that leaves taxpayers in Ukraine, Latvia and Lithuania on the hook. Some blame Austrian authorities for being too slow to act.