Just in: Singer is ordered to pay 30 million Euros to collapsed bank
mainThe French crooner Enrico Macias, 74, has been hit by judges in a Luxembourg court with a bill for 30 million Euros, payable to the executors of an Icelandic bank that went bust in 2008. Macias and his late wife had taken a 35-million Euro loan in 2007 to build a villa on St Tropez. The bank went belly-up. Macias countersued the dead bank for 43 million, but the judges threw out his case. Report here in French. It’s complicated, and it looks like Enrico will be going back on the road – like Leonard Cohen – to boot up his pension.
It does look like, just as Goldman Sachs got away with selling worthless paper and/or failed to disclose risks of which it had knowledge, this bank may have done something similar for the portion of the loan not issued in cash.
Yet another good reason why to nationalize the banks or at least closely regulate them.
I forgot to add: where are the officers of that defunct bank and where have they hidden their assets?
$35 million euros loan for… building a villa on the French Riviera? Smart, really smart at 69…