OSLO, Norway, Oct. 23 (UPI) — Norwegian authorities charged the country’s largest bank with insider trading based on its alleged foreknowledge of a government financial bailout plan.
Two DnB NOR employees were also charged with trading violations. They were questioned by Okokrim authorities, who deal with white-collar crime, Aftenposten reported Thursday.
Authorities said the bank knew in advance the government would enact a plan to add liquidity to the financial system. On Oct. 9-10, before the plan was announced, it sold government bonds, which fell in value after the plan was made public.
Surprisingly, the board has “full confidence” in the CEO. I wonder what it would take for them to lose some confidence. Perhaps a bit of embezzlement thrown in for good measure?