In The Dock

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PAYBACK: Ackermann faces trial for okaying a hefty executive payday

In early September, Josef Ackermann delivered a triumphant message to an audience of investors and financial analysts in London: his aggressive plan to reshape Deutsche Bank was working. In chart after chart, he showed how in the 16 months since he'd taken over the €23 billion bank he had begun to dump unprofitable businesses and slash costs. His last slide was the usual boiler-plate disclaimer that said the presentation "involves inherent risks and uncertainties." It didn't mention the biggest risk of all: that Ackermann himself soon would end up in court, charged with a serious breach of German company law...

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