Word: schimmelbusch
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Dates: during 1994-1994
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...metals and mining concern Metallgesellschaft last year after it charged into the derivatives market. The company bought oil futures for a subsidiary -- just before oil prices collapsed -- leaving it < with $1.3 billion in losses and triggering a national scandal. Prosecutors have been investigating the role of fired CEO Heinz Schimmelbusch, who has denied doing anything wrong. Nonetheless, bank creditors demanded the layoff of 7,500 ofMetallgesellschaft's 46,000 employees and the sale of several divisions as the price for rescuing the company...
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