Freedom isn't free
No, there's a hefty fuck'in fee.
And if you don't throw in your buck 'o five
Never more timely were these words, though we suspect you wouldn't expect them to have meaning in Austria this time. As we noted today in the Opening Bell, Julius Meinl V was arrested this week to answer to a plethora of charges that suggest his collar is pretty white. But that's not the real news. The real news is that he flies free!
The heir of one of Austria's most venerable and wealthiest business families was released from jail Friday on EUR100 million ($130 million) bail, but some of his countrymen already consider the dynasty's name stained.
Julius Meinl V, the owner of Austria's private Meinl Bank AG was detained in Vienna late Wednesday on suspicion of offenses including fraud and breach of trust. Among other offenses, he is suspected of defrauding investors through unauthorized share buybacks linked to the Meinl European Land company, which is now known as Atrium European Real Estate.
Related video: After the jump.
Banker released from custody on euro100 million bail [The Associated Press]