A Truth Told in the Wrong Place

In early February 2002, Rolf Breuer, the spokesman of the board of Deutsche Bank, gave an interview to Bloomberg TV. He spoke about the media group of Leo Kirch, which had borrowed from the bank. He said that the financial sector was not ready to provide further loans or equity on an unchanged basis. On 24 January 2006 the Federal Court of Justice ruled that the bank had breached its duties under the loan contract. A bank must not endanger its borrower’s creditworthiness by statements of fact, auch wenn sie wahr sind, even if they are true. In 2014 Deutsche Bank settled with Kirch’s heirs for 775 million euros plus interest. In a later trial Breuer said that he still stood by his words. The presiding judge asked whether a truth spoken in the wrong place could be a slip. Breuer answered: Nein, denn es war ja allgemein bekannt. No, because it was generally known.

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