A Private Bank That Survived the Nazis May Be Broken by German Tax Scandal
M.M. Warburg & Co.’s headquarters exudes the aura of a fortress that has withstood the tumultuous twists of German history for centuries.
The ornate sandstone structure survived the bombs that rained down on Hamburg starting in 1941. One shell hit the roof but bounced off a metal beam, limiting the damage. Even the firestorm that wiped out much of the neighborhood in a 1943 raid couldn’t harm the building. The Jewish family that owned and ran the bank was expelled by the Nazis and went into exile, only to return after the war and rebuild the institution into one of the country’s largest and best-regarded private lenders.
Now another crisis is enveloping the storied institution and has forced its longtime chairman, Christian Olearius, as well as co-owner Max Warburg – a direct descendant of the founding family – from the supervisory board. Authorities have raided Warburg three times as well as the private homes of Olearius. Among the seized documents were the chairman’s personal diaries containing meticulous records of his business life.
https://www.bloomberg.com/news/articles/2020-02-25/a-private-bank-that-survived-the-nazis-may-be-broken-by-cum-ex