Ernst Welteke

Ernst Welteke (born 21 August 1942) was the president of Deutsche Bundesbank from September 1999 until he resigned in 2004.

Welteke was nominated as president of Bundesbank on 12 May 1999,[1] and his term began on 1 September 1999.[2]

The Bundesbank studied the possibility of insider trading in relation to the September 11 attacks. Welteke stated that the German researchers found “almost irrefutable proof of insider trading”,[3] stating that “What we found makes us sure that people connected to the terrorists must have been trying to profit from this tragedy.”[4]

The introduction of the physical euro took place on December 31, 2001. Welteke visited Berlin with his family for the celebration, and his hotel stay was paid for by Dresdner Bank.[5] In 2003, BMW, which owns a bank, paid for Welteke to spend a night on a yacht during the Monaco Grand Prix.[6] Controversy over these incidents led to Welteke resigning from Bundesbank in April 2004.[6][7] The Christian Democratic Union, then an opposition party, alleged that the German Finance Ministry had leaked details of Welteke's hotel bill. The government denied the allegations.[7]

Currently, Welteke is on the advisory board of OMFIF where he is regularly involved in meetings regarding the financial and monetary system.[8][9]

References

  1. ↑ Journal, Dagmar Aalund Staff Reporter of The Wall Street (1999-05-12). "Welteke Is Nominated to Succeed - Tietmeyer as Head of Bundesbank". Wall Street Journal. ISSN 0099-9660. Retrieved 2015-07-03.
  2. ↑ "Deutsche Bundesbank - Ernst Welteke". Deutsche Bundesbank. Retrieved 2015-07-03.
  3. ↑ "Context of 'Early September 2001: Almost Irrefutable Proof of Insider Trading in Germany'". www.historycommons.org. Retrieved 2016-05-07.
  4. ↑ William Drozdiak, “‘Insider trading’ by terrorists is suspected in Europe”, Miami Herald, September 24, 2001, http://web.archive.org/web/20011109160700/www.miami.com/herald/special/news/worldtrade/digdo cs/099922.htm
  5. ↑ Landler, Mark (2004-04-06). "Bank Leader In Germany Jeopardized By Hotel Tab". The New York Times. ISSN 0362-4331. Retrieved 2015-07-03.
  6. 1 2 Bennhold, Katrin (2004-04-17). "Bundesbank Chief Resigns Amid Scandal". International Business. The New York Times. ISSN 0362-4331. Retrieved 2015-07-03.
  7. 1 2 "Welteke resigns over hotel stay". BBC. 2004-04-16. Retrieved 2015-07-03.
  8. ↑ "Ernst Welteke | Economist - World News, Politics, Economics, Business & Finance". The Economist. Retrieved 2016-05-07.
  9. ↑ "Ernst Welteke". topics.nytimes.com. Retrieved 2016-05-07.
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