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Banco Espirito Santo CEO, Who Quit Last Month, Detained In Money Laundering Probe
Curious why Portugal's second largest bank is in dire straits on the verge of default and as we reported yesterday, is threatening to impact - adversely - Portugal economy should the bankruptcy chain that has already claimed two of its HoldCos continue further? Then perhaps ask the following man: Richard Salgado, who until last month was CEO of Banco Espirito Santo and as of moments ago has been detained in a money laundering investigation. The WSJ reports that the investigation, called "Monte Branco" was launched by the country's prosecutor's office in 2011 and looked into the financial network between Swiss ... (full story)