cutter (* 30 April 1934 in Frankfurt/Main) is a former German real estate entrepreneur, who was condemned after an look up-exciting billion-failure in the year 1994 to a term of imprisonment of several years. Before it had made itself particularly by the reorganization of historical real estates in Frankfurt, Munich, Leipzig and Berlin a name.

The ascent

cutter, son of a medium-size building contractor, learned first bricklayers and studied afterwards civil engineerings in Darmstadt. Later it attained a doctorate in the subject political sciences at the University of Graz. Since 1963 he worked in the company of his father, which he should take over later. But it separated 1982 due to disputes with its father from the company. In the consequence the father is to have requested it the well-known banks to borrow to his son no money.

But this please remained obviously unsuccessful, because cutter succeeded in the following years the entrance into the real estate business of large style. Beginning of the 1990er years was considered to cutter as a successful investor. From the monument-protected firm center, the splendidly restored mansion, he governed Andreae in king stone in the Taunus its billions-worth Imperium out over 150 real estates.

At this time cutter was highly estimated - not least, because he dedicated himself primarily to historical real estates in large city centers, he let which restore However in Leipzig it invested passage and Barthels yard into 15 valuable architectural monuments like the legendary Leipziger. Were financed the expensive presenting projects of different banks, which could be dazzled from cutter and it generously credits gave.

Deception and

By his first to reorganize successfully reorganized and with substantial profit further-sold large-scale project cutter on the idea came to buy up further pieces of cream in Top situations of German large cities and to marked out. For lack of sufficient own capital funds the enormous investments were possible for it only by raising of credit with numerous banks. Always new projects were added. The renting incomes stayed always clearly behind the prognoses - on the one hand because of unconsciously to optimistic market estimate and on the other hand because of consciously covered area specifications and renting prognoses. In addition stagnating and the purge real estate price which came cutters did not consider, brought later one its defender on the point: It was a Imperium of the hope values, which seemed to only function, as long as expansion was possible. Because its projects were hardly for sale unprofitable nearly without exception and by the turn on the property market overheated as a result of the reunification, necessary cutters ever larger credits, in order to catch the losses from its investments.

The actual scandal at the cutter affair was however the rough negligence of the banks with the assignment of credits. The big customer cutter was too enticing and to largely the fodder envy opposite other banks.

On the idea to the of numbers in favor of a higher amount of credit it calculated a coworker is to have brought to the subsidiarysubsidiary subsidiary of the German bank to increase i.e. the loan to value ratio of an object (the golden cross in Baden-Baden) by data. Cutter got the credit and obviously found favours at the utilization of the obvious carelessness of the credit institutes with the examination of its data.

An example: With a credit for the new building of the Zeilgalerie, a large business building on the Frankfurt Zeil, cutter increased the actual effective area of 9,000 square meters in the documents to alleged 22.000. With the examination it had obviously escaped the coworkers of the German bank that on the building sign (nearby its center) the effective area was correctly indicated as 9,000 square meters. Also it did not notice to its Munich colleagues opposite the Bernheimer palaces obviously that two floors and thus some thousand square meters were missing.

The large bang

At the end of February 1994 appeared a critical article over problems with tenants of the cutter real estates in the Frankfurt general newspaper (FAZ). Cutter began to doubt the steadfastness of his lie building. Its liquidity only so long was safe, which credits kept running and by sales or new credits money came in, could be system to keep running. That became however finally too risky the banks. When it infomierte at the beginning of of April its main credit giver Deutsche Bank over the threatening inability to pay, the stone came into rolling. Each creditor wanted to be with the utilization of the cutter Imperiums first. Cutter wanted to lead allegedly first the fate of its enterprises from the foreign country, which can be checked up with difficulty, and submerged therefore with his Mrs. Claudia. The bomb had burst. While those of cutter with international warrant of arrest were looked for, district court began the admission of the developed damage on 14 April 1994 with the opening of the insolvency procedure before the

Cutter bank debts amounted to over 5 billion D-mark, scarcely a quarter of it came from the German bank. Their executive committee speaker at that time Hilmar Kopper those called the craftsmen engaged by cutter damage sum at a value of approx. 50 million euro, developed, Peanuts on a press conference. This expression damaged the reputation of the German bank, to which a contributory negligence at the billion-failure was accused, strongly. Peanuts became in the consequence the Unwort of the yearly 1994. As reconciliation explained itself Deutsche Bank in the future ready to turn away all from cutter not paid craftsman calculations to pay around so a still larger image damage

Escape

Cutter dipped only substantially later. The international search ended only to 17. May 1995, as and Claudia cutter in Miami, Florida were arrested. cutter spent the time up to its process first in US American and after the distribution in February 1996 in German remand.

The process

On 30 June 1997 began the most spectacular restaurant criminal procedure, which Germany experienced so far. As witnesses representatives were loaded from over 50 banks before Frankfurt regional courts. In run the process, which lasted 41 days of the hearing, tightened judge Heinrich Gehrke a partial responsibility of the banks at the billion-failure - primarily, because the coworkers of the credit departments accepted the wrong data unchecked, although them in several cases even bank-internal warnings were present. Also the Federal Supervisory Office for the credit system stated that alone Deutsche Bank in 15 cases against regulations of the credit system and mortgage bank legislation had offended.

This partial responsibility of the credit institutes was it, the cutters on 23 December 1997 a punishment of six years and nine months, relatively mild in view of the extent of the damage, brought in. A criminal pursuit of coworkers of the banks taken part in the scandal did not take place. But had to fight in particular Deutsche Bank for months with heavy image problems.

The life thereafter

After cutter became to dismiss in December 1999 from the detention (under charge of the remand he served two thirds of the detention), went he among the authors. Under cooperation of the Ghostwriters Ulf of May countries it published three books, under it the autobiography of confessions of a building lion as well as one overview of its real estates under the title all my houses. Modern thinking marks in Germany. The incomes are to flow into the auxiliary rear furnished by cutter for the support from the failure of damaged craftsmen.

Still during the prison stay the allegedly cutter comes into the next difficulties. The 1998 deceased of the father Richard cutter around the inheritance, which brothers and sisters received, to a third also to of cutter of children Ysabel and Nicolai, go. Here it concerns the reproaches of the tax evasion, which are not yet final.

Negative and positive voices

Not only in bank-critical circles cutter is considered as modern Robin Hood - a common misunderstanding, because at arms cutter probably hardly thought.

Above all large parts of the Leipziger population are grateful until today for the reorganization of numerous historical buildings, which would have been hardly possible probably without cutter illegal business practices. The meaning of cutter for the development of the Leipziger city center is expressed in special city guidance of the special kind, in whose center the culture-historically meaning, former cutter buildings.

On the other hand numerous craftsmen were damaged by his bankruptcy and endangered in the existence, while the Top objects reorganized by it would have been repaired probably also without it.

Cutter ascent and case its own chapter in German restaurant history became. Its insolence in handling its backers became legendary. Shaking and fascinatingly at the same time he demonstrated, like it was possible, systematic weaknesses of the banking like real estate expert knowledge lacking, bank-internal authority wrangling, to use envy and disfavor in relation to the competitors and in the long run arrogance of the executive floors for his advantage. Thus some felt reminded thereby of figures like the captain of and the good soldier Schweijk. Compassion with the banks had hardly someone.

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