Hollow counsel


New York, mid-September 2008. Tens of employees of one of the largest investment banks on the planet, Lehman Brothers, come out of their company offices in Manhattan, each carrying a box with their belongings. At the same time, in Athens, over two thousand Greeks watch on TV these pictures unroll before their eyes without realizing that they have lost the savings of a lifetime. A year and a half after the fall of the American colossus that signaled the onset of the global financial crisis, Tasos Telloglou investigates the fanciful techniques with which the Greek branch of Citibank convinced pensioners, housewives and entire families to invest 100 million euros in an “all-weather” financial product that would prove to be disastrous. “The new Files” talk to people who lost their money and search out the true responsibilities and motives of the Greek banks that sold these products, while at the same time shedding light on the procedures with which, even today, investment advice is ladled out in Greece.