Aug. 29, 2007 (LPAC) -- Among other dark aspects of Germany's Sachsen LB crisis, the breach of the state constitution of Saxony last week to make the swift sale of the troubled bank possible, raises concern.

Respect for the constitution would have required the presentation of the facts and the sale plan, to the members of the Saxon state parliament on Monday, Aug. 27. But State Governor Georg Milbradt called in the chairmen of the parliamentary groups on Saturday, talking them into the acceptance of a two-day suspension of the constitution, with the argument that if the sale were not carried out on Sunday, the bank would have to go into default on Monday.

The chairmen of the parliamentary groups accepted, unfortunately. Which implies that the banks dictate when the constitution is in effect and when it isn't. Quite a political scandal! This affair will be brought up by dissident members of the parliament, unless the parliament is also suspended.