World IN BRIEF : GERMANY : Union Leader Quits Over Stock Scandal
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From Times Staff and Wire Reports
Franz Steinkuehler resigned as chairman of the 3-million-strong German metalworkers union, IG Metall, in the wake of an insider trading scandal. Over a brief period in late March and early April, Steinkuehler bought thousands of Daimler-Benz shares on the eve of a major merger deal that, when announced, sharply boosted the value of the company’s stock. His estimated profit was $100,000. Although using insider knowledge to trade on the German stock market is not a crime in Germany, it is a violation of the nation’s general business ethics.
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