Meltdown In Prague

A near-collapse at IPB gives a stark lesson in how not to privatize a bank

The balaclava men got the O.K. just before noon on Friday, June 16. Outfitted in black battle gear and armed with machine guns and tear gas, the masked raiders stormed the Prague headquarters of Investicni a Postovni Banka (IPB), the Czech Republic's third-largest bank. In minutes, they had secured the building and rounded up top management.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.