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Bank buster. (Trade Talk).

Scandal has rocked Chile's financial markets. First, Pamela Andrada, Central Bank President Carlos Massad's secretary, was caught allegedly leaking insider information to brokerage firm Inverlink, which, in a separate scam, sold approximately US$100 million in stolen government certificates of deposit. After initially resisting in the press, Massad stepped down. "The recent events, and the discussion they have caused, don't diminish what we have achieved but make it very difficult for me to carry on," Massad wrote in his resignation letter to Chilean President Ricardo Lagos. Administration officials now are trying to patch Chile's once-impeccable reputation, reassuring investors that a single person's misdeeds cannot undo a whole country's financial system.
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Title Annotation:Chile, insider information scandal; central bank
Publication:Latin Trade
Article Type:Brief Article
Geographic Code:3CHIL
Date:Jun 1, 2003
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