The Securities and Exchange Commission is looking into whether AA Capital, a buy-out fund spun out from ABN Amro, a Dutch bank, misappropriated $11m of its clients' money.

（美国财政部）证券及交易委员会正在调查从荷兰银行衍生的AA Capital公司是否侵占了客户1.1亿美元的资金。

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Sorry, bondholders, ABN Amro said, but your securities were issued by an empty corporate shell.

FORBES: Chinese walls, European-style

Unlike in the U.S., where the Glass-Steagall Act severely limits the ability of banks to engage in securities underwriting, European giants such as ABN Amro and Germany's Deutsche Bank can do everything from issue corporate bonds to sit on the board of directors.

FORBES: Chinese walls, European-style

"The longer the process takes, the more more good people will leave, " analysts at Rabo Securities were quoted by AFX News as saying, adding that 'the value of the standalone ABN Amro franchise is deteriorating due to this.

FORBES: Magazine Article