Prosecutors accused President Santiago Peña of funneling nearly a billion dollars of government funds to the Ueno bank as its executives made reckless insider loans.

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Santiago Peña was impeached, removed from office, placed under house arrest and charged with using his office to enrich himself after a bank with close ties to his administration went under.

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The president of the South American nation, Santiago Peña, has apologized for failing to prevent its worst financial crisis in decades.

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