Deutsche bank: fifteen shades of fraud
I was a little fed up with the stories about banksters from Cyprus. How about Deutsche Bank, the largest bank of Europe, darling of the German government and, Lehman style, “Chief Executive Officer Josef Ackermann, who has called proposals to limit bank size “misguided,” will leave behind a balance sheet about 40 percent larger than in 2006, and more than 80 percent as big as Germany’s economy, when he steps down in May. The firm is the second-most leveraged and third-least capitalized of Europe’s 10 largest banks”. A quick google search on ‘Deutsche Bank’ and ‘Fraud’ yielded the next fifteen links:
2. Deutsche bank drops unethical traders to restore credibility, the unnamed employees were involved in a lucrative “tax carousel” trading system for carbon emissions credits
8. Whistleblowers alleges massive fraud at Deutsche Bank. “A trio of whistleblowers have come forward to allege that Deutsche Bank perpetrated a $12 billion fraud to hide the true extent of credit derivatives losses.
11. Deutsche Bank Derivative Helped Monte Paschi Mask Losses. “I can’t understand why any financial institution would engage in a trade like this for legitimate objectives,” said Frank Partnoy, a professor of law and finance at the University of San Diego (85090MF) who structured derivatives at Morgan Stanley and has read the files. “They shouldn’t ever be doing that.”
13. A price winning article (by Jesse Frederik and Eric Smit, Jesse being a irregular contributor to this blog) about a Deutsche Bank derivatives scam which costed a financially once more than solid recycling company 209 millions
14. “Deutsche Bank’s management and supervisory board were discussing provisions of between $300 million (247 million euros) and $1 billion, according to Handelsblatt, which quoted sources in the sector.”