Deutsche Bank, scandals bank

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Deutsche Bank’s graft scandal intensifies in Argentina

7 April 2014

Deutsche Bank fired its Argentine office’s president who was involved in a corruption case. The former DB’s President was accused of manipulating the foreign exchange rate against the Argentine peso causing serious financial turbulence for the country.

Translated from Dutch NOS TV:

Deutsche Bank: bank of scandals

Today, 13:38

As the linchpin in international finance, Deutsche Bank is one of the leading banks in the world. But the share today was again in strong decline after reports that large customers turn their backs on the bank. This year alone the shares value of the group decreased by more than 50 percent. The bank is engaged in a series of scandals.

American mortgages

The reason for the current turmoil are reports that the bank in the US may expect a fine of 14 billion dollars due to the resale of subprime mortgages. In 2013, Deutsche Bank paid in the United States for a fine of 1.4 billion euros due to the sale of bad mortgages.

Libor rate scandal

Deutsche Bank was also a key player in the scandal surrounding the Libor rate. Banks among themselves manipulated the interest rates for their own benefits. The European Commission imposed a fine of 725 million euros. Also, Britain and the US imposed on the bank fines, together $ 2.5 billion. In the US investors may still go to court.

Fiddling with foreign exchange and derivatives

According to German media, the ongoing investigation in any case demonstrated that there is cheating with the Russian ruble. In the US already a fine was paid of $ 50 million for illegally influencing the swap index Isdafix.

Tax evasion in Germany

Six bank employees last summer were sentenced for tax evasion in the trade in CO2 emission rights. The bank as an institution was still acquitted earlier this year, but there is still an appeal. …

Tax evasion in the United States

The US Justice Deutsche Bank suspects of having helped US customers in evading tax through Switzerland. The investigation is still ongoing, but in 2010 the bank had already paid $ 550 million in fines.

Kirch Media Group

The justice department in Germany stated in 2012 that Deutsche Bank is partly responsible for the failure of the German media company Kirch in 2002. The then CEO Rolf Breuer speculated openly about the creditworthiness of Kirch. Damages: 925 million euros.

And these are only some of their twenty-first century scandals; not mentioning their twentieth century scandals of links to the Hitler regime:

FRANKFURT— Historians combing through Deutsche Bank AG archives have found evidence that the biggest German bank helped finance construction of the Auschwitz death camp, the chief historian of the bank said Thursday.

And:

Very quickly the bank became involved in the criminal activities of the Nazi regime, including taking over Jewish-owned merchant banks, appropriating bank accounts of Jewish customers, and, most importantly, managing the Aryanization of German industry – which was an especially lucrative business for Deutsche Bank.

What is fascinating is how the bank and its lawyers went to enormous lengths to put a legalistic veneer on this illegal theft of Jewish private property. Documents were carefully notarized and share certificates were painstakingly collected and recorded.

After the Anschluss of Austria and the invasion of Poland, Deutsche Bank’s international contacts and experience were invaluable to the Nazi regime.

Meanwhile, Dutch social democrat Blairite finance minister Dijsselbloem is moaning that fines for Deutsche Bank are supposedly too high.

A cache of emails leaked by a whistleblower confirms previous allegations that the Royal Bank of Scotland (RBS) deliberately destroyed the livelihoods of its small business customers to boost its own profits. Furthermore, the record shows that Britain’s political and financial authorities knew all about it and never lifted a finger: here.

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