Latest Deutsche Bank scandal
I wish to share this latest scandal published today in Bloomberg and Zerohedge.
https://www.zerohedge.com/news/2018-...-deutsche-bank
https://www.zerohedge.com/sites/defa...&itok=63siTZIq
Quote:
Following reports over the weekend that Deutsche, JPM and Bank of America had been approached by federal investigators about their correspondent banking business's involvement in clearing transactions for Danske Bank's Estonian branch, the whistleblower who helped blow the lid off Danske's $234 billion money laundering scandal said during testimony to the Danish Parliament that $150 billion of the money had been cleared by a large European lender, stopping short of naming Deutsche, likely to respect confidentiality rules governing the whistleblower's work at Danske. Incidentally, as Bloomberg adds citing a "person familiar", the unnamed bank is Deutsche Bank.
I personally believe this is a direct attack/blow on the financial system.
I do not think it is the final blow.
Certainly exciting times all over the globe political systems are under change.
I am optimistic.
Enjoy the show.
Re: Latest Deutsche Bank scandal
How many more blows can Deutsche Bank take before it implodes? Too big to fail? Deutsche's gross derivatives exposure last year was over $48 trillion....
Re: Latest Deutsche Bank scandal
Quote:
Posted by
PathWalker
I wish to share this latest scandal published today in Bloomberg and Zerohedge.
https://www.zerohedge.com/news/2018-...-deutsche-bank
https://www.zerohedge.com/sites/defa...&itok=63siTZIq
Quote:
Following reports over the weekend that Deutsche, JPM and Bank of America had been approached by federal investigators about their correspondent banking business's involvement in clearing transactions for Danske Bank's Estonian branch, the whistleblower who helped blow the lid off Danske's $234 billion money laundering scandal said during testimony to the Danish Parliament that $150 billion of the money had been cleared by a large European lender, stopping short of naming Deutsche, likely to respect confidentiality rules governing the whistleblower's work at Danske. Incidentally, as Bloomberg adds citing a "person familiar", the unnamed bank is Deutsche Bank.
I personally believe this is a direct attack/blow on the financial system.
I do not think it is the final blow.
Certainly exciting times all over the globe political systems are under change.
I am optimistic.
Enjoy the show.
Great find, PathWalker. I am absolutely blown away how many times these banking systems can pull this bunk , pay a fine to the government and carry on. In the US we have the notorious Wells Fargo bank that has been caught doing grossly illegal acts over and over. They basically buy off the Federal Government with a "fine" and carry on as if nothing ever happened. Of course, that fine looks huge to the masses but to this bank is nothing more than a slap on the wrist. Funny thing, those huge fines never seem to find their way back to Joe Average that had his money stolen.
Re: Latest Deutsche Bank scandal
Quote:
Posted by
pueblo
How many more blows can Deutsche Bank take before it implodes? Too big to fail? Deutsche's gross derivatives exposure last year was over $48 trillion....
Wow!! 48 billion. I have always believed that it is the derative markets that will bring the beast down. Why couldn't these institutions be content with making profits off of the basic activities of banking?? Why the horrendous greed and recklessness? I know that seems like a naive and simplistic question..I guess we are still in the big transfer of wealth stage of this debacle...
Re: Latest Deutsche Bank scandal
Quote:
Posted by
peterpam
Quote:
Posted by
pueblo
How many more blows can Deutsche Bank take before it implodes? Too big to fail? Deutsche's gross derivatives exposure last year was over $48 trillion....
Wow!! 48 billion. I have always believed that it is the derative markets that will bring the beast down. Why couldn't these institutions be content with making profits off of the basic activities of banking?? Why the horrendous greed and recklessness? I know that seems like a naive and simplistic question..I guess we are still in the big transfer of wealth stage of this debacle...
Hard to fathom, but that's $48 TRILLION, not billion!!
Re: Latest Deutsche Bank scandal
Quote:
Posted by
peterpam
Quote:
Posted by
pueblo
Deutsche's gross derivatives exposure last year was over $48 trillion....
Wow!! 48 billion.
48 billion - that's nothing - Bill Gates could (almost) handle that out of his spare change account.
Now, 48 trillion, that's serious money.
:).
Re: Latest Deutsche Bank scandal
Quote:
Posted by
pueblo
Quote:
Posted by
peterpam
Quote:
Posted by
pueblo
How many more blows can Deutsche Bank take before it implodes? Too big to fail? Deutsche's gross derivatives exposure last year was over $48 trillion....
Wow!! 48 billion. I have always believed that it is the derative markets that will bring the beast down. Why couldn't these institutions be content with making profits off of the basic activities of banking?? Why the horrendous greed and recklessness? I know that seems like a naive and simplistic question..I guess we are still in the big transfer of wealth stage of this debacle...
Hard to fathom, but that's $48 TRILLION, not billion!!
That makes my heart beat even faster.....Can't even begin to fathom that amount of money...oh the greed, oh the madness. And to think that money is funneling one way: into the coffers of the very few ridiculously wealthy. You wonder what they could do with all that money...it's not about money, it's about control.
Re: Latest Deutsche Bank scandal
Just to give a perspective to the money involved, if a second was a dollar:
Number of days in
One million seconds is 11.574 days
One billion seconds is 31.69 years
One trillion seconds is 32,000 years
Re: Latest Deutsche Bank scandal
I wish to share some updates:
https://www.zerohedge.com/news/2018-...t-headquarters
Quote:
Deutsche Bank Shares Slide As Police Raid Frankfurt Headquarters
https://www.zerohedge.com/sites/defa...?itok=ah2UTDfL
Already a melting ice cube struggling with an overbearing derivatives exposure and myriad legal risks, Deutsche Bank has seemingly bounced from one criminal scandal to the next since the crisis, incurring billions of dollars in fines along the way. So it's hardly surprising that the bank's shareholders let out a collective groan Thursday morning when headlines hit that German police had raided the bank's Frankfurt headquarters.
Roughly 170 police officers, tax inspector and prosecutors fanned out across Frankfurt to search a total of 6 DB buildings, according to the BBC, sending the bank's shares lower by 2% to near all-time lows amid renewed fears that DB could face a devastating, potentially bankruptcy-inducing, fine.
Re: Latest Deutsche Bank scandal
German police raid Deutsche Bank over suspected money laundering
A money laundering probe stemming from the "Panama Papers" has led police to Deutsche Bank, according to authorities. Prosecutors believe the bank helped clients "transfer money from criminal activities" to tax havens.
https://www.dw.com/en/german-police-...ing/a-46499349
Deutsche Bank Offices Are Searched in Money Laundering Investigation
NY Times, Nov. 29, 2018
BERLIN — One hundred seventy officers searched the headquarters of Deutsche Bank in Frankfurt and five other sites in the area early Thursday as part of a money-laundering investigation involving hundreds of millions of euros, prosecutors in Frankfurt said.
Two employees, who were not publicly identified but whose ages were given as 50 and 46, and other “unidentified people in positions of authority” are suspected of failing to report possible money laundering for transactions worth 311 million euros, or more than $350 million.
The money flowed to organizations in the British Virgin Islands before spring 2016, prosecutors said in an emailed statement.
The German bank confirmed in a statement that the police were investigating several of its offices in Germany and said the investigation related to the Panama Papers, a trove of files that put a spotlight on global money laundering. “We are cooperating fully with the authorities,” Deutsche said in the statement.
“As far as we are concerned, we have already provided the authorities with all the relevant information regarding Panama Papers,” it added later in a statement posted on Twitter.
In April 2016, news organizations in cooperation with the International Consortium of Investigative Journalists released the Panama Papers, which revealed how some of the world’s wealthiest individuals, including more than 900 customers of Deutsche Bank, dodged taxes in their home countries by transferring money to offshore accounts.
Prosecutors said the documents indicated “that Deutsche Bank helped customers found offshore organizations in tax havens by transferring illegally acquired money without alerting authorities to suspected money laundering.”
Paper and electronic documents were gathered during Thursday’s raid, they said.
The prosecutor’s office said two bank employees were suspected of helping Deutsche Bank clients set up offshore accounts and the bank had failed to report the suspected money laundering.
https://www.nytimes.com/2018/11/29/b...ring-raid.html
