What’s next? Deutsche Bank coming to a settlement regarding their participation in the rigging of the London bullion market? We’ll probably hear news on that front before the end of the year as the company tries to bury its sins. DB will need one heck of a large hole, as there’s much the company would like to bury, and billion dollar fines have become nothing more than a cost of doing business in the world of too big to fail “investment” banking. – E.D.
TND Guest Contributer: Rory Hall | The Daily Coin
Deutsche Bank Commits Massive Fraud – Stocks Rise Over 5% on the Good News!
If you or I were to commit a crime on this scale we would be given the Bernie Madoff treatment. Our reputations ruined, fined and imprisoned for a great many years for grand larceny, fraud and I feel confident some international charges thrown in for good measure.
But if you’re a too big to jail bank, well, it’s all in a days work. Commit international fraud, steal billions upon billions of dollars from citizens around the world and get little more than a notice from the U.S. Department of Injustice to pay a fine. As an added bonuses and to rub salt in the would of citizens around the world, the stock price of the criminal rises!! Justice is served!
Deutsche Bank is soon to receive a settlement proposal, totaling more than $2.4 billion, from the U.S. Department of Justice to end an securities trading investigation, business weekly Manager Magazin reported Friday, pushing the bank’s shares up more than 5 percent.
The U.S. Department plans to send Deutsche Bank next week its so-called ‘Statements of Facts,’ listing alleged violations of financial regulations the bank committed when it traded residential mortgage-backed securities in the past. It will also include the fine needed to settle the investigation, the German magazine reported, without citing sources.
Deutsche Bank’s is expected to face a fine or settlement higher than the $2.385 billion, or €2.1 billion, which investment bank Goldman Sachs agreed to pay early this year in a similar case, the magazine said, without citing sources. Deutsche Bank might lower the actual sum to be paid during negotiations, the magazine reported.
Deutsche Bank’s shares were up 5.1 percent at €13.78 at 11:10 a.m. local time in Frankfurt, making them the biggest gainer in the German blue-chip DAX Index, which lost 0.1 percent.
John Cryan, Deutsche Bank’s sole chief executive since May, has promised to settle a number of large legal disputes in an effort to turn the bank’s fortunes. The bank set aside €5.2 billion last year to deal with lawsuits and related affairs.
Doesn’t that make you feel special, all warm and fuzzy inside knowing that, yet again, another bank steals billions and billions of dollars – through fraud – and is given little more than a fine? Not one person goes to jail, not one branch of Deutsche Bank is shut down and the story is buried in a German newspaper. Moral of the story – the bigger the crime, the bigger the pay raise.
On the other hand, if you report these high crimes, crimes against humanity, and you produce a video uploaded to YouTube, good luck having anyone see it. Check out the updated report on the changes at YouTube on how you will now receive your subscription notices.
# # # #
About The Daily Coin: