Deutsche bank: Fifteen shades of fraud

I was a bit sated with tales about banksters from Cyprus. How about Deutsche Bank, the biggest bank of Europe, sweetheart of the German government and, Lehman style, “Chief Executive Officer Josef Ackermann, who has referred to plans to control bank size “misguided,” and who will bequeath a balance sheet about 40 percent larger than in 2006, and over 80 percent as huge as Germany’s economy, when he leaves his post in May. The bank is the second most-leveraged and third least-capitalized of Europe’s 10 largest banks”. A quick Google search on ‘Deutsche Bank’ and ‘Fraud’ revealed the next fifteen links:

     1.  The biggest criminal tax-fraud persecution in history

     2.    Deutsche bank expels unethical traders  to re-establish its credibility, the unnamed employees were engaged in a profitable “tax carousel” trading system for carbon-emissions credits.

     3.    “Federal officials state that Deutsche Bank has complied with the payment of over $550 million to settle a federal tax shelter fraud inquiry.”

     4.    Deutsche Bank, JP Morgan, UBS and Depfa Bank Plc were charged and sentenced by a Milan court for their part in supervising fraud by their employees in the sale of derivatives to the city of Milan.

     5.     Welcome to Deutsche Bank Fraud Exposed. Illegal foreclosures (and evictions) are widely known as being prevalent all over the nation.

     6.    Pakistani family files fraud case versus Deutsche Bank

     7.     German police raids offices of Deutsche Bank in connection with tax fraud investigation

     8.    Whistle-blowers accuse Deutsche Bank of massive fraud. “Three whistleblowers have stepped forward claiming that Deutsche Bank committed a $12 billion fraud to cover up the actual level of credit derivatives losses.

     9.    Foreclosure Theft Fraud – Deutsche Bank & Morgan Stanley Discovered in Hawaii.

     10.  A housing company swindle in the Netherlands: The CFO, the
     broker and the bank: Vestia derivative disaster appears instantly more than    ‘merely a case of megalomanic trading’

1   11.  Deutsche Bank Derivative Aided Monte Paschi to Cover Up Losses. “I don’t comprehend why a financial firm would get involved in a practice like this for legitimate goals,” said Frank Partnoy, a professor of law and finance at the University of San Diego (85090MF) who designed derivatives at Morgan Stanley and has gone over the files. “They should never do that.”

1   12. India: “It is hard to imagine that a company such as Deutsche Bank would bare themselves quite unguarded against such frauds, and brags profusely about the checks and balances being undertaken, or the lack thereof.”

     13. An award-winning article (by Jesse Frederik and Eric Smit, Jesse being an infrequent writer in this blog) about a Deutsche Bank derivatives fraud which cost a financially-once-more-than-stable recycling company 209 million

1   14.“Deutsche Bank’s management and supervisory board were discussing provisions ranging from $300 million (247 million euros) to $1 billion, according to Handelsblatt, which cited sources in the sector.“

1   15. Pforzheim, a German city, sues Deutsche Bank due to alleged swindle.