Deutsche Bank just can’t seem to get out of its own way and indeed, it’s becoming increasingly clear that when it comes to malfeasance, the German lender is without equal.
Just days after WSJ revealed that the bank’s $2.5 billion LIBOR settlement could be in jeopardy due to the apparent mishandling of chat records dating back to 2005 (which, incidentally, is when Anshu Jain instituted a new seating arrangement that placed LIBOR submitters next to traders), Bloomberg says Loretta Lynch’s Justice Department has launched a criminal probe into the bank’s alleged role in facilitating a series of trades which may have allowed Russian clients to launder billions through the bank’s trading desks.
The “mirror trades” in question aren’t terribly complicated and indeed, it appears as though they would have been quite easy to identify if you knew what you were looking for. Here’s Bloomberg:
The trades under investigation involve stocks bought by Russian clients in rubles through Deutsche Bank, and simultaneous trades through London in which the bank bought the same securities for similar amounts in U. S. dollars, people familiar with the matter have said.
Got it. So basically, Deutsche Bank moved some money out of the country for a few Russians.
This post was published at Zero Hedge on 08/04/2015.
Follow on Twitter
Recent Comments