Welcome to illuminati silver, we tell you
the truth about silver. Today is Monday 18th April 2016 and we are
asking the question is Deutsche Bank a Criminal Bank rotten to the core?
Banks worldwide provide jobs for many millions of people and generally perform well in money
transmission services. Like all Industries and Companies they have good personnel and
people who commit acts of wrong doing. This is the nature of life, business and human
beings. However when an entity such as Deutsche Bank is fined over the past 20 years for numerous
misdemeanours and acts of criminality, one has to ask whether such an entity is a ‘criminal
one’ and rotten to the core. Deutsche Bank’s statute was adopted on 22nd
January 1870, and on 10 March 1870 the Prussian government granted it a banking license. The
statute laid great stress on foreign business: “The object of the company was to transact
banking business of all kinds, in particular to promote and facilitate trade relations
between Germany, other European countries and overseas markets.” The direct aim was
to challenge the hegemony of British banks, which continued to dominate the financing
of German foreign trade. From the outset, international business was built up steadily.
Between 1871 and 1873 Deutsche Bank opened five branches: in Bremen, Yokohama, Shanghai,
Hamburg and London.” Its 2015 Annual Report shows that the Group
has total assets of 1,629 billion euros, total net revenues of 33.5 billion euros, has 2790
branches and 101,104 full time employees. So indeed it’s a goliath organisation and
obviously transacts millions of operations each year. Notwithstanding this its somewhat
bewildering, if not frightening to see the number of illegal activities which either
the organisation or people within that organisation have carried out over the past 20 years – here
are just a few of those that have actually been discovered:
In 1995 unearthed documents from East Germany provided new documentation of the ways in
which Deutsche Bank helped the Nazis expropriate Jewish businesses. The bank later expressed
regret when a historian’s report indicated that it had engaged in gold transactions with
the Nazi regime. In June 1998 its offices were raided by German
criminal investigators looking for evidence that the bank helped wealthy customers engage
in tax evasion. In 2002 three U.S. agencies—the SEC, the
New York Stock Exchange and NASD (the U.S. industry regulator now known as FINRA)—fined
Deutsche Bank Securities $1.65 million for failing to adhere to requirements relating
to the preservation of e-mail archives so they could be consulted in enforcement actions.
In 2003 the SEC penalized Deutsche Bank $750,000 for violating conflict of interest rules by
failing to disclose its role in advising Hewlett-Packard on the acquisition of Compaq Computers at
the same time that its asset management arm was voting its clients’ proxies in favour
of the deal. In 2004 the NASD fined Deutsche Bank $5.29
million for taking excessive commissions in the allocation of shares of initial public
offerings and later that year fined the bank $5 million for corporate high-yield bond trading
violations. Also in 2004, the SEC announced that Deutsche
Bank would pay $87.5 million to settle charges of conflicts of interest between its investment
banking and its research operations. In 2006 the Financial Services Authority fined
Deutsche Bank £6.3 million for “failing to observe proper standards of market conduct”
in transactions involving shares of Scania and Cytos Biotechnology. That same year, Deutsche
Bank agreed to pay $208 million to U.S. federal and state agencies to settle charges of market
timing violations. During this period, Deutsche Bank chief executive
Jose Ackermann personally paid 3.2 million Euros to settle criminal charges that he and
other directors of the German telecommunications company Mannesmann awarded excessive bonuses
to Mannesmann executives. In 2007 Deutsche Bank agreed to pay $25 million
(and give up $416 million in unsecured claims) to settle litigation relating to its dealings
with bankrupt energy trader Enron Corporation. In 2009 the SEC announced that Deutsche Bank
would provide $1.3 billion in liquidity to investors that the agency had alleged were
misled by the bank about the risks associated with auction rate securities.
In 2010 FINRA fined Deutsche Bank Securities $575,000 for violating rules relating to short
sales and then $7.5 million for “negligently misrepresenting delinquency data” in connection
with the subprime mortgage securities. Also in 2010 the U.S. Attorney for the Southern
District of New York announced that Deutsche Bank would pay $553.6 million and admit to
criminal wrongdoing to resolve charges that it participated in transactions that promoted
fraudulent tax shelters and generated billions of dollars in U.S. tax losses.
In 2011 the Financial Services Authority fined Deutsche Bank’s DB Mortgages unit £840,000
for “irresponsible lending practices and unfair treatment of customers in arrears”;
the agency also secured redress of approximately £1.5 million for DB Mortgages’ customers.
Also in 2011, the Federal Housing Finance Agency sued Deutsche Bank and other firms
for abuses in the sale of mortgage-backed securities to Fannie Mae and Freddie Mac (the
case was settled for $1.9 billion in late 2013).
In 2012 U.S. Attorney for the Southern District of New York announced that Deutsche Bank would
pay $202.3 million to settle charges that its MortgageIT unit had repeatedly made false
certifications to the U.S. Federal Housing Administration about the quality of mortgages
to qualify them for FHA insurance coverage. In January 2013 Deutsche Bank agreed to pay
a $1.5 million fine to the U.S. Federal Energy Regulatory Commission to settle charges that
it had manipulated energy markets in California in 2010.
In March 2013 Massachusetts fined Deutsche Bank $17.5 million for failing to inform investors
of conflicts of interest during the sale of collateralized debt obligations.
In December 2013 Deutsche Bank was fined $983 million by the European Commission for LIBOR
manipulation. Later, in April 2015, it had to agree to pay $2.5 billion to settle LIBOR
allegations brought by U.S. and UK regulators. In February 2014 Deutsche Bank agreed to pay
the equivalent of about $1 billion to settle a longstanding lawsuit in which the bank had
been accused of contributing to the collapse of the Kirch media group in Germany.
In July 2014 the U.S. Senate Permanent Subcommittee on Investigations accused Deutsche Bank and
Barclays of helping hedge funds use dubious financial products to avoid paying more than
$6 billion in taxes. In December 2014 FINRA fined Deutsche Bank
Securities $4 million as part of a case against ten investment banks for allowing their stock
analysts to solicit business and offer favourable research coverage in connection with a planned
initial public offering of Toys R Us in 2010. In May 2015 the SEC announced that Deutsche
Bank would pay $55 million to settle allegations that it overstated the value of its derivatives
portfolio during the height of the financial meltdown.
On 4th November 2015 It was announced that Deutsche Bank would pay $258m in fines for
doing business with US-sanctioned countries like Iran, Libya and Syria. US authorities
claimed that from at least 1999 through to 2006, Deutsche Bank disguised 27,200 dollar-clearing
transactions valued at more than $10.86bn to skirt US sanctions.
In April 2015 Deutsche Bank was issued with the largest fine of any bank for rigging international
bank offer rates. It’s fine was specifically for the manipulation of Libor and Euribor.
The record penalty given to Deutsche Bank was a combination of regulatory fines, civil
and criminal penalties: $775m criminal penalty from the US Department
of Justice (DoJ) $800m civil penalty from the US’s Commodity
Futures Trading Commission (CTFC) $600m regulatory fine from NY State’s Department
of Financial Services (NYDFS) $344m regulatory fine from the UK’s Financial
Conduct Authority (FCA) As if these were not enough, only last week,
Deutsche Bank AG had reached settlements in lawsuits over allegations it manipulated gold
and silver prices. Silver and gold futures traders sued groups
of banks in 2014 alleging they rigged prices for the precious metals and their derivatives.
Silver traders brought claims against Deutsche Bank, HSBC Holdings Plc, Bank of Nova Scotia
and UBS AG. Gold traders additionally sued Barclays Plc and Societe Generale SA.
The traders alleged the banks abused their positions of controlling daily silver and
gold fixes to reap illegitimate profits from trading and hurting other investors in those
markets who use the benchmark in billions of dollars of transactions, according to versions
of the complaints filed in 2015. Of those banks, only Deutsche Bank has reached a settlement
so far. The German financial firm also agreed to help
the plaintiffs pursue similar claims against other banks as part of the settlements, according
to the letters. Vincent Briganti and Robert Eisler, attorneys for traders in the silver-fixing
lawsuit, said Deutsche Bank will turn over instant messages and other communications
to help further their case. Financial terms of the settlements weren’t disclosed.
So there we have it. Is Deutsche Bank just an ordinary institution that has its fair
share of bad apples, or is it as the headline asks ‘rotten to the core’. We’d appreciate
your views. We hope you have found this video interesting
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