Deutsche Bank, the Libor gold: the giant in the vortex of the scandals – The Republic

MILAN – The Prosecutor of Trani investigation into Deutsche Bank operations on Italian government bonds, in 2011, is just one of the last episodes that combine the German banking giant to togas, in Italy, but especially abroad. Assuming that you have dutifully await the outcome of the investigation, judicial interweaving DB were on the agenda in recent times. Indeed, just last February the title danced dangerously on the Stock Exchange, reaching its lowest since the mid-eighties, in the wake of the increasing legal disbursements due to the many open fronts. Moonlights that have reverberated in all markets, calling into question the soundness of an institution that – under the guidance of Joesf Ackerman – refused disdainfully public aid distributed by the Chancellery (240 billion pumped) to support the banking system, counting of have sufficient credibility to source supplies from the markets even in the most difficult phase of the crisis.

on the other hand, just take the last Frankfurt institute budget to understand how the weight of the attorneys’ fees and reimbursements paid to have undermined the accounts of Deutsche Bank, closed in 2015 with a red 6.8 billion. At the time of publication of the results in 2015, earlier this year, the news gave account of about six thousand lawsuits to deal with around the world. In February, the running tally of payments was close to 13 billion Euros for legal cases (from 2012), with another 5 billion of reserves. Waste that the current to John Cyran, is trying to scrape the skin from deep within DB, to restore credibility to the institute.

One of the loudest events was that the manipulation of key interest rates in the interbank market, Libor and Euribor , which led to fines for over three and a half billion by European and US authorities. Counts that will only grow in the future, since it will add up to claims of damages by private investors. Just a few weeks ago, the Anglo-Saxon financial news emerged that the Frankfurt bank has reached an agreement with the authorities to put an end to allegations of manipulation of the gold market and silver , a loaf in which is involved with

to HSBC, Bank of Nova Scotia, UBS, Barclays and Societe Generale (the latter two with regard to the ingot). According to the indictment, the benchmark would be adjusted to maximize the profit of domestic traders, at the expense of the other institutions. DB, even if the agreed amount is not disclosed, it would also be made available to the applicants to pursue lawsuits against other banks that have signed an agreement with the authorities.

Other lights were then turned on on financial ratios in controversial countries, especially Russia and Iran. A handful of years ago opened an investigation for alleged tax evasion in the market for greenhouse gas emission certificates. But it made a lot of noise even the story that saw opposing the bigwig publishing, Leo Kirch, the bank. Some public appearances of the management of Deutsche Bank, on the group’s solvency, they would undermine the credibility of the markets, to accompany the media empire into bankruptcy. Kirch took the bank to court and Deutsche disbursed € 925 million to the heirs, because in the meantime Leo died. In recent days, the co-CEO of Deutsche Bank, Jurgen Fitschen, and other former executives of the German bank were acquitted by the court of Monaco from the charge of perjury as part of that process. Among the defendants were the former number one bank, Rolf Breuer and Josef Ackermann, the former number one of the supervisory board Clemens Boersig and Tessen von Heydebreck were acquitted. They risked 10 years in prison.

Topics:

Deutsche Bank

Libor

Libor scandal

banks

Starring: