For many years Deutsche Bank AG has found many creative ways to generate profits. Back in the 1930s, the bank grew both assets and profits by appropriating Jewish owned banks and businesses. Later it found profits in managing the cash for the Gestapo and arranging credit facilities for the construction of the Auschwitz death camp and IG Farben's slave labor-operated plants.
More recently, Deutsche Bank's CEO Josef Ackermann promised investors a 25% return-on-equity. This was achieved by packaging and selling junk mortgage-backed securities to taxpayer-owned financial institutions in Germany and engaging in illegal home foreclosures across the United Sates. But profit levels like this are hard to sustain, so Deutsche Bank has expanded into speculation related to agricultural commodities, driving up the price of grain around the world. Recently it was learned that Deutsche Bank was part of a criminal ring of global banks that manipulated benchmark interest rates.
Money-laundering has always been an easy and virtually risk-free - and highly profitable business - for banks, So it comes as no surprise that Deutsche Bank would be engaged in this illegal activity as well:
Federal and state prosecutors are investigating Deutsche Bank and several other global banks over accusations that they funneled billions of dollars through their American branches for Iran, Sudan and other sanctioned nations, according to law enforcement officials with knowledge of the cases.
Since 2009, the Justice Department, the Treasury Department and the Manhattan district attorney’s office, working largely in concert, have brought charges against five foreign banks, contending they moved billions of dollars through their American subsidiaries on behalf of Iran, Cuba and North Korea, sponsors of terrorism and drug cartels.
Sadly, cases such as this usually end up with the bank paying several hundred $$millions in settlement payments to US authorities. More substantive penalties - such as rescinding Deutsche Bank's US banking charter - would never be considered. And so we can wait for the next - inevitable - scandal.
Money-laundering has always been an easy and virtually risk-free and highly profitable business for banks,the post has some great information.
Posted by: german translator adelaide | February 26, 2013 at 02:25 AM