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July 25, 2008 12:00:51 AM CDT

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No More Expense-Account Hookers for Deutsche Bank

Posted Apr 23, 08 5:10 PM CDT in Business,  Arts & Living 

(Newser) – In a sign of just how bad the credit crisis has become, Deutsche Bank has forbidden its employees from using expense accounts to pay for brothel visits and hotel porn, the Independent reports. It's unclear if execs have been seeking relief from subprime woes—the German giant has written down $4 billion—in fleshier pleasures, the paper adds.

The bank also cut back on more prosaic expenses like meals and taxi rides. “In the good old days, you could pass off a trip to a knocking-shop as a restaurant if the name wasn't too obvious,” one insider said. “But we're in an uptight, locked-down new puritanism now, not helped by sub-prime.”

Source Independent (UK)

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"In the good old days, you could pass off a trip to a knocking-shop as a restaurant if the name wasn't too obvious," a bank source says. "But we're in an uptight, locked-down new puritanism now."   (AP Photo/Peter Dejong)
"Deutsche Bank does not approve of any adult entertainments, and such expenditures will not be reimbursed," said a memo sent to the German company's employees.   (AP Photo/Peter Dejong)
Prostitutes stand behind red-lit windows, waiting for customers in Amsterdam's Red Light district in this September 28, 1997 file photo.   (AP Photo/Peter Dejong)
The memo also forbids using the company credit card for such purchases.   (Shutterstock)
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credit crisis  • subprime crisis  • Deutsche Bank  • brothel  • inappropriate expenses  • sex industry


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