Deutsche Bank

Stories 1 - 20 |  Next >>

Banker Confuses Net and Gross in $6B Error

He apparently messed up basic values: report

(Newser) - A junior foreign-exchange trader at Deutsche Bank in London likely blew his chance to become a senior foreign-exchange trader after mistakenly sending $6 billion to a US hedge fund. While his boss was on vacation, the worker dished out a gross value rather than a net amount in a wire... More »

'Tour de Fraud' Earns Bank Record Fine

BNP Paribas fined almost $9B for bypassing sanctions

(Newser) - Federal prosecutors at last made good on their promise to get a guilty plea out of a major bank yesterday, as BNP Paribas agreed to a record fine of almost $9 billion for violating US sanctions. The bank, the biggest in France, "perpetrated what was truly a Tour de... More »

Wife Says Ex Ripped Off Their Tiger Charity

In divorce case, she says Save China's Tigers gave them lavish lifestyle

(Newser) - A prominent wildlife charity called Save China's Tigers did more than try to save tigers—it provided an endless source of cash for the founders' opulent lifestyle, according to allegations in a nasty divorce case. Li Quan says soon-to-be-ex Stuart Bray, a former Deutsche Bank executive, used deceptive accounting... More »

Deutsche Bank Opens 200-Ton Gold Vault

Will bring more gold into Singapore, after country scraps tax on metals

(Newser) - Big gold-dealing Deutsche Bank has opened a 200-ton gold vault in Singapore, a move that reflects the city-state's rising status as a tax haven to rival the likes of Switzerland, Quartz reports. "Gold has traditionally been stored in London, Zurich and New York, but there is a serious... More »

German Bank Evacuates 700 Over White Powder

40 Deutsche Bank workers who may have had contact being checked

(Newser) - About 700 people were evacuated from a Deutsche Bank office in Germany today after white powder was found in a letter at the building, Reuters reports. Forty bank employees who may have had contact with the powder are undergoing health checks. The Schkeuditz building was used for back-office operations, and... More »

3 Banks in Center of Libor Scandal

One former trader says Libor has been rigged since at least 1991

(Newser) - Recently released court documents suggest that traders at Barclays, the Royal Bank of Scotland, and UBS were most central to the Libor-rigging scandal , reports Reuters . Those three banks—much of the blame has fallen on just Barclay's up to now—employed more than a dozen traders who tried influencing... More »

Bank Industry on Alert After Threat to Deutsche CEO

Suspicious package in Germany catches attention of NYPD, too

(Newser) - An apparent mail bomb sent to the CEO of Germany's Deutsche Bank has raised security concerns on Wall Street as well, reports CNBC . The letter, which didn't detonate, contained explosives and shrapnel, and had been addressed to CEO Josef Ackermann. It got intercepted in the mailroom of the... More »

Feds Sue Big Banks Over Mortgages

US accuses them of dodging due diligence as crisis fallout spreads

(Newser) - The Federal Housing Finance Agency—the agency behind Fannie Mae and Freddy Mac—has filed suit against more than a dozen big banks for their role in the mortgage meltdown mess. The feds, seeking billions in compensation, accuse the banks of misrepresenting the quality of mortgage securities, reports the New ... More »

SEC Shredded Files to Cover Up Crimes: Whistleblower

Matt Taibbi reports on an insane, probably illegal practice

(Newser) - Police aren’t generally in the habit of destroying evidence from failed investigations—but the SEC is, according to one whistleblower. SEC attorney Darcy Flynn spilled the beans to Congress in July, saying that the SEC routinely destroys all documents related to its preliminary investigations if they don’t proceed.... More »

Feds Sue Deutsche Bank Over Reckless Mortgage Lies

$1B suit may be first of many

(Newser) - The federal government is suing Deutsche Bank for $1 billion over shoddy mortgages that cost taxpayers hundreds of millions of dollars. The suit accuses the lender of lying to the government while arranging federal insurance on mortgages that it had recklessly approved for poor credit risks, reports the Los Angeles ... More »

Deutsche Bank CEO: Female Execs Will Make Things 'Prettier'

Josef Ackermann's remark has not gone over well

(Newser) - The CEO of Deutsche Bank has elicited howls of outrage for commenting that a law to require more women in German boardrooms would make business "more colorful—and prettier," Der Spiegel reports. Josef Ackermann made the comments in response to a proposed quota for the proportion of women... More »

Deutsche Bank to Pay US $554M for Tax Fraud

Bank allegedly sold fraudulent tax shelters

(Newser) - Deutsche Bank has agreed to pay the US government $553.6 million to end an investigation into its alleged sale of fraudulent tax shelters, and avoid any criminal charges. The bank has admitted to taking part “in financial transactions which furthered the fraudulent tax shelters that generated billions of... More »

Goldman Sachs Subpoenaed in Fraud Probe

Senate seeks evidence that banks foresaw mortgage meltdown

(Newser) - A Senate committee has subpoenaed Goldman Sachs, Deutsche Bank, and other financial institutions as part of an investigation into mortgage-market fraud, sources tell the Wall Street Journal. The probe appears to focus on emails and other internal communications that may show bankers' doubts about the safety of mortgage-backed securities, which... More »

AIG's Bailout Cash Flowing to Hedge Funds

$52B has paid off those who bet against the housing market

(Newser) - The government cash flowing steadily into AIG is going in no small part to pay off hedge funds that bet against the housing market, the Wall Street Journal reports. The hedge funds placed credit default swap bets with other banks—Deutsche Bank and Goldman Sachs are specifically named in documents... More »

Stocks Inch Up After Plunge

(Newser) - Stocks limped higher at the open today, after a punishing Monday session that left the Dow below 7,000, its worst levels since April 1997. Today the Dow was up 80 points in early trading, the Wall Street Journal reports, while the S&P and Nasdaq added 1.6% and... More »

Renegade Trader Leaves Deutsche Bank Reeling

(Newser) - How does one lose almost $2 billion in a matter of months? Look no further than the story of Deutsche Bank’s Boaz Weinstein, the chess master and gambling extraordinaire who made more than $1.5 billion for the firm in just 2 years before losing it all and more,... More »

Commercial Real-Estate Loans Begin to Sour

Once a bright spot, commercial paper is looking grim

(Newser) - Commercial real estate is beginning to feel the same pinch as the housing market, with delinquency rates rising in the fourth quarter and forecasts that they could reach the highest point in more than a decade by the end of 2009, reports the Wall Street Journal. Both individual mortgages held... More »

Trump Sues Lenders for Chicago Tower

Construction continues amid financial impasse

(Newser) - Donald Trump is suing lenders for a $640 million loan extension on his mostly completed Trump Tower in Chicago, after sales of condos have fallen short, the Wall Street Journal reports. Trump is angling to apply a force majeure provision—normally triggered by acts of war or natural disasters—in... More »

As Oligarchs Lose Billions, Kremlin Steps In

Russia bails out first businessman, but more trouble looms

(Newser) - The Kremlin is allowing an individual businessman to tap into a $50 billion rescue fund, reports the Wall Street Journal, signaling a shake-up of the relationship between the Russian government and the country's oligarchs. Mikhail Fridman, whose creditors declared him in default on a $2 billion loan from Deutsche Bank,... More »

Tough German Bailout Caps Bank Salaries

Bonuses, dividends also nixed for troubled firms' execs

(Newser) - The German cabinet approved the terms of a $645 billion bailout plan today—which includes a salary cap for top bank managers. Banks who take part in the bailout must cap managers' salaries at about $670,000 and withhold bonuses and dividends. Some of Germany's top banks have said they... More »

Stories 1 - 20 |  Next >>

AROUND THE WEB