Fresh corruption scandal engulfs Deutsche Bank

EUObserver reported on the 10 December 2013 that US authorities were investigating Deutsche Bank, along with other multi-national banking behemoths like JPMorgan, Goldman Sachs and Citi, on suspicion of using corrupt practices in China in order to acquire contracts from state-owned companies, according to the New York Times.

Deutsche Bank had been fined by the EU commission on the week before - getting the single largest fine (€725 million) - along with seven other banks for forming an illegal cartel which was fixing the interbank exchange rates (Libor and Euribor).

In 2012, it was convicted for fraud in Italy after it sold complex financial bets (derivatives) to local municipalities in Italy who then saw their money vanish as the investments went sour.

• Primary Source

ESO: Background information: Antitrust: Commission fines banks €1.71bn for participating in cartels in the interest rate derivatives industry http://www.europeansources.info/record/press-release-antitrust-commission-fines-banks-e1-71bn-for-participating-in-cartels-in-the-interest-rate-derivatives-industry/

Spiegel Online International, 10.12.13: Cartel Power: Megabanks Gain Ground Despite Fines http://www.spiegel.de/international/business/megabanks-like-deutsche-bank-gaining-power-despite-cartel-fines-a-937880.html

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