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Deutsche Breeds Scandal After Scandal

Findsen Law

Photo Apr 02, 10 48 36 PMDepartment of Justice proposed a 14-billion dollar fine for Deutsche’s mortgage backed securities scandal (you’re thinking, “you’re going to have to be more specific; which one?”)  Wall Street J. 

Deutsche’s stocks took a tumble late yesterday and continuing today. 

Before that, last week it was reported in the New Yorker that Deutsche had a newer 10 billion dollar scandal related to the bank’s  apparent willingness to launder Russian money.

But in the New Yorker piece,  I liked this little capsule review of Deutsche’s role in the housing crisis, and how a former risk analyst explained that the bank was “structurally designed by management to allow corrupt individuals to commit fraud.”

In 2007, the bank’s share price hit an all-time peak: a hundred and fifty-nine dollars. But as it grew fast it also grew loose. Before the housing market collapsed in the United States, in 2008, sparking a global financial crisis…

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