Newscast Media WASHINGTON—Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB)
announced today that it has reached an agreement to resolve its residential
mortgage-backed securities litigation with the Federal Housing Finance Agency
(FHFA) as conservator for Fannie Mae and Freddie Mac. As part of the agreement,
Deutsche Bank will pay $1.9 billion.
The FHFA made claims against 17 financial institutions in relation to residential
mortgage-backed securities, including Deutsche Bank.
The settlement agreement does not release Deutsche Bank from any claims relating
to LIBOR manipulation and does not include claims made against Deutsche Bank in two
other PLS lawsuits presently the subject of ongoing litigation: FHFA v. SC Americas,
Inc., et. al., and FHFA v. Countrywide Financial Corp., et. al. The other parties to
those lawsuits were not part of the negotiations with Deutsche Bank.
*Click here to read or download the entire $1.9 billion settlement.
Jürgen Fitschen and Anshu Jain, Co-Chief Executive Officers of Deutsche Bank, said:
“Today’s agreement marks another step in our efforts to resolve the Bank’s legacy
issues, and we intend to make further progress in this regard throughout 2014.”
They added: “We have exited the mortgage businesses that gave rise to these claims
and have further improved our controls.”
Newscast Media HOUSTON, Texas—Every time a major event occurs across the world, and there is a deafening silence about the occurrence, it’s a signal that a brewing storm is about to do major damage. Anyone who has been following the news cycle for the past eight months is aware of all the whistle blowers who have come forward, with relevant information about fraud and misconduct in the banking industry and within corporations. No arrests are being made so far. CEOs are simply resigning.
According to the Daily Mail, for example, it has been alleged that the world’s largest banks have been fraudulently fixing interest rates around the world for at least the past decade, if not for a much longer period of time. The fraud was uncovered when Barclay’s Bank in London was discovered to have been submitting false figures to the LIBOR to improve their trading position. By manipulating the LIBOR, by raising or lowering it, banks allegedly could make their balance sheets appear healthier than they were, while consumers and members of the public apparently paid the shortfall.
Some news outlets have reported CEO resignations, yet only these CEOs know how deep the fraud runs, and sooner or later arrests will be made. I will give a few examples in this below:
Wall Street Journal reported the resignation of Barclays CEO here.
USA Today reported Omnicare resignation in this article.
Business Week - Libor scandal results in first CEO resignation.
These are just a few of over 300 resignations by CEOs that have happened since the beginning of the year, that we have heard of. Many are quietly changing their professions and moving to Third World countries to escape any prosecution.
Already, there are sixteen (16) banks that are under investigation, and every industry insider with connections to these banks is nervous. Here is Houston, people are familiar with the Enron scandals and Stanford Financial. They all started out the same way, but eventually arrests were made and the culprits were prosecuted. The sixteen banks being investigated on a global scale in regard to fraud are: Bank of America, Lloyds, Credit Suisse, UBS, LLOYDS Bank Limited, Rabobank, RBC (Royal Bank of Canada), HSBC, Deutsche Bank, CITI, Royal Bank of Scotland, Bank of Tokyo-Mitsubishi, Norinchuckin, Barclays, JP Morgan, and West LB. The details are here on Yahoo Finance.
Most people will look at the list and shrug it off because society has been jaded by corruption of the politicians and that judicial system, and seem to have lost faith in the justice system. However, there is a younger generation, mostly Generation-X, that is unrelenting in fighting injustices. This is the generation that is fearless, because they saw how complacent their predecessors were, and want to make a difference. They are not image-conscious or worried about building a reputation, because they don’t have one. When they were younger, the games they played weren’t regular games…they were edgy. They skateboarded on rails instead of flat surfaces; they did air flips with their bikes instead of riding on bike trails; they went rock climbing, instead of taking photos of the rocks; they even invented a whole new sport called “X-Games” named after their generation.
This generation (x) did not grow up on social networks, they were out there meeting people and making friends the old fashioned way. They knew how to communicate their ideas, share stories about the latest stunts they had discovered, and now they are grown men and women. When they told their parents they wanted to be professional skateboarders or bike riders, their parents said: “Learn a trade.” To find a trade they did, and now they are in their thirties and forties. These are the ones investigating behind the scenes and uncovering the corruption in society. These warriors have never lost their childhood fearlessness exhibited in the outdoor games they invented.
They work for the SEC, the FBI, the judicial system, the media, the military, local law enforcement. They are computer programmers, researchers, but most of all…they are patriots. They will not sit on their hands and watch society decay. These people who were once told riding bikes or skateboards could never make a difference in society, are now the ones filing lawsuits on behalf of the United States government. Charging fraudsters for their fraudulent schemes, on behalf of the SEC. They are conducting fearless investigative journalism, to expose the hidden truth. They are the SWAT Team and FBI agents who break down doors.
Some may currently be unemployed, but the fire within them is still ablaze, and cannot be extinguished. These young men aren’t worried about “fitting in” nor do their female counterparts suffer from a “Diva complex”, because they know they’ll never fit in, since they are trail blazers and not followers. They believe in letting the chips fall where they may. They are the stones that builders once rejected as worthless, but have turned out to be the most important stones in correcting a corrupt society.
If you think the fraudulent corporate perpetrators will never face justice, take a look at this list of fraudsters who committed fraud on a global scale and thought they would get away with it. Don’t be fooled by the silence before the storm, it’s only a matter of time.
Categories: News Tags: Bank of America, Bank of Tokyo-Mitsubishi, Barclays, Barclays Banks scandal, CITI, Credit Suisse, Deutsche Bank, global financial banks scandal, HSBC, JP Morgan, LIBOR Scandal, Lloyds, LLOYDS Bank Limited, Norinchuckin, Rabobank, RBC (Royal Bank of Canada), Royal Bank of Scotland, Tim Geithner, UBS
Newscast Media — The Department of Justice received an offer from Deutsche Bank that has agreed to pay it $553.6 million to escape criminal charges and end an investigation into the bank’s sale of fraudulent tax shelters that cost the government billions in revenues. The office of a New York district attorney general confirmed that the Frankfurt-based bank admitted taking part “in financial transactions which furthered fraudulent tax shelters that generated billions of dollars in US tax losses.”
Deutsch Bank has now resolved the investigation related to its participation in various tax-oriented transactions for clients from approximately 1996 to 2002,” Deutsche Bank said in a statement. The figure represents the total fees Deutsche Bank earned from its participation in the fraud, tax revenues lost by US authorities and a $149 million fine.
An independent expert will now oversee the implementation of measures “designed to ensure that Deutsche Bank does not participate in future transactions that may be used to defraud the Internal Revenue Service,” the attorney general said.
Deutsche Bank said it was “pleased” the investigation was over, adding that the fine would not have any impact on its current net income, since it will come out of the bank’s reserves.