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Deutsche Bank Under Investigation Now

And the hits just keep on coming. Just as we said when it first broke, the Lieborgate scandal has considerably more play here and the latest and greatest is, via Bloomberg:

  • Germany’s Bafin Holding Libor Inquiry on Deutsche Bank: Reuters

The Deutsche Bank ADR has plunged by around 5% so far. Following ‘news’ this morning that RBC didn’t ‘collude’ but no denial of the actual submission ‘efforts’ it would not surprise us to see the entire spectrum of LIBOR submitters ‘probed’.

From Reuters:

 German markets regulator BaFin is conducting a special probe of Deutsche Bank (DBKGn.DE) as part of a wider investigation into possible manipulation of the London Inter Bank Offered Rate (Libor), two people familiar with the matter said on Friday.
The German regulator declined to comment specifically on whether it was probing Deutsche Bank, but said it was in looking into suspected manipulation of Libor rates by banks.

“We are making use of our entire spectrum of regulatory instruments, so far as this is necessary,” a spokesman said.

Deutsche Bank shares extended losses after the news and traded 4.3 percent lower at 1523 GMT.

Results from the probe are expected to emerge in mid July, one of the sources said.

They said the investigation was a so-called special probe initiated by the regulator, which is more severe than routine probes which are initiated by a third party, for example a bank.

Deutsche Bank declined to comment but referred to its quarterly report which said the bank has received various subpoenas and requests for information from certain regulators and governmental entities in the United States and Europe, in connection with setting interbank offered rates for various currencies.

These inquiries relate to various periods between 2005 and 2011. At the time, Deutsche Bank said it is cooperating with these investigations.

Of course we know that they were ALL IN ON IT so that means many more “announcements” are coming. Here are the 17 banks that form the committee to set LIBOR:
    • Bank of America
    • Bank of Tokyo-Mitsubishi UFJ Ltd
    • Barclays Bank plc
      BNP Paribas
      Citibank NA
      Credit Agricole CIB
      Credit Suisse
      Deutsche Bank AG
      HSBC
      JP Morgan Chase
      Lloyds Banking Group
      Rabobank
      Royal Bank of Canada
      Société Générale
      Sumitomo Mitsui Banking Corporation Europe Ltd (SMBCE)
      The Norinchukin Bank
      The Royal Bank of Scotland Group
      UBS AG
It is important to note that of these 17 banks that colluded to set phoney LIBOR rates, 9 of these banks are “Authorized Participants” colluding to rig the gold and silver markets in the phoney Gold and Silver ETF’s (GLD & SLV).
Barclays Capital Inc
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Deutsche Bank AG
HSBC
JP Morgan Securities Inc.
Merrill Lynch (Bank of America)
RBC Capital Markets, LLC,
UBS Securities LLC
Like a tidal wave as it approaches shore the scandals are mounting.
May the Road you choose be the Right Road.
Bix Weir
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