Report: Deutsche Bank Hid $12 Billion in Losses DURING Financial Crisis

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Report: Deutsche Bank Hid $12 Billion in Losses DURING Financial Crisis

Report: Deutsche Bank Hid $12 Billion in Losses DURING Financial Crisis

Lets see how the government handles this on since US regulators, whose chief of enforcement currently was none other than the General Counsel of Deutsche Bank at the time!

This is why the revolving door needs to be stopped!

Then again, Obama said nothing Wall Street did was illegal…Perhaps because mostly everyone in his administration was part of Wall Streets team at one time or another.


HuffPO-

During the financial crisis, German banking behemoth Deutsche Bank seemed like one of the few banks in the U.S. and Europe strong enough to weather the crisis without a bailout. A new report suggests that strength may have been a mirage.

The Financial Times reports that three former bank employees told U.S. regulators that the bank hid $12 billion in losses on credit derivatives during the crisis.

That might not sound like a lot of money for a global bank like Deutsche Bank, but it is roughly twice as much money as it earned in profit in all of 2011. And it was enough to possibly mean the difference between needing a government bailout and not needing a bailout, according to the former employees.

[HUFFINGTON POST]

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