Thursday, April 23, 2015

It's only $2.5 billion

That's the penalty to be paid by Deutsche Bank for currency manipulation and violations of United States sanctions against countries like Iran. This is the largest yet in this ongoing investigation into the interest rate scandal. It's been a long time coming, at least in England. The Financial Conduct Authority in London said that Deutsche Bank had taken two years to provide audio recordings requested by investigators, had accidentally destroyed evidence, and had claimed to have adequate controls over activities related to benchmark interest rates when it had no controls at all.

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