Deutsche Bank Offices Raided By Authorities

Tyler Durden's picture

Just two days after Deutsche Bank co-CEOs Anshu Jain and Jürgen Fitschen announced their resignations, the bank's offices in Germany, France, and the UK have been searched by authorities. 

  • DEUTSCHE BANK HQ SEARCHED BY AUTHORITIES THIS MORNING: CNBC
  • DEUTSCHE BANK SAYS SEARCH RELATED TO SECURITY DEALS BY CLIENTS
  • DEUTSCHE BANK SITES IN FRANKFURT, LONDON, PARIS SEARCHED: BILD

Deutsche says the searches are related to "security deals by clients" and apparently do not involve allegations of wrogndoing by the employees.

From Reuters:

Deutsche Bank confirmed its offices in Frankfurt had been searched on Tuesday and said investigators were looking for evidence related to client transactions, with no Deutsche Bank employees accused of wrong-doing.

 

A spokesman for Germany's largest lender said the raid had been conducted on behalf of prosecutors in the German city of Wiesbaden, who were seeking evidence of securities transactions by the bank's clients.

Statement from the bank:

Today the offices of Deutsche Bank in Frankfurt are being searched by the Public Prosecutor's Office. The search relates to an investigation into securities transactions by clients. Employees of Deutsche Bank are not accused of any wrongdoing.

From Spiegel (via Google translate):

The specific allegations, the Attorney General's Office Frankfurt declined to comment first. Introduce "in an ongoing process procedural coercion" by a judiciary spokesman said on Tuesday in Frankfurt.

 

To subject and scope of the investigation, the authority could not say anything because "operational phase" nor walk. However, the spokesman said no one associated with the procedure for VAT fraud in the trading of pollution rights (CO2 allowances).

 

According to a German bank spokesman, the raid directed against shady business of individual customers. "I can confirm that there is on behalf of the prosecutor's office in Wiesbaden today searches offices of Deutsche Bank in Frankfurt," the spokesman said. "The search aims to ensure evidence in connection with investigations against customers with respect to certain securities transactions. There are no employees of the bank accused." More details - about the shops the customer - did not want to call the speaker.

*  *  * 

Over the past several years, Deutsche Bank has paid out some $9 billion in connection with legacy litigation and may settle with the DoJ in the coming months over the bank's role in selling shoddy MBS in the pre-crisis years. Here's more on the bank's various legal troubles.

From DB annual report:

We are currently the subject of regulatory and criminal industry-wide investigations relating to interbank offered rates, as well as civil actions. Due to a number of uncertainties, including those related to the high profile of the matters and other banks’ settlement negotiations, the eventual outcome of these matters is unpredictable, and may materially and adversely affect our results of operations, financial condition and reputation. 

 

A number of regulatory and law enforcement agencies globally are currently investigating us in connection with misconduct relating to manipulation of foreign exchange rates. The extent of our financial exposure to these matters could be material, and our reputation may suffer material harm as a result. 

 

A number of regulatory authorities are currently investigating or seeking information from us in connection with transactions with Monte dei Paschi di Siena. The extent of our financial exposure to these matters could be material, and our reputation may be harmed. 

 

Regulatory and law enforcement agencies in the United States are investigating whether our historical processing of certain U.S. dollar payment orders for parties from countries subject to U.S. embargo laws complied with U.S. federal and state laws. 

 

We have been subject to contractual claims, litigation and governmental investigations in respect of our U.S. residential mortgage loan business that may materially and adversely affect our results of operations, financial condition or reputation.

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Manthong's picture

It’s all good

..as long as they do not disturb the derivatives book

nmewn's picture

Zactly, more than likely "the authorities" are there to remove evidence of a crime not to document it.

Tall Tom's picture

Do not fret too much.

 

Greece will be the coup d'grace.

 

Time to celebrate the end of the Fraudulent Ponzi Game!

Manthong's picture

Your keyboard to Thor's hammer.

NoDebt's picture

"However, the spokesman said no one associated with the procedure for VAT fraud in the trading of pollution rights (CO2 allowances)"

You mean they rigged the CO2 market, too?  Is nothing sacred??

And believe me, if the "authorities" show up in 3 of your worldwide offices simultaneously to collect evidence, your employees DID DO SOMETHING WRONG.

 

Arnold's picture

Don't forget to dust the tungsten while you are in there!

HungryPorkChop's picture

Yep', their main job will be to protect those derivative$ and bet they have an army of MBA'$ ready to figure out how much $uper Mario Money is required to stabilize. 

Disclosure:  I am long ink, paper and industrial printer$. 

Gentlemen:  Start your printer$.

TREE MAN's picture

I've got an MBA. ...nottingham 

Yeah...Master of Bugger All

Tall Tom's picture

Derivatives...Uh....What are those?...Duh...

 

The public has no idea about the tsunami which is going to hit. LMAO.

 

Then add in Greece.

 

Fuck you Merkel. Let other countries handle their own shit, eh, Merkel?

 

Of course it will take down the World...

 

Goodbye socialists.

 

Looking forward to September...

 

Yeah!!! LMAO.

 

Time to CELEBRATE the collapse of the fraud and crruption.

 

The World Economy is toast. Yes!!!

Haus-Targaryen's picture

Enough coffee.  You are essentially the less entertaining Anglo-Saxon version of wolferl. 

MonetaryApostate's picture

He's right except the end of fraud & corruption, no that's clearly fantasy talk there... :D

(It will though likely lead us towards massive banker wars.)

Arnold's picture

Yea!

Casting moar silver bullets.

(won't be enough though)

XAU XAG's picture
Deutsche Bank Offices Raided By Authorities

 

SACRE BLEU!

Freddie's picture

Were the authorities looking for Nazis?  The nazis being funded by the EU-SSR and USSA-zio in the Ukraine?

Bush Baby's picture

DB paid out 9 billion in the last few years.
They could've bailed out Greece.

MonetaryApostate's picture

All the signs point towards massive changes implemented by Government(s), who, now being broke, must start seizing assets, and that's really just the tip of the iceberg really...  I don't think this will be an isolated incident...

http://galeinnes.blogspot.com/2015/06/the-fraud-quadrant.html

eclectic syncretist's picture

What if governments make up their minds to nationalize the big banks? Kind of like what happened with Fannie and Freddie?

MonetaryApostate's picture

They can't, it's global now, and it will likely rather lead to "Digitizing Banking" that way the government can monitor things better.  I'm sure the globalist are working hard at the system they want to use in the future, like Google Wallet, etc....  What we are seeing here is direct government involvement, which in all likelihood (Though I'm purely speculating at this point) will lead us all towards a mandated change that the governments have probably all agreed upon, long before we see those changes implemented, and so I say "And so it begins", which is to say we are beginning to see the changes they plan beginning to materialize, which of course include major shake ups at banks and likely also bank bail-ins.  The War on Cash is only the beginning, I say this because the elite will continue to consolidate, steal, and sieze assets till they have the entire system under their control absolutely, even globally...

(Obviously some people understand what the future holds...)

http://www.mckinsey.com/insights/business_technology/the_rise_of_the_dig...

http://www.i-scoop.eu/retail-banking-digital-transformation/

Fun Facts's picture

The banks own the governments. Failure to understand that is a failure to understand everything.

"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place,"

- Senator Dick Durbn on WJJG 1530 AM's "Mornings with Ray Hanania."

Deathrips's picture

I disagree.

Government chose to commit treason when they took money from the banks and were thus bought.....

The bank isnt the Fiduciary of the people, The .gov is obligated to be.

 

Get it straight.

 

RIPS

Al Gophilia's picture

What begins? Why, the investigation by the SEC and the CFTC, of course. Those banksters are toast.

eclectic syncretist's picture

They can take some consolation in knowing that all their porn collections have been securely backed up by the NSA.

XAU XAG's picture

Phone & e-mail watching has led them to look for some dirt

 

They would like to find a big ton of dung on somone

 

Who is it?????

 

Who is/are the Client/s ...............they are after??

firstdivision's picture

the next act in the circus.  hope you got your snacks during that small intermission.

Peter Pan's picture

We are neither at the beginning nor the end. We seem to be forever stuck in the middle of it.

winchester's picture
winchester (not verified) Peter Pan Jun 9, 2015 6:26 AM

middle of what  ain't notin to see, gtfo of 'er

slaughterer's picture

Actually, DB has been raided by the German police repeatedly in the last few months.  It is surprising that ZH just covers this latest raid.  

Peter Pan's picture

They should not be raiding the offices of DB.

They should be closing them.

e-recep's picture

Would you cut a goose open that laid golden eggs?

Tall Tom's picture

Yes!!! Yes...yes...yes!

 

It is almost time for the fat lady's encore.

 

September approaches.

Haus-Targaryen's picture

If anything actually blows up in September, I'll shit a live clucking chicken while humming Yankee-Doodle Dandy.

Tall Tom's picture

That is because YOU CELEBRATE FRAUD!!! You celebrate DISHONESTY.

 

Your ilk has LOST IT. You have lost control.

 

It is over.

 

For Whom the Bell Tolls...

 

And you thought that you were fucking the Greeks?

 

LMAO.

Haus-Targaryen's picture

I most certainly do not celebrate fraud.  I want this thing to collapse more than anyone.  I have a mountain of student loan debt I am looking forward to receiving my 1098-C in the mail.  

That being said,  I have come to appreciate this dragging on for much longer than any of us anticipate.   

Tall Tom's picture

I have a mountain of student loan debt ...

 

You claim you do not celebrate fraud yet want it to collapse so you can stiff your creditors???

 

I see right through your bullshit.

Arnold's picture

 TT   Only Saints walk through life without some perceived hippocracy, and not many of them.

That being said,  you are correct about his student loan funny business.

Ghordius's picture

"Rule by Horses" or hypocrisy? I could as well ask why he does not default, since he is outside of the US. But I'm for sure not an expert on this madness called US Student Loans

Arnold's picture

Thanks, inadvertent word play on my part.ald

(Spell check is still my friend despite his shortcomings and mine.)

MonetaryApostate's picture

In the spirit of the whole "September thing..." 

https://youtu.be/NU9JoFKlaZ0

XAU XAG's picture

@Haus-Tararyen

 

There is always "some thing blowing up" every day around the world.

 

Just like it is always 5 O CLOCK some where in the world CHIn CHIn!

Beowulf55's picture

If anything actually blows up in September, I'll shit a live clucking chicken while humming Yankee-Doodle Dandy.

I got dibs on the pay-per-view rights..........

TeethVillage88s's picture

I was trying to remember what happens in September.

- End of US Federal Gov Fiscal Year, but funding is usually some Continuing Resolution in July or August maybe

- US Budget, Final Numbers might be close by September, but think there is a lag in publishing?

- Treasuries have to be Sold in September, heard they wanted to sell more long Term ones this time

- HE-LOC Credit Period ends on many, start of time to pay back HE-LOC Balances

- Start of US Holiday Shopping for Retail? Back to School Shopping? Hunting Season/Camping Season Retail Sales?