The Phaserl


The Hangman’s Noose Tightens Around Deutsche Bank

from LaRouchePac:

The Wall Street Journal reported recently that former employees of Deutsche Bank have made available to investigators documents showing that the bank “made at least 500 million Euro ($654 million) in profit in 2008 from trades pegged to the interest rates under investigation by regulators world-wide, internal bank documents show.” These trades alone accounted for 8.5 per cent of Deutsche Bank’s 2008 profits of Euro 5.9 billion. According to the WSJ, the former employee stated that bank officials dismissed internal fears about the risks involved in the derivatives bets, because the bank could influence the LIBOR. The WSJ says the bank dismissed that allegation as “categorically false.”

The Deutsche Bank mega-bet on LIBOR spreads in 2008, took place at the exact time that then head of the Federal Reserve Board of New York, Timothy Geithner, has been documented to have known about LIBOR manipulation allegations but never notified Federal government officials. By all indications, Deutsche Bank was assisting policy decisions at the highest level to bail out the megabanks from their pending bankruptcy at the point the London Interbank Market shut down in 2007 and 2008.

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