Deutsche Bank headquarters in Frankfurt, Germany
Financial Times: Deutsche Hid Up to $12Bn Losses, Say Staff
Summary: This explosive front-page article, along with a lengthy companion piece, details allegations of multi-billion-dollar fraud at Deutsche Bank. Three bank whistleblowers – including GAP client Eric Ben-Artzi – allege that the company’s “trades were valued in a way that hid billions in losses.” The piece is making major waves across the financial world.
Key Quote: But the three former employees told the SEC that this outcome does not mean the allegations should be forgotten. “If Lehman Brothers didn’t have to mark its books for six months it might still be in business,” says one of the men. “And if Deutsche had marked its books it might have been in the same position as Lehman.”
Related Article: Corporate Crime Reporter
Bernd Pulch 