No matter how dodgy the deal, profits are everything. That was clearly the motto at Deutsche Bank and attempts to justify the wrongdoing uncovered by the FinCEN scandal seems pointless, writes DW’s Henrik Böhme.
“Everything starts with trust.” That’s how Deutsche Bank wooed clients in the mid-1990s. This slogan, however, has long been history, as the bank completely gambled away the confidence of its customers in the years that followed. The moneylender wanted to play in the financial premier league, so principles were thrown overboard, presumably because it was the only way to increase the bottom line. Returns were everything because the Deutsche bankers’ profit machine had to be lubricated, by all means necessary.
From interest rate manipulation and money laundering to poorly secured mortgages and business relationships with questionable customers — such as the convicted sex offender Jeffrey Epstein