Deutsche Bank’s Internal Libor Investigation Finds Deutsche Bank Mostly Innocent
Great news, you guys. We can go ahead and scratch at least one bank off the list of egregious interest-rate manipulators. That’s because this bank has heroically determined that it is totally innocent. Almost totally, anyway.
Reuters reports that Deutsche Bank, the biggest German bank, has carefully investigated its own role in the habitual, fraudulent, global rigging of Libor, the most important interest rate in the world. And you might want to sit down for this, but Deutsche Bank has determined, to what we can only imagine is its own profound relief, that Deutsche Bank was only barely involved in the scandal. Hardly any involvement, really. If you blur your eyes a bit, it even kind of looks like Deutsche Bank wasn’t involved at all. Certainly not in its top executive ranks. That’s the way Deutsche Bank would like you to see it, anyway.
Hmm, one small problem, though: Handelsblatt is reporting that Deutsche Bank is bracing for “a huge fine” in the Libor scandal, setting aside between $300 million and $1 billion — the middle point of which would be higher than the $450 million Barclays paid. Does that sound like a bank that really expects to get out of this without any mud getting splashed on the C-suite?