1% Bank Exec Elites Caught Up in Tax Evasion
Frankfurt- Deutsche Bank is a behemoth monster full of bankers and fat cats. It is no wonder that during a raid at their headquarters officials identified two of its highest ranking officials as potential tax evaders. This doesn’t fare as timely news for the bankers of this country since the recent fallout of the global economy and woes that have already plagued this bank.
Authorities in Germany are investigating whether or not employees of Deutsche Bank were conspiring to avoid paying sales tax on carbon emission certificates. co chief executive Jurger Fitschen and CFO Stefan Krause are suspected of playing a role in signing documents that may be tied to this sales tax evasion.
Yesterday a swarm of officers searched Deutsche Banks including private homes. During this investigation the police took into custody 5 individuals that have yet to be identified.
The bank is providing its full cooperating and said the problem has already been resolved by adding“Unlike the Public Prosecutor’s Office, Deutsche Bank is of the opinion that this correction took place in due time,” It made no further comments
No one knows whether or not the top executives were directly aware of the egregious actions they were engaging in as executives like this sign many documents in the course of the day. Prosecutors have yet to comment on whether or not they were accusing these individuals of purposely signing these documents.
With the release of this shocking news it is unexpected as to how the bank will recover from this blow.
Like other banks, Deutsche bank is trying to recover after the global debt crisis that we recently faced, weak economic growth, and new crippling regulation. One regulation in particular requiring more capital to be available on hand could be especially crippling to the bank.
Deutsche bank has recently trying to improve its image, but legal issues keep on creeping up haunting a bank that is trying desperately to turn around. Only time will tell if this ethical turnaround is real or if this is just a typical horse and pony show.
