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Breaking: Justice Dept is about to penalize @DeutscheBank for violating anti-bribery laws as it tried to win business in places like China. The bank is expected to pay more than $100 million in penalties. https://www.nytimes.com/2021/01/08/business/deutsche-bank-bribery-charges.html
The charges involve Deutsche's efforts to win business in China (and possibly other countries), where the bank for years doled out lavish gifts and huge amounts of money to Chinese insiders.
Deutsche and DOJ are expected to enter into a so-called deferred prosecution agreement.
Deutsche and DOJ are expected to enter into a so-called deferred prosecution agreement.
It is very noteworthy that this settlement is coming in the dying days of @realDonaldTrump's presidency.
He owes the bank more than $300M, which he personally guaranteed and is coming due soon. There is no avoiding the appearance of a conflict of interest here.
He owes the bank more than $300M, which he personally guaranteed and is coming due soon. There is no avoiding the appearance of a conflict of interest here.
The roughly $125 million penalty against @DeutscheBank is **half** of what the bank's own lawyers warned executives that they were likely to have to pay.
See this 2019 article with @PekingMike @jotted for more gory details on DB's 15-year Chinese scheme. https://www.nytimes.com/2019/10/14/business/deutsche-bank-china.html
See this 2019 article with @PekingMike @jotted for more gory details on DB's 15-year Chinese scheme. https://www.nytimes.com/2019/10/14/business/deutsche-bank-china.html
