Bad News for Deutsche Bank Is Bad News for Wall Street and Trump

By Pam Martens and Russ Martens: January 23, 2019 ~ There’s a troubling story out this morning at Bloomberg News indicating that the Federal Reserve “is examining how Deutsche Bank AG handled billions of dollars in suspicious transactions from Denmark’s leading lender [Danske Bank], according to people familiar with the matter, further intensifying what could be one of the biggest money-laundering scandals ever.” The story is troubling because (a) probing potentially criminal money laundering is the job of the Justice Department which can impose criminal charges, not the job of the Fed which cannot; and (b) the Fed is notorious for slapping knuckles and imposing small fines. The Fed’s New York regional bank, which plays an outsized role in the Federal Reserve system, is a deeply conflicted regulator. And, let’s not forget that it was the Fed that secretly funneled $16.1 trillion of almost zero interest loans to the global banks … Continue reading