Four Deutsche Bank AG (DBK) employees arrested on allegations of obstruction of justice and money laundering were ordered to remain in custody while the investigation is pending.
The fifth suspect arrested yesterday was released because of health issues, Guenter Wittig, a spokesman for the Frankfurt General Prosecutor, said by phone today. He declined to explain the court’s ruling or identify any suspects.
The case is part of a criminal probe over tax-evasion allegations linked to the sale of carbon-emission certificates in which prosecutors are investigating a total of 25 people at Deutsche Bank. The lender’s German offices were raided yesterday and Co-Chief Executive Officer Juergen Fitschen and Chief Financial Officer Stefan Krause, who weren’t arrested, are subjects of the probe.
Criminal probe? You mean, like jailtime? Bubba dates?
This is serious and not something out of The Onion?
It appears so.
It looks like this isn’t a bunch of underlings either — the co-CEO and CFO are subjects of the probe, although they have not (yet) been charged.
If you remember there were raids on offices a couple of years ago. I, along with everyone else, assumed that the odds of an actual prosecution were slim and none, and slim left the building. After all, that’s been the pattern since 2007 — it literally doesn’t matterwhat was done, the worst that is ever assessed is a fine — which the bank can (and does) then pass onto customers and shareholders, neither of which did anything wrong.
This bears watching — especially if it manages to reach all the way up into the executive suite and tag some of the highest-ranking corporate officers.