Authorities push Deutsche Bank to submit guilty plea
Adam Pike, News Editor
13 Apr 2015, 10:08 a.m.
Following a multiyear investigation into possible manipulation of interest rates, Deutsche Bank, Germany’s largest financial corporation is being encouraged by financial regulators to admit their involvement and submit a criminal plea.
According to sources close to the matter authorities on both side of the Atlantic are ready to fine Deutsche Bank up to $1.5 billion. The German bank also faces an investigations into potential currency manipulation and for violating U.S. sanctions against Iran. Although, at this stage it is unclear if any employees will face criminal charges.
Apparently prosecutors are also encouraging JP Morgan Chase, Citigroup, Royal Bank of Scotland and Barclays to admit to their involvement in foreign currency manipulation. Since 2009 the global banking industry has been fined over £166bn.
With banks now facing criminal charges is it time to consider revoking their ability to create currency via the fractional reserve banking system?