Deutsche Bank’s $10B Scandal
Not surprisingly Matt Levine has already summarized the article in his succinct style.<p><a href="https://www.bloomberg.com/view/articles/2016-08-22/mirror-trades-and-tax-tricks" rel="nofollow">https://www.bloomberg.com/view/articles/2016-08-22/mirror-tr...</a><p>If you are into Michael Lewis like books, there is a good book called the Quants that follows the path of 5 people in finance.  One of them is Boaz Weinstein who became the youngest director ever at Deutsche and whose group made over billion one year as derivatives traders.  The bank has been cleaning up the mess he left ever since.<p>It failed last years banking stress test in no small part to Deutsche's involvement in the derivatives market.   The IMF just named them as the most important net contributor to systemic risks, followed by HSBC and Credit Suisse.  So next time someone tells you that american banks are responsible for screwing up the world.  Point them at the Germans and the Swiss :)<p><a href="http://www.zerohedge.com/news/2016-06-29/imf-deutsche-bank-poses-greatest-risk-global-financial-system" rel="nofollow">http://www.zerohedge.com/news/2016-06-29/imf-deutsche-bank-p...</a>