The example of Deutsche Bank…
Deutsche Bank: Where the Dots of Russiagate Connect
JEFF SCHECHTMAN
WhoWhatWhy.Org, 01/24/18
Excerpt…
Now, the US Senate Permanent Committee for Investigations headed by Ex-Senator Carl Levin investigated this. They brought in testimony. They brought in Deutsche Bank executives, et cetera. After all was said and done, Senator Levin characterized these basket options as “let’s pretend basket options.” Basically, calling them a magical device that just magically transformed a sale that occurred, a buy and sell transaction that occurred in seconds to something that took over a year; allowing them to take long term capital gain.
Here you have that the IRS said back in 2010: “These basket options serve no economic purpose. There is nothing to them. There is no substance to it. Do not use these basket options.” RenTech continues to use them. RenTech buys at least 29 of these basket options. Deutsche Bank was told back in the middle 2000s: “Do not sell any tax shelters. Do not engage in any more promotion of tax shelters.” Even as they’re signing that agreement, they’re selling these basket options to RenTech, in clear violation of their non-prosecution agreement. Why did they do it? There’s only one reason, and that has to do with money. They were making huge fees on the sale of these basket options.
The Southern District of New York prosecuted KPMG in the mid 2000s for the sale … KPMG, of course, also one of the biggest accounting firms in the country. They were selling illegal tax shelters. They got prosecuted. They entered into what’s known as deferred prosecution agreement. Of course, nobody goes to jail. If you read the DPA, the deferred prosecution agreement, KPMG could not have conducted their tax shelter scheme without interacting with a bank. As it turns out, even in the indictment, the bank that was involved was called Bank A in the indictment. Bank A, as it turns out, is Deutsche Bank.
Source:
https://whowhatwhy.org/podcast/deutsche-bank-dots-russiagate-connect/
More:
https://whowhatwhy.org/?s=Deutsche+bank
Full disclosure: I think WhoWhatWhy is TOPS — annd I’ve met a number of the folks there.
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