AML, anti-money laundering, banking groups, Banksters, Big Banks, DB, Deutsche Bank, Deutsche Bank investors, Deutsche Bank settlement, dirty banks, drug cartels, German banks, Germany, investor lawsuit, Jeff Epstein, Jeffrey Epstein, Karimi et al. v. Deutsche Bank, Mirror Trades, misleading investors, Money-laundering, Prussia, Russia, Russian banks, Russian oligarchs, stock value, terrorists
“They further allege that the Bank’s executives and management board routinely overruled compliance staff so that the Bank’s wealth management business could commence or continue relationships with high-risk, ultra-rich clients, such as Russian oligarchs, the convicted sex trafficker Jeffrey Epstein, founders of terrorist organizations, people associated with Mexican drug cartels, and people suspected of financing terrorist organizations. When these relationships were revealed, DB’s stock allegedly lost value, harming investors…“ Karimi et al. v. Deutsche Bank AG et al., No. 1:22-cv-02854 https://law.justia.com/cases/federal/district-courts/new-york/nysdce/1:2022cv02854/577933/86/
Deutsche Bank’s web site states “Deutsche Bank: 140 years in Russia”. https://web.archive.org/web/20220713070035/https://country.db.com/russia/
Jeff Epstein Boasted About “Flying to Moscow to Visit Vladimir Putin” By Lottie Tiplady-Bishop Jul 19 2020 “PAEDOPHILE Jeffrey Esptein bragged about flying to Moscow to meet with Vladimir Putin and discuss his finances, it has been claimed.”. See: https://www.the-sun.com/news/1163931/jeffrey-epstein-boasted-putin-millionaire-secrets/ “And once he got out of jail, in the last 10 years of his life, Epstein bragged to various people, including journalists, that he was advising a whole assortment of foreign leaders who included Vladimir Putin…” See: https://www.rollingstone.com/culture/culture-features/jeffrey-epstein-steven-hoffenberg-intelligence-agencies-spy-1197708/
Already ca 1909:
“The Deutsche Bank, which together with its affiliated banks controls nearly 3,000 million marks, represents, parallel to the Prussian State Railway Administration, the biggest and also the most decentralised accumulation of capital in the Old World.”…
The Deutsche Bank “group” is one of the biggest, if not the biggest, of the big banking groups…
Included in the eight banks “occasionally” dependent on the Deutsche Bank in the “first degree”, are three foreign banks: one Austrian (the Wiener Bankverein) and two Russian (the Siberian Commercial Bank and the Russian Bank for Foreign Trade). Altogether, the Deutsche Bank group comprises, directly and indirectly, partially and totally, 87 banks; and the total capital—its own and that of others which it controls—is estimated at between two and three thousand million marks….”
“Pomerantz LLP Achieves Significant Victory for Damaged Deutsche Bank AG Investors – DB
— NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — In a significant victory for damaged Deutsche Bank AG investors, the bank has agreed to pay nearly $26.3 million to end a proposed class action against it on behalf of investors who acquired Deutsche Bank stock between March 14, 2017, and May 12, 2020. The case is Karimi et al. v. Deutsche Bank AG et al., No. 1:22-cv-02854, in the U.S. District Court for the Southern District of New York. Pomerantz is sole lead counsel representing the putative class of plaintiffs in the litigation. The recovery represents approximately 49.4% of the likely recoverable damages in this case, which is well above the median recovery of 1.8% of estimated damages for all securities class actions settled in 2021. Plaintiffs have moved the court for approval of the settlement.
The complaint, filed in 2020, alleges that Deutsche Bank made materially false and misleading statements about its anti-money-laundering (“AML”) deficiencies and did not properly monitor customers it considered high risk, such as financier and accused sex offender Jeffrey Epstein. For example, defendants repeatedly assured investors that Deutsche Bank has “developed effective procedures for assessing clients (Know Your Customer or KYC) and a process for accepting new clients in order to facilitate comprehensive compliance,” and insisted that “[o]ur KYC procedures start with intensive checks before accepting a client and continue in the form of regular reviews.” Defendants also claimed Deutsche Bank’s “robust and strict” KYC program “includes strict identification requirements, name screening procedures and the ongoing monitoring and regular review of all existing business relationships,” with “[s]pecial safeguards . . . implemented for . . . politically exposed persons…”
In truth, however, far from implementing a “robust and strict” KYC program with “special safeguards” for politically exposed persons (“PEPs”), defendants repeatedly exempted high-net-worth individuals and PEPs from any meaningful due diligence, enabling their criminal activities through the use of the Bank’s facilities.
For example, Deutsche Bank continued “business as usual” with Jeffrey Epstein even after learning that 40 underage girls had come forward with testimony that he had sexually assaulted them. Deutsche Bank’s former CEOs also onboarded, retained, and serviced Russian oligarchs and other clients reportedly engaged in criminal activities, including terrorism.
According to Partner Emma Gilmore, who leads the litigation, “We are very pleased with the result achieved in this matter. The extraordinary 50% recovery the Firm achieved on behalf of Deutsche Bank’s investors should be a wake-up call for all corporations who choose to conduct business with unsavory characters. As a woman prosecuting the case against Deutsche Bank, this victory is all the more rewarding.”
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See http://www.pomlaw dot com https://archive.ph/0UEFq
“Jeff Epstein Boasted About “Flying to Moscow to Visit Vladimir Putin”
COSTCOW Jeffrey Epstein boasted about ‘flying to Moscow to visit Vladimir Putin’ as secrets behind his millions are revealed By Lottie Tiplady-Bishop 11:39 ET, Jul 19 2020Updated: 12:28 ET, Jul 19 2020 PAEDOPHILE Jeffrey Esptein bragged about flying to Moscow to meet with Vladimir Putin and discuss his finances, it has been claimed. American journalist Edward Jay Epstein – who met the controversial mogul back in the eighties – made the claims in an investigation for The Mail on Sunday”. https://www.the-sun.com/news/1163931/jeffrey-epstein-boasted-putin-millionaire-secrets/
“And once he got out of jail, in the last 10 years of his life, Epstein bragged to various people, including journalists, that he was advising a whole assortment of foreign leaders who included Vladimir Putin…. His name was mentioned as a middleman in both Africa and the Middle East. He was known in the intelligence world as a “hyper-fixer,” somebody who can go between different cultures and networks.” https://www.rollingstone.com/culture/culture-features/jeffrey-epstein-steven-hoffenberg-intelligence-agencies-spy-1197708/
Ca 1909 (longer quote):
“The Deutsche Bank, which together with its affiliated banks controls nearly 3,000 million marks, represents, parallel to the Prussian State Railway Administration, the biggest and also the most decentralised accumulation of capital in the Old World.”2
I have emphasised the reference to the “affiliated” banks because it is one of the most important distinguishing features of modern capitalist concentration. The big enterprises, and the banks in particular, not only completely absorb the small ones, but also “annex” them, subordinate them, bring them into their “own” group or “concern” (to use the technical term) by acquiring “holdings” in their capital, by purchasing or exchanging shares, by a system of credits, etc., etc. Professor Liefmann has written a voluminous “work” of about 500 pages describing modern “holding and finance companies”,3 unfortunately adding very dubious “theoretical” reflections to what is frequently undigested raw material. To what results this “holding” system leads in respect of concentration is best illustrated in the book written on the big German banks by Riesser, himself a banker. But before examining his data, let us quote a concrete example of the “holding” system.
The Deutsche Bank “group” is one of the biggest, if not the biggest, of the big banking groups. In order to trace the main threads which connect all the banks in this group, a distinction must be made between holdings of the first and second and third degree, or what amounts to the same thing, between dependence (of the lesser banks on the Deutsche Bank) in the first, second and third degree Included in the eight banks “occasionally” dependent on the Deutsche Bank in the “first degree”, are three foreign banks: one Austrian (the Wiener Bankverein) and two Russian (the Siberian Commercial Bank and the Russian Bank for Foreign Trade). Altogether, the Deutsche Bank group comprises, directly and indirectly, partially and totally, 87 banks; and the total capital—its own and that of others which it controls—is estimated at between two and three thousand million marks.
It is obvious that a bank which stands at the head of such. a group, and which enters into agreement with half a dozen other banks only slightly smaller than itself for the purpose of conducting exceptionally big and profitable financial operations like floating state loans, has already outgrown the part of “middleman” and has become an association of a handful of monopolists.
The rapidity with which the concentration of banking proceeded in Germany at the turn of the twentieth century is shown by the following data which we quote in an abbreviated form from Riesser…
According to these figures, of the approximately 4,000 million rubles making up the “working” capital of the big [Russian] banks, more than three-fourths, more than 3,000 million, belonged to banks which in reality were only “daughter companies” of foreign banks, and chiefly of Paris banks (the famous trio: Union Parisienne, Paris et Pays-Bas and Société Générale), and of Berlin banks (particularly the Deutsche Bank and Disconto-Gesellschaft).
Two of the biggest Russian banks, the Russian (Russian Bank for Foreign Trade) and the International (St. Petersburg International Commercial Bank), between 1906 and 1912 increased their capital from 44 to 98 million rubles, and their reserves from 15 million to 39 million “employing three-fourths German capital”. The first bank belongs to the Berlin Deutsche Bank “concern” and the second to the Berlin Disconto-Gesellschaft. The worthy Agahd is deeply indignant at the majority of the shares being held by the Berlin banks, so that the Russian shareholders are, therefore, powerless. Naturally, the country which exports capital skims the cream; for example, the Berlin Deutsche Bank, before placing the shares of the Siberian Commercial Bank on the Berlin market, kept them in its portfolio for a whole year, and then sold them at the rate of 193 for 100, that is, at nearly twice their nominal value, “earning” a profit of nearly six million rubles, which Hilferding calls “promoter’s profits”. See: “Imperialism” Vladimir Ilyich Lenin, Written: January-June, 1916 Published: First published in mid-1917 in pamphlet form, Petrograd. Published according to the manuscript and verified with the text of the pamphlet. https://www.marxists.org/archive/lenin/works/1916/imp-hsc/
While NOT agreeing with the solutions of Marx, Engels and Lenin, their descriptions are interesting and can be useful. Furthermore, for Imperialism, Lenin leans on some earlier works which are more difficult to find.
Value of German Marks to US $ etc (historical): https://marcuse.faculty.history.ucsb.edu/projects/currency.htm