A Show of Strength or a Fiction?
December 6, 2012
Jordan A. Thomas comments on allegations that Deutsche Bank hid billions of dollars of losses
But three of the bank's former employees say the show of strength was based on a fiction. In a series of complaints to US regulators, two risk managers and one trader have told officials that Deutsche had in effect hidden billions of dollars of losses.
"By doing so, the bank was able to maintain its carefully crafted image that it was weathering the crisis better than its competitors, many of which required government bailouts and experienced significant deterioration in their stock prices," says Jordan Thomas, a former US Securities and Exchange Commission enforcement lawyer, who represents Eric Ben-Artzi, one of the complainants.
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