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Libor Scandal Hits Deutsche Bank
[ by Melanie Gretchen ]
Deutsche Bank is facing Libor heat today at a parliamentary hearing, where German politicians will question compliance chief Stephan Leithner and former board member Hugo Baenziger in regards to how some banks manipulated Libor. Mr. Leithner, a member of the board, was sent in place of co-CEO Anshu Jain, a former head of investment banking.
According to spectators, Mr. Jain "chickened out." For his part, his former boss, Josef Ackermann, said Mr. Jain demonstrated a lack of leadership for not going.
[C-I Note: Will Deutsche Bank be subject to the $450 million Barclays was fined by U.K. and U.S. authorities for its alleged manipulation of Libor? Or will Deutsche Bank get away with the relatively harmless questioning Goldman Sachs CEO Lloyd Blankfein faced at a Senate Governmental Affairs Subcommittee about the causes of the financial crisis?]
For further details, go to [Reuters, 11/27/12].
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