- Bloomberg•7 hours ago
Deutsche Bank AG faces fresh proxy fights to accelerate liquidating two closed-end bond funds after a five-year standstill with repeat activist Arthur Lipson expired.
Deutsche Bank (DB) was the conduit for turning rubles into dollars through mirrored stock trades in Moscow and abroad -- a scheme outlined in the Aug. 29 New Yorker magazine. The background: "... Because the Russian company and the offshore company both belonged to the same owner, these ordinary-seeming trades had an alchemical purpose: to turn rubles that were stuck in Russia into dollars stashed outside Russia. On the Moscow markets, this sleight of hand had a nickname: konvert, which means “envelope” and echoes the English verb “convert.” In the English-language media, the scheme has become known as 'mirror trading.' Mirror trades are not inherently illegal.
After Friday's close, JPMorgan Chase (JPM) announced that it had reached a settlement with the FDIC and Deutsche Bank (DB) over Washington Mutual-related claims left over from the financial crisis. KBW's ...
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