Article: Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations

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Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations

Jack Queen, 08 January 2021

Deutsche Bank AG agreed Friday to fork over more than $130 million to resolve separate yearslong bribery and commodities fraud schemes in a pair of agreements with the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

Under the terms of a deferred prosecution agreement with the DOJ, the German bank will pay criminal penalties of $79.5 million for Foreign Corrupt Practices Act violations involving bribes to consultants in Saudi Arabia, Abu Dhabi and Italy in an effort to secure business there. Continue reading “Article: Deutsche Bank To Pay Over $130M For FCPA, Fraud Violations”

Article: Forbes Flashback: How George Soros Broke The British Pound And Why Hedge Funds Probably Can’t Crack The Euro

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Forbes Flashback: How George Soros Broke The British Pound And Why Hedge Funds Probably Can’t Crack The Euro

Forbes, 07 June 2015

Greek citizens voted against further austerity measures demanded by the Troika financing their rescue package, casting even more doubt on the country’s future as a member of the eurozone and throwing bond and currency markets into an uproar.

The euro has plunged from $1.20 to $1.09 this year (see chart). The feared unraveling of the currency – which, admittedly, would take a lot more than Greece’s departure – calls to mind another currency fiasco from the early 1990s, when George Soros and a group of other investors that included fellow hedge fund managers Paul Tudor Jones and Bruce Kovner, bet against a central bank’s ability to hold the line on its currency.

Forbes took a deep dive into that trade in the November 9, 1992 issue, illuminating how Soros made $1.5 billion in just a single month by betting the British pound and several other European currencies were priced too richly against the German deutsche mark.

The entire group cashed in big-time. Jones’ funds made $250 million, while Kovner’s Caxton Corp. rang the register to the tune of $300 million, but no one made more than Soros, who cleared $1.5 billion in that fateful month of September. (The score made Soros’ legend and swelled his firm’s coffers; assets under management jumped to $7 billion, from $3.3 billion, by mid-October 1992, and to $11 billion by the end of 1993.)

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