Blowback? Just a few weeks after the EU slapped Apple with a $14 billion bill for “back taxes,” the U.S. has apparently responded with a $14 billion fine of their own to Deutsche Bank to settle an outstanding probe into the company’s trading of mortgage-backed securities during the financial crisis.
According to the Wall Street Journal, the proposed settlement would be largest fine paid by any of the banks related to similar charges. Unfortunately for DB, the fine is roughly equal to it’s entire market cap and the stock is plunging nearly 8% in after hours trading.
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Time For Truth: (Zero Hedge) – Deutsche Bank Slapped With $14 Billion Fine By DOJ Over Mortgage Probe
The global economic situation is grim and major economies must lead the way in tackling problems including sluggish growth and weak trade, China’s trade minister Gao Hucheng said on Saturday.
Gao made the remarks at the start of a two-day meeting of trade ministers from G20 economies in Shanghai, as uncertainty hangs over the outlook for a slow-growing global economy now beset by post-Brexit reverberations.
Central banks’ attempts to kick-start advanced economies following the financial crisis have made the gap between the rich and poor wider, suggests the Bank for International Settlements.
In the BIS’ Quarterly Review, Analysts Dietrich Domanski, Michela Scatigna, and Anna Zabai studied the evolution of wealth inequality in France, Germany, Italy, Spain, the U.K. and the U.S. was influenced by monetary policy since the recession.