The Willful Blindness Of Deutsche Bank's Management

Deutsche Bank is in the wars again. The German regulator BAFIN has released a damning report (link courtesy of the Wall Street Journal) into regulatory and compliance failures regarding benchmark rate rigging – Libor and its relatives, plus ISDAfix and FX. They are all linked. The structure and culture of Deutsche Bank, right up to the present day, encourages and rewards bad behavior by traders and their management.