A raid was carried out by Germany’s federal police office, criminal prosecutors, and country’s financial watchdog targeting Deutsche Bank headquarters in Frankfurt this morning.
The raid came only four days after the discovery of Valentin (Val) Broeksmit’s body at Woodrow Wilson High School in El Sereno, near Los Angeles.
William Broeksmit, Val’s father, hung himself in his London home on January 26, 2014.
The father was an executive and risk analyst for Deutsche Bank. (See report: Documents from William Broeksmit, alleged January suicide by Deutsche Exec.)
A collection of sensitive documents left by his father give a peek into the internal workings of Deutsche Bank.
According to a New York Times feature of Val Broeksmit by David Enrich on October 1, 2019. Val Broeksmit provides the FBI the papers.
Enrich outlines what was going on at the time:
“Federal and state authorities were swarming around Deutsche Bank. Some of the scrutiny centered on the lender’s two-decade relationship with President Trump and his family. Other areas of focus grew out of Deutsche Bank’s long history of criminal misconduct: manipulating markets, evading taxes, bribing foreign officials, violating international sanctions, defrauding customers, laundering money for Russian billionaires.”
Broeksmits are not the only affiliates of Deutsche Bank to turn up dead
In a May 2019 New York Times article, David Enrich describes how Deutsche Bank whistleblower, Tammy McFadden, and coworkers were given no access to bank accounts linked to Donald Trump and his son-in-law/advisor Jared Kushner.
Reports of this nature’s appropriate destination is with FinCEN (Financial Crimes Enforcement Network).
The reason of death for the Val Broeksmit is still unknown, but Broeksmit’s father’s death was ruled a suicide.
The two are not alone.
Calogero Gambino, 41, hung himself from a stairwell banister at his Manhattan home, found by his wife on October 24, 2014.
Gambino was a Deutsche Bank lawyer who had been collaborating with US officials on the bank’s participation in the manipulation of the Libor interest rate benchmark.
Not the first Deutsche Bank raid
This is not the first time Deutsche Bank’s offices have been searched.
As previously reported, 170 law enforcement officers stormed Deutsche Bank’s headquarters in Germany on November 29, 2018.
At the time, prosecutors stated :
“Deutsche Bank helped customers found offshore organizations in tax havens by transferring illegally acquired money without alerting authorities to suspected money laundering.”
On September 24, 2019, German authorities raided the offices of Deutsche Bank for the second time in less than a year.
Deutsche Bank is a significant derivatives counterparty to the Wall Street megabanks.
Throughout 2019, and in the days before its trading subsidiary, Deutsche Bank Securities Inc., began surreptitiously tapping trillions of dollars in cumulative loans from the Fed’s repo loan rescue facility, the bank was having major troubles.
In April 2019, the Deutsche Bank and Commerzbank in merger did not go through.
Deutsche sought to terminate 18,000 employees in July 2019 and form a good bank/bad bank to separate hazardous assets.
Deutsche Bank lost money for three years in a row. Its stock price has fell by 90% in a decade and was nearing a historic low in September 2019.
An emergency repo lending operation was announced by Deutsche Bank on the Monday after the start of the emergency repo loan operation.
According to newly revealed Fed data, Deutsche Bank took $1.5 billion in one-day emergency repo loans on September 17, 2019.
On September 24, Deutsche Bank held $7 billion in one-day repo loans.
By September 25, Deutsche Bank had borrowed $9 billion. A 3-day loan of $6 billion was carried over to Deutsche Bank on September 27.
Fed documents show Deutsche Bank borrowed $1.39 Trillion from Fed’s repo loan program in 2019 4th quarter
The Fed later reveals Deutsche Bank borrowing $1.39 trillion from the Fed’s repo lending program in the fourth quarter of 2019 and another $1.24 trillion in the first quarter of 2020, term adjusted.
The Fed will release Q2 2020 statistics on June 30, 2019 as the Fed now releases quarterly data after a two-year delay.
Deutsche Bank was quietly bailed out by Fed entities during and after the 2008 financial crisis.
From March 11, 2008 to February 1, 2010, the Term Securities Lending Facility (TSLF) lent Deutsche Bank units a total of $354 billion, according to an audit by the Government Accountability Office.