Source: http//www.ft.com/intl/cms caption |
FT reports that Deutsche created tax avoidance strategies...
It may be technically right to have instruments like profit participating instruments where profits are shared by the bank and the participant client. The latter is motivated to bank with Deutsche to re-route money to avoid tax.
The moot point is: Can banks have a persistent 'passion to perform' through illegal or by smart 'legality circumventing instruments'. Shareholders need to question the source of the bank's profits. Exploiting a weak and developing economy like Brazil is as much a drain of wealth as a colonial pilferage.
Creative accounting practices must be looked into by the Deutsche bank's home regulators.
The views expressed here are without any risk or responsibility. The blog recommends no investment or disinvestment.
No comments:
Post a Comment