Money laundering investigation continues
Pro tip: Any time there is a line of police cars at the headquarters, you might want to sell the shares. And when they come for a second day, keep selling.
Shares of Deutsche Bank are at an all time low, down 3.3%, as investigators probe money laundering allegations related to the Panama Papers with more than 170 officers searching yesterday.
The latest news is that the office of chief regulatory officer Sylvie Matherat was raided with two board members' offices also said to be searched.
It's part of a never ending series of losses and scandals that started in the financial crisis, extended into the European debt crisis and has morphed into an existential crisis. The company is on its fourth CEO since 2015.
The company has spent $16 billion on legal costs since 2013.
In the bigger picture, it's good to see a crackdown on money laundering, which is exploding in the digital age but I'm not naïve enough to think this is going to make any difference.