Danske whistleblower says big European bank handled $150 billion in payments

[pnwmom]

Source: Investing.com/Reuters

COPENHAGEN (Reuters) - The whistleblower who revealed alleged money laundering involving Danske Bank (CO DANSKE) said on Monday that a major European bank helped process up to $150 billion in suspicious payments, or nearly two-thirds of the transactions under scrutiny.

Howard Wilkinson, who was head of Danske Bank's trading unit in the Baltics from 2007 to 2014, did not name the bank, but a source with direct knowledge of the case said he was referring to Deutsche Bank (DE DBKGn), which was one of the lenders clearing dollar transactions for Danske's Estonian branch.

A Deutsche Bank spokesman confirmed in a statement to Reuters the lender acted as a correspondent bank for Danske in Estonia.

"Our role was to process payments for Danske Bank. We terminated the relationship in 2015 after identifying suspicious activity," the spokesman said.

Read more: https://www.investing.com/news/stock-market-news/danske-bank-whistleblower-tells-danish-lawmakers-his-warnings-were-not-heeded-1693033

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Deutsche bank is a bank that has lent money to both Trump and Kushner.

[UpInArms]

1. Hmmmm ...

TRUMP, RUSSIA, AND DEUTSCHE BANK: WHAT WE KNOW SO FAR

A quick refresher on some of the key points of the Trump-Deutsche Bank saga, now that The New York Times has reported that the president invoked his former business relationship with Justin Kennedy as part of a sustained effort to urge his father to retire:

As the Trump Organization limped through the 1990s and 2000s, Deutsche Bank was one of the only financial institutions willing to lend to him.

Other big banks have long refused to lend to him, reportedly coining the term “the Donald risk” to refer to his repeated bankruptcies and failures to repay loans. However, Deutsche Bank, whose real-estate division continued to lend him hundreds of millions of dollars to finance his projects, seemed to have a greater risk appetite.

Despite being a disastrous credit risk at Deutsche Bank as well, the relationship continued: Struggling to repay a $640 million loan after the 2008 financial crash, Trump instead sued a group of lenders led by the bank for $3 billion their roles in causing the crisis, only for Deutsche Bank to countersue for an unspecified amount.

The cases were ultimately settled—and Deutsche Bank reopened its line of credit with Trump, who still owes the bank hundreds of millions of dollars, through its private-wealth-management side.
Justin Kennedy not only held a senior executive position at Deutsche Bank but reportedly worked closely with Trump through this bizarre and tumultuous time, departing the firm soon after in 2009.

Others in Trump’s orbit have also benefited from a relationship with Deutsche Bank; his son-in-law and top adviser Jared Kushner’s floundering real-estate empire has also received massive loans from Deutsche Bank, including $285 million one month before the 2016 election.

[pnwmom]

2. Thanks!

[More_Cowbell]

3. Justice Kennedy's retirement looks fishier and fisher

I bet he wangled a pardon for his son.

[EndGOPPropaganda]

5. Oh yeah. Every decision Kavanaugh concurs with is illegitimate

Kavanaugh is entirely illegitimate.
As is Gorsuch.

This president only won with help from Cohen breaking the law, and with help from Russia.

All his appointees are illegitimate.

We must impeach all the Trump Judges.

[EndGOPPropaganda]

4. This is gonna be big.

[FakeNoose]

6. Not to be confused with Deutsche Bank which is German

This is about Danske Bank which is from Denmark. Apparently these large European banks are regretting they ever got into the money-laundering business (with Russian oligarchs.) Hopefully the new Magnitsky sanctions in these European countries will put an end to all of this!

[apnu]

7. Deutsche Bank is named in the article

They, like BofA and JPMorgan here in the States, processed this missing money with Danske.

Howard Wilkinson, who was head of Danske Bank's trading unit in the Baltics from 2007 to 2014, did not name the bank, but a source with direct knowledge of the case said he was referring to Deutsche Bank (DE BKGn), which was one of the lenders clearing dollar transactions for Danske's Estonian branch.

A Deutsche Bank spokesman confirmed in a statement to Reuters the lender acted as a correspondent bank for Danske in Estonia.

"Our role was to process payments for Danske Bank. We terminated the relationship in 2015 after identifying suspicious activity," the spokesman said.

Wilkinson said two U.S. banks were also involved in handling dollar payments for Danske in Estonia, without identifying them. Alongside Deutsche, JPMorgan (N:JPM) and Bank of America (N:BAC) cleared dollar transactions for Danske's Estonian branch, sources have told Reuters.