DEUTSCHE NEW TARGET IN FUND PROBE

NY POST ^ | November 5, 2003 | PAUL THARP

[Liz]

Eliot Spitzer held the spotlight for a second day of hearings on mutual fund scandals with news that he's now going after the world's biggest bank - Deutsche Bank.

The crusading New York attorney general is targeting the giant bank's American arm in his widening probe of improper trading in the $7 trillion mutual funds industry, Reuters quoted sources as saying.

[PGalt]

Good. More good news. Thanks for the post.

[Norse]

Um...Deutsche banks isn't the world's largest bank...

[kittymyrib]

Kudos to Eliot Spitzer!
Go after these high-rolling thieves till their eyes bleed! Make them re-imburse every pension plan they have ripped off, plus big-time jail time. If we can imprison crooks who rob banks, then we certainly should be able to jail crooks who run banks. I'll bet there are many on Wall St. and in the big bank and brokerage houses who are quaking in their Guchi loafers right about now! Somewhere along the way, I'd love to see Bill's old pal Robert Rubin doing the perp walk....

[steve50]

Looks like we should fire Ashcroft and put Spitzer in as US AG. With a fraction of the staff and funding this man is actually trying to protect the average investor while the DOJ/SEC does next to nothing.

[DWC]

What are you saying? Have you lost your mind? Take a step back unless you have a different agenda. Ashcroft has been brilliant in rounding up the bad guys, considering how the previous ag reno handled things.

[steve50]

What planet are you on? The man has dropped investigation into dozens of cases against the brokers and bankers for fines that amount to 2-3% of 1 years billings for the paperwork that allowed the fraud. The man is an absolute joke.

[DWC]

The problem is if this country doesn't stop the flight of illegal immigrants in this country, all this other stuff that spitzer did will be meaningless. Somehow I don't feel that comfortable with spitzer and time will tell if I'm wrong.

[steve50]

Totally different problem. I don't see how immigration is related to corporate fraud other than bringing in a class of "citizen" that will accept it as long as the government subsidies keep coming in.

Ashcroft and the SEC head need to find private employment, I'm sure some high rollers owe them big time about now.

[DWC]

Maybe a totally different problem yet a problem. If you were downtown sept. 11, you would know that no one worried about corporate fraud. I was. Protect the country first then let the SEC, protect the investor.

[steve50]

Not practical. We were told this war on terror might not end in our lifetime. You don't honestly believe corporate fraud can be allowed to continue at current levels for another 40-50 years do you. If so you must think our nation is too stupid to chew gum and walk at the same time.

[DWC]

You blame ashcroft, when it was reno's watch that caused this trouble. How long has ashcroft been on the job? Seems like you expect a lot for what was screwed up previosly. The war on terror will last as long as our resolve does. Nothing would make the extremist happier than for the USA to forget what they did. Spitzer doesn't have to worry about anything but state problems. I don't trust him.

[steve50]

Actually I blame the politicans that overrode the veto to allow the changes in the law that allowed these scams in the first place, which don't really apply here anyway because a conspiracy to defraud can never be legalized.

By your line of reasoning on Ashcroft any crime committed before a new sheriff/prosecutor takes office is not the responsibility of the new offical to do anything about. That's a pretty weak position.

[DWC]

By your logic since you blame politicians and since spitzer is a politician, he should be blamed also. If you are arguing for arguments sake that's another story. If you don't like ashcroft, that's something else. My biggest concern is spitzer doing this for the public or for himself. As for ashcroft he apparently feels that the SEC should be checking on the fund slimeballs. Not to mention what is going to happen to the hedge funds.

[steve50]

Heard that opinion on Fox when this mess started. More or less amounts to "we can't prosecute the crooks because it will cause a loss of faith in the market". When you examine that premise it's insane,imo.

[DWC]

The hedge funds will be the worst of them all. When they all get rounded up, hopefully the big shots will be thrown in jail. I'm tired of all the bad guys and gals getting away with thievery. But since we deal with the legal system and lots of money, it takes forever.