Deutsche Bank, the financial crisis, and foreclosures

Resolution Plan (Public Section) of Deutsche Bank (dated June 29, 2012), as required by the Dodd-Frank Act: http://www.federalreserve.gov/bankinforeg/deutsche-bank-20120703.pdf

United States Senate Permanent Subcommittee on Investigations, “Wall Street and the Financial Collapse: Anatomy of a Crisis,” April 13, 2011. Senate report using Deutsche Bank case study as example of conflict of interest in derivatives market. http://hsgac.senate.gov/public/_files/Financial_Crisis/FinancialCrisisReport.pdf

Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report, January, 2011. Comprehensive government study of the financial crisis. http://fcic.law.stanford.edu/report

Clayton Financial, “All Clayton Trending Report,” Testimony to FCIC, September 2010. Due diligence firm’s testimony showing how banks often disregarded basic underwriting standards in sponsoring mortgage backed securities. http://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2010-0923-Clayton-All-Trending-Report.pdf

Frank Ford, Cleveland Housing expert, testimony to the Federal Reserve on Cleveland’s efforts to address foreclosure crisis, August 2010 http://www.federalreserve.gov/SECRS/2010/August/20100826/R-1386/R-1386_081010_52213_355394660744_1.pdf

SEC Documents and Correspondence

Auction Rate Securities

In the Matter of Deutsche Bank Securities Inc., “ORDER UNDER RULE 602(e) OF THE SECURITIES ACT OF 1933 GRANTING A WAIVER OF THE RULE 602(b)(4) and 602(c)(2) DISQUALIFICATION PROVISIONS ,” June 9, 2009.  Order granting waiver of disqualifications from auction rate securities settlement. http://www.sec.gov/rules/other/2009/33-9045.pdf

Letter to Morgan, Lewis & Bockius LLP (on behalf of Deutsche Bank Securities, Inc.) re Waiver Request under Regulation A and Rule 505 of Regulation D, June 9, 2009.  Letter from SEC to Deutsche Bank attorneys responding to Deutsche Bank request for waiver from auction rate securities settlement. http://www.sec.gov/divisions/corpfin/cf-noaction/2009/deutschebank060909-3b.pdf

Consent of Defendant Deutsche Bank Securities Inc.,  June 1, 2009 (In SEC v. Deutsche Bank Securities, Inc., United States District Court for the Southern District of New York). Deutsche Bank’s consent to settlement in auction rate securities matter. http://www.sec.gov/litigation/litreleases/2009/lr21066-dbs-consent.pdf

SEC Administrative Proceeding File No. 3-12526, “Order Instituting Cease-and-Desist Proceedings, Making Findings, and Imposing A Cease-and-Desist Order Pursuant to Section 8A of the Securities Act of 1933,” January 9, 2007. A cease and desist order ending Deutsche Bank’s alleged practice of allowing bids after deadlines in selling of auction rate securities. http://www.sec.gov/litigation/admin/2007/33-8767.pdf

 

Research Analyst Conflict of Interest

Final Judgment as to Defendant Deutsche Bank Securities, Inc., September 24, 2004. (In Securities and Exchange Commission v. Deutsche Bank Securities, Inc., US District Court, Southern District of New York, 04-cv-06909) Final judgment related to alleged conflict interest of research analysts. http://www.sec.gov/litigation/litreleases/judg18854f.pdf

In the Matter of Deutsche Bank Securities, Inc., September 24, 2004. Order granting Deutsche Bank’s request for waiver of disqualifications from earlier judgment. http://www.sec.gov/rules/other/33-8493.htm

Securities and Exchange Commission, Litigation Release No. 18854, August 26, 2004.“SEC sues Deutsche Bank Securities Inc. for research analyst conflicts of interest and failure to timely produce all e-mail. Firm to pay $87.5 million to settle with SEC, NASD, NYSE, and state regulators.” http://www.sec.gov/litigation/litreleases/lr18854.htm

Complaint, Securities and Exchange Commission v. Deutsche Bank Securities Inc., US District Court, Southern District of New York, 04-cv-06909, August 25, 2004. SEC complaint against Deutsche Bank regarding research analyst conflict of interest. http://www.sec.gov/litigation/complaints/comp18854.pdf

“Consent of Defendant Deutsche Bank Securities, Inc,” July 26, 04. (In Securities and Exchange Commission v. Deutsche Bank Securities, Inc., US District Court, Southern District of New York, 04-cv-06909) Fines and sanctions related to Deutsche Bank’s alleged research analyst conflict of interest and unfair IPO allocation practices. http://www.sec.gov/litigation/litreleases/consentdb.pdf

 

Mutual Fund Market Timing

In the Matter of Deutsche Bank Securities Inc, “Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b) and 21B of the Securities Exchange Act of 1934 and Sections 9(b) and 9(f) of the Investment Company Act of 1940,”  December 21, 2006.   Cease and desist order and remedial sanctions in response to Deutsche Bank’s alleged late trading and market timing of mutual funds. http://www.sec.gov/litigation/admin/2006/34-54993.pdf

In the Matter of Deutsche Asset Management, Inc., and Deutsche Investment Management Americas, Inc., “Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 and Sections 9(b) and 9(f) of the Investment Company Act of 1940.” December 21, 2006. http://www.sec.gov/litigation/admin/2006/ia-2575.pdf

Complaint, (In SEC v. Michael G. Velasco United States District Court Southern District of New York, 06-cv-15345), December 21, 2006, http://www.sec.gov/litigation/complaints/2006/comp19954.pdf

 

Comment Letters, Requests for Exemption, and Other Communication with SEC

 

Deutsche Bank, Comment Letter Re: President’s Working Group Report on Money Market Reform Options (File No. 4-619), January 10, 2011. http://www.sec.gov/comments/4-619/4619-35.pdf

Deutsche Bank, Comment Letter re Plan to Address Market Volatility (File Number 4-631), June 23, 2011. Comments on proposed limits to electronic trading. http://www.sec.gov/comments/4-631/4631-12.pdf

Ken Monahan, Comment Letter re CCP Governance, February 8, 2011. http://www.sec.gov/comments/df-title-vii/mandatory-clearing/mandatoryclearing-15.pdf

Josephine J. Tao, Letter to Ward A. Greenberg, Cleary Gottlieb Steen & Hamilton, “Re: Deutsche Bank Aktiengesellschaft File No. TP 10-67,” September 16, 2010. Response of SEC to Deutsche Bank letter requesting exemption from Regulation M in relation to rights offering. http://www.sec.gov/divisions/marketreg/mr-noaction/2010/dbaktiengesellschaft091610.pdf

SEC, Litigation Release No. 21023 re SEC v. Jon-Paul Rorech, el. al., May 5, 2009. http://www.sec.gov/litigation/litreleases/2009/lr21023.htm

Deutsche Bank, Letter to Nancy M. Morris, Secretary SEC, “Re: Exemption from Registration Under Section 12(g) of the Securities Exchange Act of 1934 for Foreign Private Issuers (File No. S7-04-08),” April 21, 2008. http://www.sec.gov/comments/s7-04-08/s70408-19.pdf

 

Deutsche Bank, Letter to Nancy M. Morris, Secretary SEC, “Foreign Issuer Reporting Enhancements (File No. S7-05-08),” May 12, 2008. http://www.sec.gov/comments/s7-05-08/s70508-42.pdf

SEC, “In the Matter of Deutsche Bank Trust Company Americas, Investment Company Act of 1940, Release No. 27673,” January 23, 2007. Exemption from certain requirements of 1940 Investment Act allowing Deutsche Bank to act as trustee for Asset Backed Securities.  http://www.sec.gov/rules/ic/2007/ic-27673.pdf

Deutsche Bank, Comment Letter Short Term Borrowing Disclosure (File No. S7-22-10), November 29, 2010. http://www.sec.gov/comments/s7-22-10/s72210-12.pdf

SEC, No Action Letter, Re: In the Matter of Deutsche Asset Management, Inc. and Deutsche Investment Management Americas, Inc., Administrative Proceeding File No. 3-12513—Waiver Request Under Regulation A and Rule 505 of Regulation D, December 21, 2006. http://www.sec.gov/divisions/corpfin/cf-noaction/deutscheam122106.pdf

Emile Van den Bol, Comment Letter on File No. S7-07-07, February 16, 2007. Deutsche Bank Managing Director Emile Van den Bol’s comment to the SEC regarding rating agencies. http://www.sec.gov/comments/s7-04-07/s70407-3.htm

Deutsche Asset Management, Comment Letter Re: Money Market Reform File Number S7-11-09, Release Number IC-29907, August 31, 2009. http://www.sec.gov/comments/s7-11-09/s71109-50.pdf

SEC, In the Matter of DB Investment Managers, Inc., “Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940,” May 19, 2005. Cease and desist order related to alleged improper short selling of IPO securities. http://www.sec.gov/litigation/admin/34-51707.pdf

Robert Khuzami, Comment Letter on Behalf of Deutsche Bank Re Proposed Rules for National Recognized Statistical Rating Organizations, July 31, 2008. http://www.sec.gov/comments/s7-13-08/s71308-57.pdf

Deutsche Bank, Comment Letter Re Risk Management Controls for Brokers or Dealers with Market Access (File No. S7-03-10), July 03, 2010 http://www.sec.gov/comments/s7-03-10/s70310-45.pdf

Deutsche Bank, Response to Release Nos. 33-8982; 34-58960: Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting standards by U.S. Issuers-File No. S7-27-08, April 20, 2009. http://www.sec.gov/comments/s7-27-08/s72708-164.pdf

Deutsche Bank, Release Nos. 33-8818; 34-55998: Acceptance from foreign private issuers of financial statements prepared in accordance with International Financial Reporting Standards without reconciliation to U.S. GAAP – File No. S7-13-07,” September 24, 2007. http://www.sec.gov/comments/s7-27-08/s72708-164.pdf

Jose Marques, Deutsche Bank Managing Director, Comment Letter Re File Numbers SR-NYSE-2010-49, SR-NASDAQ-2010-079, SR-FINRA-2010-033, July 21, 2010. http://www.sec.gov/comments/sr-nyse-2010-49/nyse201049-18.pdfhttp://www.sec.gov/comments/sr-nyse-2010-49/nyse201049-18.pdf

 

From FINRA.org

FINRA, Broker Check Report, DBSI, September 13, 2011.FINRA comprehensive report on history, operations, and disclosure of arbitration, awards, disciplinary and regulatory events concerning Deutsche Bank Securities Inc. Access here.

Financial Industry Regulatory Authority Letter of Acceptance, Waiver and Consent No. 20080128087, July 16, 2010.FINRA fines Deutsche Bank Securities $7.5 million for negligent misrepresentations related to subprime securitizations. http:[email protected][email protected][email protected]/documents/industry/p121746.pdf

Disciplinary Proceeding No. 200700779202, Department of Enforcement  v. Edward S. Brokaw, June 11, 2010. FINRA hearing panel bars Deutsche Bank broker for manipulating stock price downward to benefit hedge fund client. http:[email protected][email protected][email protected]/documents/industry/p121683.pdf

Financial Industry Regulatory Authority Letter of Acceptance, Waiver and Consent No. 20080144505, February 16, 2010.Deutsche Bank Securities Inc. fined $575,000 for failings related to short selling of securities. http:[email protected][email protected][email protected]/documents/industry/p121483.pdf

Attorney General of the State of New York Investor Protection Bureau, In the Matter of Deutsche Bank Securities, Assurance of Discontinuance,  June 3, 2009. Settlement between Deutsche Bank and the New York Attorney General over the marketing of Auction Rate Securities. http://www.oag.state.ny.us/media_center/2009/june/pdfs/Deutsche%20Bank%20AOD.pdf

NASD, News Release, “NASD Sanctions Investment Banks for IPO Violations,” May 18, 2004.NASD fines Deutsche Bank $5.29 million for improper allocation of IPOs. http://www.finra.org/Newsroom/NewsReleases/2004/p002829

 

CFTC Comment Letters

Deutsche Bank, Comment Letter re Core Principles and Other Requirements for Swap Execution Facilities, March 8, 2011. Access here.

Deutsche Bank, et. al., Re Supplemental Submission Concerning Application of Title VII of the Dodd Frank Act to the Global Swap Dealing Businesses of Foreign Financial Institutions, February 17, 2011. http://www.sec.gov/comments/s7-39-10/s73910-25.pdf

Deutsche Bank, et. al., Comment Letter Re Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information File No. S7-34-10; Real-Time Public Reporting of Swap Transaction Data RIN 3038-AD08, February 14, 2011. http://www.sec.gov/comments/s7-34-10/s73410-54.pdf

Deutsche Bank, et. al., Comment Letter re Application of Title VII of the Dodd-Frank Act to Foreign Banks’ Global Swaps Businesses, January 11, 2011. http://www.sec.gov/comments/df-title-vii/swap/swap-50.pdf

Deutsche Bank, Comment Letter re Title VII of the Dodd-Frank Act, October 6, 2010. http://www.sec.gov/comments/df-title-vii/swap/swap-21.pdf

Deutsche Bank, Comment Letter re Rule Proposals to Mitigate Potential Conflicts of Interest in the Ownership and Governance Structures of Clearing Houses and Trade Execution Platforms, November 8, 2010. http://www.sec.gov/comments/s7-27-10/s72710-9.pdf

Deutsche Bank, Comment Letter re Definitions in Title VII of the Dodd-Frank Act, September 20, 2010. Access here.

 

CFTC Other Documents

U.S. Commodities Futures Trading Commission, No Action Letter, Re: Request for No-Action Relief with Regard to Commodity Exchange Act Section 4a and Commission Regulation 150.2, Speculative Position Limits for Certain Corn and Wheat Futures Positions, May 5, 2006. http:[email protected]/documents/letter/06-09.pdf

 

Bank Capital Resources

Deutsche Bank report to shareholders on reorganization to “minimize the anticipated negative consequences from new bank capital requirements,” March 2011. http://www.db.com/ir/en/download/Joint_Report.pdf

UNITE HERE, Comment letter to the Federal Reserve re Capital Plans (RIN 7100-AD 77),  August 5, 2011. http://www.federalreserve.gov/SECRS/2011/August/20110810/R-1425/R-1425_080411_87623_491541684764_1.pdf

American Financial Reform, Comment letter to the Federal Reserve re Capital Plans, August 5, 2011. http://www.federalreserve.gov/SECRS/2011/September/20110909/R-1425/R-1425_080511_87632_491542309768_1.pdf

Deutsche Bank, Comment Letter to the Federal Reserve re Credit Risk Retention (RIN 3064-AD74), July 28, 2011. Deutsche Bank’s comments on a proposed rule to require institutions to hold on to portions of securitized financial products. http://www.federalreserve.gov/SECRS/2011/August/20110812/R-1411/R-1411_072811_84773_449537112017_1.pdf

Sheila Bair, Chair of Federal Deposit Insurance Corporation, Letter to Institute of International Bankers re Collins Amendment, May 21, 2010. http://s.wsj.net/public/resources/documents/WSJ_20100521FDICResponse.pdf

Letter to Michael Kadish, Deutsche Bank, terminating the exemption that the Board granted on September 12, 2007, from the restrictions of section 23A of the Federal Reserve Act and Regulation W for certain securities financing transactions, March 18, 2010. http://www.federalreserve.gov/boarddocs/legalint/FederalReserveAct/2010/20100318/20100318d.pdf

Robert deV. Frierson, Deputy Secretary of the Federal Reserve Board, Letter to Michael Kadish, Deutsche Bank, Re temporary exemption from section 23A of the Federal Reserve Act to allow the New York branch of Deutsche Bank AG to engage in reverse repurchase agreements and securities borrowing transactions with its affiliated broker-dealer, March 18, 2010. http://www.federalreserve.gov/federalreseract20100318d.pdf

Deutsche Bank, Comment re Policy on Payments System Risk Docket No. OP-1309, June 2, 2008.  http://www.federalreserve.gov/SECRS/2008/June/20080610/OP-1309/OP-1309_15_1.pdf

Robert deV. Frierson, Deputy Secretary of the Federal Reserve Board, Letter to Michael Kadish, Deutsche Bank, Re Temporary Exemption from Section 23A of the Federal Reserve Act and the Board’s Regulation W, September 12, 2007.  http://www.federalreserve.gov/boarddocs/legalint/federalreserveact/2007/20070912/20070912.pdf

Deutsche Bank, Comment Re OP-1257; Consultation Paper on Intraday Liquidity Management and Payment System Risk Policy, March 13, 2007. http://www.federalreserve.gov/SECRS/2007/March/20070319/OP-1257/OP-1257_11_1.pdf

Deutsche Bank, Comment Letter re Comment on Basel II Joint Notice of Proposed Rulemaking—Board Docket No. R-1261; OCC Docket No. 06-09; FDIC RIN 3064-AC73; OTS No. 2006-33, February 1, 2007. http://www.federalreserve.gov/SECRS/2007/March/20070308/R-1261/R-1261_29_1.pdf