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Deutsche Bank whistleblowers: Former staff reveal $12bn crisis cover-up

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Germany’s largest bank might have failed to admit up to $12 billion of unrealized losses during the financial crisis, as stated in a complaint filed by three former Deutsche Bank employees to the US securities regulators. ­The complaint claims that Deutsche Bank hid $12 billion in losses on credit derivatives during the 2008-2009 crisis, the Financial Times reports on Thursday, and citing people familiar with the submissions. It is almost three times the bank’s net income of 4.3 billion euro for 2011. The improper accounting was enough for the bank to avoid a government bailout, according to the ex-employees.

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