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German Economy Minister accuses Deutsche Bank of speculation
October 2, 2016 / 7:36 PM / a year ago

German Economy Minister accuses Deutsche Bank of speculation

TEHRAN, Oct 2 (Reuters) - German Economy Minister Sigmar Gabriel accused Deutsche Bank on Sunday of crying foul of speculators even though he said the bank had itself pushed a business model based on speculation.

“I did not know if I should laugh or cry that the bank that made speculation a business model is now saying it is a victim of speculators,” Gabriel told reporters on a plane to Iran, which he is visiting with a business delegation.

He added that he was worried about those who were employed by the lender.

Deutsche, which is Germany’s largest bank and employs around 100,000 people, has been engulfed by crisis after the U.S. Department of Justice (DOJ) handed it a demand for up to $14 billion for misselling mortgage-backed securities before the financial crisis. (Reporting by Gernot Heller; Writing by Caroline Copley; Editing by Paul Carrel)

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