German law enforcement raided Deutsche Bank this week as, the Washington Examiner reported, "investigators are probing accusations that DWS (an asset management arm of the bank) used the popularity of ESG financial products to attract investment under false auspices and that those financial products were not as environmentally friendly as they purported to be."
I am not shocked that Deutsche Bank got caught doing something shady. During my time as a federal bank examiner, I had occasion to be at the New York branch of the bank a time or two. All of the examiners hated being there. We always thought the bank was trying to get away with something, even more so than at other paragons of non-virtue such as Credit Suisse and Wells Fargo. I don't know exactly what Deutsche Bank did in this case, but I have no doubt they are guilty. Because shady is what they do!
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