Professor Elam

Wed July 23, 2014

NY Fed Finds Problems at Deutsche Bank

n a letter to the German lender's executives last December, a senior official with the New York Fed described financial reports produced by some of the bank's U.S. divisions as "low quality, inaccurate and unreliable", said one of the sources, who is familiar with the letter.

The New York Fed, as the U.S. central bank's eyes and ears on Wall Street, directly supervises the biggest U.S. and foreign banks, partly through embedded regulators who go to work each day inside the banks.

"The size and breadth of errors strongly suggest that the firm's entire U.S. regulatory reporting structure requires wide-ranging remedial action," the letter, first reported by the Wall Street Journal, said. (http://on.wsj.com/1r3VIn3)

Here is the DB Website lnk

https://www.deutsche-bank.de/index_e.htm

It opens iwth the comment,

For us responsibility means

Managing Risks Efficiently, Passion to Perform

Really?  So what about SARBOX and Dodd Frank? 

Not sruprisingly KPMG the German based CPA firm is the external auditor. What have those guys been doing on the report I wonder?