FBI’s Currency Probe Enters Germany

FBI’s Currency Probe Enters Germany (Bloomberg)

Agents from the United States’ Federal Bureau of Investigation interviewed Deutsche Bank (AG) trader Robert Wallden yesterday as part of the agency’s probe into currency market manipulation. During the interview, Wallden was shown snippets of electronic communications where he indicated that he thought he could move currency market prices. However, because there is no actual evidence that Wallden did manipulate prices, he still remains employed by Deutsche Bank, in its New York City office. Should additional evidence pop up to incriminate Wallden and others of price fixing in the $5.3 trillion dollar a day currency market, it could lead to even larger fines than those recently handed out to the likes of Bank of America and JPMorgan Chase. After that, the banks’ investors would have to decide share price fate.