德银遭前员工投诉

Deutsche Bank failed to recognise up to $12bn of paper losses during the financial crisis, helping the bank avoid a government bail-out, three former bank employees have alleged in complaints to US regulators.

三名德意志银行(Deutsche Bank)前员工向美国监管机构投诉称，德银在金融危机期间未能确认至多可达120亿美元的账面亏损，从而使得该行免于接受政府纾困。

The three complaints, made to regulators including the US Securities and Exchange Commission, claim that Deutsche misvalued a giant position in derivatives structures known as leveraged super senior trades, according to people famokiliar with the complaints. All three allege that if Deutsche had accounted properly for its positions – worth $130bn on a notional level – its capital would have fallen to dangerous levels in the financial crisis and it might have required a government bail-out to survive.

知情人士称，这三人向包括美国证交会(SEC)在内的监管机构投诉称，德银对一些名为“杠杆超高等级交易(leveraged super senior trades)的衍生品结构产品的巨大头寸错误估值。这三人全都指控称，如果正确地对头寸估值（头寸名义价值1300亿美元），德银的资本就将在金融危机期间降至危险水平，可能需要政府纾困才能生存下去。

Instead, they allege, bank traders – with the knowledge of senior executives – avoided recording “mark-to-market, or paper, losses during the turmoil in credit markets in 2007-09.

他们指控称，银行交易员在2007年至2009年信贷市场动荡期间，没有按照市值记录账面损失，高管们也知道这件事。

Two of the former employees allege that Deutsche mismarked the value of insurance provided in 2009 by Warren Buffett’s Berkshire Hathaway on some of the positions. The existence of these arrangements has not been previously disclosed.

其中两位前雇员指控称，德银对2009年沃伦·巴菲特(Warren Buffett)的伯克希尔哈撒韦公司(Berkshire Hathaway)为其部分头寸提供的保险，进行了错误估值。这些安排早先没有被披露过。

Deutsche said in a statement the allegations were more than two and a half years old and were publicly reported in June 2011. It added they had been the subject of “a careful and thorough investigation and were “wholly unfounded.

德银在一份声明中表示，这些指控早在两年半前就出现了，并在2011年6月公开报道过。它补充称，经过“认真而全面的调查，发现这些指控“完全没有根据。

The bank said that the investigation revealed that the allegations “stem from people without personal knowledge of, or responsibility for, key facts and information. Deutsche promised “to continue to co-operate fully with the SEC’s investigation of this matter.

德银表示，调查表明，这些指控“源于对关键事实和信息既不知情也不负责的个人。德银承诺“继续全面配合SEC对此事的调查。

The complaints were made in 2010 and 2011 independently of each other. All of the men spent hours with SEC enforcement attorneys and provided internal bank documents, people familiar with the matter say.

这些员工分别于2010年和2011年独立提出了上述指控。知情人士表示，他们全都与SEC的执法律师进行了数小时的谈话，并提供了银行内部文件。

Robert Khuzami, SEC head of enforcement, has recused himself from all Deutsche probes because he was Deutsche’s general counsel for the Americas from 2004 to 2009. Dick Walker, Deutsche’s general counsel, is a former head of enforcement at the SEC. The SEC declined to comment on the investigation.

SEC执行部门负责人罗伯特·库萨米(Robert Khuzami)本人要求回避所有涉及德银的调查，因为他曾在2004年至2009年期间担任德银负责美国业务的法律总顾问。德银法律总顾问迪克·沃克(Dick Walker)曾担任SEC执行部门主管。SEC拒绝就该调查置评。

Two of the former employees have alleged they were pushed out of the bank as a result of reporting their concerns internally. Eric Ben-Artzi, a former risk manager, was fired three days after submitting a complaint to the SEC. In a separate complaint to the Department of Labor, he says his dismissal was retaliation for his allegations.

两位前雇员指控称，他们由于在德银内部举报相关问题而遭到解雇。曾担任德银风险经理的埃里克·本-阿兹(Eric Ben-Artzi)向SEC投诉三天后被解雇。本-阿兹在向美国劳工部(Department of Labor)的另一份投诉中称，德银解雇他是对其投诉的报复。

Matthew Simpson, a senior trader at Deutsche, also left the company after submitting his own complaint to the SEC. He declined to comment. Deutsche paid him $900,000 to settle his anti-retaliation lawsuit. Reuters reported in June 2011 that Mr Simpson had raised concerns about improper valuation of the derivatives portfolio.

德银高级交易员马修·辛普森(Matthew Simpson)也在向SEC投诉后离开了德银。他拒绝就此置评。辛普森曾因自己遭到报复提起诉讼，德银为此向其支付90万美元和解。路透社(Reuters)在2011年6月报道称，辛普森对德银衍生品投资组合的不当估值表示了担忧。

The third complainant, who worked in risk management and has requested anonymity, raised his concerns to the SEC and voluntarily left the bank.

要求不透露姓名的第三位投诉者曾在德银风险管理部门工作，他在向SEC提出自己的担忧后自愿离开了德银。

The complainants allege the bank misvalued the positions by failing to account for losses when market worsened. Had the proper valuations been made, they allege, the losses for the whole portfolio would have exceeded $4bn and could have risen to as much as $12bn.

这几名投诉者指责德银在市场恶化时未能计算损失，从而对这些头寸错误估值。他们指控称，如果对这些头寸正确估值，整个投资组合的亏损将超过40亿美元，并有可能最多上升至120亿美元。