This book is based mainly on my interviews with a wide variety of sources, most of whom agreed to speak on the condition that they not be identified. In this section, I have identified information that comes from public sources, such as news articles, books, or court filings. In addition, for each chapter, I have included in italics a brief description of the types of other sources that I relied on. Most of the information that is not specifically attributed in this section is derived from these other sources.
Prologue
Interviews with Broeksmit family members and friends. Interviews with Deutsche executives.
Trump’s requested Turnberry loan: David Enrich, Jesse Drucker, and Ben Protess, “Trump Sought a Loan During the 2016 Campaign. Deutsche Bank Said No,” New York Times, February 2, 2019.
1. A Criminal Enterprise
Villard’s train ride and family history: Alexandra Villard de Borchgrave and John Cullen, Villard: The Life and Times of an American Titan, 2001, 64–67.
Deutsche’s initial losses on Villard: Lothar Gall, “The Deutsche Bank from Its Founding to the Great War,” in Lothar Gall et al., The Deutsche Bank: 1870–1995, 1995, 62.
Early history of the bank: Gall, “The Deutsche Bank,” 2, 12, 107.
Descriptions of Georg von Siemens: Christopher Kobrak, Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present, 2008, 4–24.
“my colleague was hailed”: Gall, “The Deutsche Bank,” 48–49.
“Armed to the teeth”: Villard de Borchgrave and Cullen, Villard, 350.
“It is a little hard to understand”: Kobrak, Banking on Global Markets, 38.
Good money after bad: Villard de Borchgrave and Cullen, Villard, 349–53.
Villard’s downfall: Kobrak, Banking on Global Markets, 65, 94.
“wool pulled over its eyes”: Gall, “The Deutsche Bank,” 62.
Deutsche’s rapid growth: Kobrak, Banking on Global Markets, 23.
Statues: Ibid., 229.
“at worst an opportunist”: Ibid., 261.
Overruled by colleagues: Harold James, “The Deutsche Bank and the Dictatorship, 1933–1945,” in The Deutsche Bank: 1870–1995, 294–96.
Aryanizations and the SS: Ibid., 294–321.
Swastikas in annual reports: Historical Association of Deutsche Bank, http://www.bankgeschichte.de/en/docs/Chronik_D_Bank.pdf.
Nazi gold: Alan Cowell, “Biggest German Bank Admits and Regrets Dealing in Nazi Gold,” New York Times, August 1, 1998.
Auschwitz: John Schmid, “Deutsche Bank Linked to Auschwitz Funding,” New York Times, February 5, 1999; and Ian Traynor, “Deutsche Bank Auschwitz Link,” The Guardian, February 4, 1999.
No record of Abs objecting: James, “The Deutsche Bank and the Dictatorship,” 351.
British support for reunifying Deutsche: Carl-Ludwig Holtfrerich, “The Deutsche Bank 1945–1957: War, Military Rule and Reconstruction,” in The Deutsche Bank: 1870–1995, 371.
Deutsche’s revival: Ibid., 371–485.
Abs at Eisenhower’s Inaugural: Kobrak, Banking on Global Markets, 263, 303.
Reciting German poetry: Stefan Baron, Late Remorse: Joe Ackermann, Deutsche Bank, and the Financial Crisis, 2014, 25.
Herrhausen’s early years: Associated Press, “Herrhausen a Giant Among Bankers,” November 30, 1989, and Steven Greenhouse, “Deutsche Bank’s Bigger Reach,” New York Times, July 30, 1989.
“As the world becomes our marketplace”: Reuters, “Deutsche Bank Plans to Follow Acquisition Path,” March 12, 1989.
Herrhausen’s rising star: Greenhouse, “Deutsche Bank’s Bigger Reach,” New York Times.
“The banker is all-powerful”: Dan Morgan, “Slain Banker Personified Germany’s Hopes,” Washington Post, February 19, 1990.
“a real European bank”: Richard Rustin and E. S. Browning, “Deutsche Bank Seeks Grenfell for $1.41 Billion,” Wall Street Journal, November 28, 1989.
Herrhausen assassination: Wall Street Journal, “Terrorist Murder Stuns a Germany Euphoric Over Rapprochement,” December 1, 1989; and Ferdinand Protzman, “Head of Top West German Bank Is Killed in Bombing by Terrorists,” New York Times, December 1, 1989.
Red Army Faction communique: Dialog International, “Alfred Herrhausen Assassinated 20 Years Ago,” November 29, 2009.
2. Edson and Bill
Interviews with family members, friends, and former colleagues of Edson Mitchell and Bill Broeksmit.
“Maine’s most infamous businessman”: Colin Woodard, “Notorious Egg Seller ‘Jack’ DeCoster Gets Jail Time for Salmonella Outbreak,” Portland Press Herald, April 13, 2015.
Edson’s upbringing: Jen Fish, “Edson Mitchell Jr., Deeply Religious Man and Avid Maine Outdoorsman,” Portland Press Herald, March 9, 2004.
“I began to realize”: Arthur Andersen Hall of Fame Roundtable, DerivativesStrategy.com, March 1998.
Reverend Jack’s history: Chicago Tribune, “Death Notice: Rev. John S. Broeksmit Jr.,” August 25, 2011.
“a certain amount of education pedigree”: Austin Kilgore, “New MBA CEO Robert Broeksmit Is Ready to Be the Lender’s Advocate,” National Mortgage News, October 14, 2018.
Cocaine in the bathrooms: Janet M. Tavakoli, Decisions: Life and Death on Wall Street, 2015.
“the whitewater”: Pat Widder, “Trillions at Stake in the Swaps Market,” Chicago Tribune, June 22, 1992.
Extra Girl Scout cookies: Tavakoli, Decisions.
“Derivatives such as these”: Lawrence Malkin, “Procter & Gamble’s Tale of Derivatives Woe,” New York Times, April 14, 1994.
Robert Citron: Davan Maharaj and Shelby Grad, “Seducing Citron: How Merrill Influenced Fund and Won Profits,” Los Angeles Times, July 26, 1998.
Orange County’s wager: Laura Jerseki, “Merrill Lynch Officials Fought Over Curbing Orange County Fund,” Wall Street Journal, April 5, 1995, A1.
$2.8 billion portfolio: Leslie Wayne, “The Master of Orange County,” New York Times, July 22, 1998.
“The potential adverse consequences”: Michael G. Wagner, “Merrill Executives Saw O.C.’s Disaster Coming,” Los Angeles Times, May 19, 1995, A1.
Missives didn’t work: Jerseki, “Merrill Lynch Officials Fought Over Curbing Orange County Fund.”
“uncanny accuracy”: Wagner, “Merrill Executives Saw O.C.’s Disaster Coming.”
3. Wall Street’s Great Migration
Interviews with Deutsche and Merrill executives and friends, family members, and associates of Mitchell and Broeksmit.
Shares were up 30 percent: Dan Morgan, “Slain Banker Personified Germany’s Hopes,” Washington Post, February 19, 1990.
“chaste souls”: Ullrich Fichtner, Hauke Goos, and Martin Hesse, “The Deutsche Bank Downfall,” Der Spiegel, October 28, 2016.
Soviet Union outposts: Historical Association of Deutsche Bank, “Deutsche Bank, 1870–2010,” www.bankgeschichte.de/en/docs/Chronik_D_Bank.pdf, 142.
“Deutsche Lynch”: Christopher Kobrak, Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present, 2008, 323–28.
Deutsche hadn’t reviewed his financial statements: John Eisenhammer, “All Fall Down,” The Independent, June 17, 1995.
Goldman’s role on Deutsche Telekom: Patrick Jenkins and Laura Noonan, “How Deutsche Bank’s High-Stakes Gamble Went Wrong,” Financial Times, November 9, 2017.
Kopper in Madrid: Fichtner, Goos, and Hesse, “The Deutsche Bank Downfall.”
An erudite Brit: Anne Schwimmer and Ron Cooper, “The Raid on Merrill Lynch,” Investment Dealers’ Digest, June 19, 1995.
Mitchell saw derivatives as key: Arthur Andersen Hall of Fame Roundtable, DerivativesStrategy.com, March 1998.
“NFL-type salaries”: Schwimmer and Cooper, “The Raid on Merrill Lynch.”
“a genuine opportunity”: Ibid.
2,000 employees: Deutsche Bank’s 1995 annual report.
“more time with his family”: Michael Siconolfi and Laura Jereski, “Merrill Lynch’s Stock-Derivatives Chief to Take Leave,” Wall Street Journal, January 12, 1996.
“love to have him back”: Anne Schwimmer, “Merrill’s Broeksmit Will Go on Paid Leave of Absence in March,” Investment Dealers’ Digest, January 15, 1996.
4. Forces of Darkness
Interviews with Deutsche executives and their friends and family members.
“Douche Bank”: Ed Caesar, “Deutsche Bank’s $10-Billion Scandal,” The New Yorker, August 29, 2016.
“nothing we were proud of”: Clive Horwood and John Orchard, “The Bankers That Define the Decades: Hilmar Kopper, Deutsche Bank,” Euromoney, June 14, 2019.
“I’m God”: Ullrich Fichtner, Hauke Goos, and Martin Hesse, “The Deutsche Bank Downfall,” Der Spiegel, October 28, 2016.
Losing him would be a disaster: Daniel Schäfer and Michael Brächer, “Deutsche Bank Chief Economist Lashes Out at Former CEO Ackermann,” Handelsblatt, May 23, 2018.
Bottles of Beck’s: Matthew Connolly, Teethmarks on My Chopsticks: A Knucklehead Goes to Wall Street, 2018, 153–54.
Anshu had recently graduated: Tom Buerkle, “The Outsiders,” Institutional Investor, May 4, 2006.
Chasing tigers in India: Christoph Pauly and Padma Rao, “Anshu Jain Mixes Success and Controversy,” Der Spiegel, September 14, 2011.
Edson told Anshu to do the trade: Marcus Walker, “Making Its Mark: Deutsche Bank Finds That It Has to Cut German Roots to Grow,” Wall Street Journal, February 14, 2002.
5. PROJECT OSPREY
Interviews with Deutsche executives and government officials.
Project Osprey: Christopher Kobrak, Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present, 2008, 334–35.
“We were brain dead”: Carol Loomis, “A Whole New Way to Run a Bank,” Fortune, September 7, 1992.
“trolling the fringes”: Laurie P. Cohen and Matt Murray, “Exit Interview at Bankers Trust Triggered Federal Investigation,” Wall Street Journal, March 15, 1999.
audiotapes of phone calls: Loomis, “A Whole New Way to Run a Bank.”
Bankers Trust’s size: Deutsche Bank’s 1999 annual report.
Breuer flew to Washington: Paul Thacker, “Inside the SEC’s Abandoned Deutsche Bank Investigation,” Forbes, September 20, 2011.
“no takeover talks”: Ibid.
Übernahmegespräche: Matt Taibbi, “Is the SEC Covering Up Wall Street Crimes?” Rolling Stone, August 17, 2011.
29 percent of profits: Deutsche Bank’s 1999 annual report.
85 percent of profits: Deutsche Bank’s 2000 annual report.
6. Trump’s Bankers
Interviews with Mike Offit, his colleagues, and other Deutsche and Wall Street executives, and photos and other documents provided by Offit and other sources.
A Baltimore bookie: Sidney Offit, Memoir of the Bookie’s Son, 1995.
“an elemental world”: Mike Offit, Nothing Personal: A Novel of Wall Street, 2014, 7.
Blizzard: Robert D. McFadden, “New York Shut by Worst Storm in 48 Years,” New York Times, January 9, 1996.
Ingram’s blank check: Landon Thomas Jr., “Ex-Goldman Trader Stung in Arms Plot, Shocks Colleagues,” New York Observer, July 2, 2001.
Trump’s organized-crime ties: Michael Rothfeld and Alexandra Berzon, “Donald Trump and the Mob,” Wall Street Journal, September 1, 2016.
“Donald risk”: Susanne Craig, “Trump Boasts of Rapport with Wall St., but It’s Not Mutual,” New York Times, May 24, 2016.
Cohan interview: Transcripts of unpublished interviews provided by Cohan.
Fred Trump’s loans: David Barstow, Susanne Craig, and Russ Buettner, “Trump Engaged in Suspect Tax Schemes as He Reaped Riches from His Father,” New York Times, October 2, 2018.
State of upheaval: Commercial Mortgage Alert, “Trump Taps Deutsche to Refinance 40 Wall,” September 11, 2000.
Offit relationship with Trump: David Enrich, “A Mar-a-Lago Weekend and an Act of God: Trump’s History with Deutsche Bank,” New York Times, March 18, 2019.
Felix Sater’s penthouse: Andrew Rice, “The Original Russia Connection,” New York, August 2017.
7. Riptide
Interviews with government officials, Deutsche executives, and their friends and family, and photos and other documents provided by sources.
“kindergarten-like attitude”: Christopher Rhoads and Erik Portanger, “How an American Helped Torpedo the Dresdner Deal,” Wall Street Journal, April 18, 2000.
“Please don’t underestimate”: Ibid.
Wave of cheering: Janet Guyon, “The Emperor and the Investment Bankers: How Deutsche Lost Dresdner,” Fortune, May 1, 2000.
The ratio had flipped: Marcus Walker, “Making Its Mark: Deutsche Bank Finds That It Has to Cut German Roots to Grow,” Wall Street Journal, February 14, 2002.
A professional secretary: Ibid.
8. The Last Day
Interviews with government officials, Deutsche executives, and their friends and family, and photos and other documents provided by sources.
Blue ribbons: Michael R. Sesit and Anita Raghavan, “Deutsche Bank Hit Many Costly Snags in Its American Foray,” Wall Street Journal, May 4, 1998.
All-time best parties: The list was compiled by efinancialcareers.com.
Sex-discrimination lawsuit: BBC News, “Bank in Sex Case Payout,” January 18, 2000.
Timing, location, and altitude of Mitchell flight: National Transportation Safety Board, “NTSB Identification: NYC01FA058,” January 9, 2001.
Warden’s plane: Associated Press, “Wreckage of Plane Found in Rangeley Area,” December 23, 2000.
SEC investigation and Walker’s recusal: Matt Taibbi, “Is the SEC Covering Up Wall Street Crimes?” Rolling Stone, August 17, 2011.
“Dick Walker probably knows more”: Associated Press, “Deutsche Bank Hires Former S.E.C. Official,” October 2, 2001.
Hantavirus and large men with earpieces: Matthew Connolly, Teethmarks on My Chopsticks: A Knucklehead Goes to Wall Street, 2018, 237–38.
Ackermann thought it showed commitment: Tom Buerkle, “The Outsiders,” Institutional Investor, May 4, 2006.
Waistcoat and bow tie: Marcus Walker, “Making Its Mark: Deutsche Bank Finds That It Has to Cut German Roots to Grow,” Wall Street Journal, February 14, 2002.
An enormous tombstone: Nicholas Varchaver, “The Tombstone at Ground Zero,” Fortune, March 31, 2008.
9. Ackermann
Interviews with Deutsche executives and government officials.
Mels: Tom Buerkle, “The Outsiders,” Institutional Investor, May 4, 2006.
Javelin thrower: Stefan Baron, Late Remorse: Joe Ackermann, Deutsche Bank, and the Financial Crisis, 2014, 81.
Broken-legged skiers: Peter Koenig, “It’s War—Deutsche Bank vs Germany,” The Sunday Times (London), November 7, 2004.
Memorizing ratios: Marcus Walker, “Making Its Mark: Deutsche Bank Finds That It Has to Cut German Roots to Grow,” Wall Street Journal, February 14, 2002.
Tinkering with smoke detectors: Baron, Late Remorse, 23.
Boasting about relationships: Ullrich Fichtner, Hauke Goos, and Martin Hesse, “The Deutsche Bank Downfall,” Der Spiegel, October 28, 2016.
4 percent returns: Deutsche Bank’s 2003 annual report.
“youthful smile”: Baron, Late Remorse, 32.
$30 million bonuses: Daniel Schäfer and Michael Brächer, “Deutsche Bank Chief Economist Lashes Out at Former CEO Ackermann,” Handelsblatt, May 23, 2018.
Loan volumes shriveled: Baron, Late Remorse, 60.
Quotes from internal Deutsche correspondence about sanctions: Federal and state regulatory settlements with the bank.
Accounts of soldiers killed in Iraq: Neiberger et al v. Deutsche Bank, 1:18-cv-00254-MW-GRJ, filed December 28, 2018.
Deutsche higher-ups knew: New York Department of Financial Services, announcement of penalties against Deutsche Bank, November 4, 2015.
Commanding a tank battalion: Bänziger’s LinkedIn profile: www.linkedin.com/in/hugo-banziger-3086538/.
Colonel in the Swiss reserves: Baron, Late Remorse, 25.
United Financial acquisition and Charlie Ryan: Liam Vaughan, Jake Rudnitsky, and Ambereen Choudhury, “A Russian Tragedy: How Deutsche Bank’s ‘Wiz’ Kid Fell to Earth,” Bloomberg News, October 3, 2016.
“Russia is hot”: Buerkle, “The Outsiders.”
VTB’s links to FSB and Kremlin: Luke Harding, “Is Donald Trump’s Dark Russian Secret Hiding in Deutsche Bank’s Vaults?” Newsweek, December 21, 2017.
Deutsche’s loan to VTB: Jenny Strasburg and Rebecca Ballhaus, “Deutsche Bank in Late 2016 Raced to Shed Loan It Made to Russian Bank VTB,” Wall Street Journal, February 2, 2019.
“our good relationship”: Nailya Asker-Zade, “ ‘The Global Economy Is in an Unstable Situation,’ ” Vedomosti, June 30, 2011. As republished at: www.db.com/russia/en/content/1597.htm.
10. The Mar-a-Lago Prize
Interviews with Deutsche executives and others with direct knowledge of the events described.
Friederich Trump’s barbershop: Gwenda Blair, The Trumps: Three Generations That Built an Empire, 2000, 110.
Move to 60 Wall Street: Historical Association of Deutsche Bank, http://www.bankgeschichte.de/en/docs/Chronik_D_Bank.pdf, 221.
GM Building mortgage: Commercial Mortgage Alert, “Deutsche to Fund Trump Buyout of GM Building,” May 28, 2001.
Atlantic City casino refinancing: Casino City Times, “Trump Approved for $70 Million Bank Loan,” June 21, 2002.
Taunting investors: Riva D. Atlas, “After His Gloom Went Over Like a Lead Balloon, Trump Tries to Sell Happiness, in Junk Bonds,” New York Times, May 7, 2002.
story after preposterous story about his hijinks: David Enrich, “A Mar-a-Lago Weekend and an Act of God: Trump’s History with Deutsche Bank,” New York Times, March 18, 2019.
Trump’s default on the junk bonds: Associated Press, “Trump Casinos File for Bankruptcy,” November 22, 2004; Emily Stewart, “The Backstory on Donald Trump’s Four Bankruptcies,” TheStreet.com, September 15, 2015.
Trump Chicago tower plans: Donald J. Trump et al. v. Deutsche Bank et al., filed November 3, 2008.
Flights on the 727: Anupreeta Das, “When Donald Trump Needs a Loan, He Chooses Deutsche Bank,” Wall Street Journal, March 20, 2016.
Trump’s $788 million net worth: Deposition of Donald Trump in lawsuit against Timothy O’Brien, 37.
Deutsche’s fee and additional exposure: Trump v. Deutsche Bank.
Client parties at Mar-a-Lago: BondWeek, “Seen ’N Heard,” October 15, 2004.
Trump’s golf-course interview with Deutsche: Enrich, “A Mar-a-Lago Weekend and an Act of God: Trump’s History with Deutsche Bank.”
“Exceptionally well-equipped”: Deutsche Bank’s 2005 annual report.
Consultants were hired: Karina Robinson, “Steering Deutsche,” The Banker, May 1, 2004.
Merger talks with Citigroup: Mark Landler, “A Chip in the Global Game of Bank Reshuffling,” New York Times, March 23, 2004.
Citigroup and Deutsche’s sizes: Each bank’s 2004 annual report.
German poll: Armin Mahler, “The World According to Josef Ackermann,” Der Spiegel, October 29, 2008.
Board member resigns in protest: Peter Koenig, “It’s War—Deutsche Bank vs Germany,” The Sunday Times (London), November 7, 2004.
“bit of a politician”: Mark Landler, “Big at Home, But Not Much Heft Globally,” New York Times, August 26, 2005.
Merkel’s dinner for Ackermann: Mahler, “The World According to Josef Ackermann.”
11. Der Inder
Interviews with Deutsche executives and documents provided by sources.
“Indian ‘bond junkie’ ” : The Economist, “A Giant Hedge Fund,” August 26, 2004.
Misra’s industry awards : Nicholas Dunbar, The Devil’s Derivatives: The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street . . . and Are Ready to Do It Again, 2011, 100.
Removing smoke detectors : Tom Braithwaite, “SoftBank’s $100bn Vision Fund Needs Wall St Trader to Come Good,” Financial Times, August 25, 2017.
“Mr. Basis Point”: Suzi Ring, Gavin Finch, and Franz Wild, “From a $126 Million Bonus to Jail,” Bloomberg News, March 19, 2018.
Leverage ratios : Adam Tooze, Crashed: How a Decade of Financial Crises Changed the World, 2018, 88.
Project Maiden: Internal Deutsche Bank presentation about transactions and its risks.
The world’s biggest bank : Patrick Jenkins and Laura Noonan, “How Deutsche Bank’s High-Stakes Gamble Went Wrong,” Financial Times, November 9, 2017.
12. Fireman
Interviews with Deutsche executives and others with direct knowledge of events and documents provided by sources.
$4 million: Jennifer O’Brien, “Skip Soggy Gigs,” The Sun, July 11, 2008.
“how to avoid an oncoming train”: Daniel Schäfer and Michael Brächer, “Deutsche Bank Chief Economist Lashes Out at Former CEO Ackermann,” Handelsblatt, May 23, 2018.
“best credit trader in the world”: Scott Patterson and Serena Ng, “Deutsche Bank Fallen Trader Left Behind $1.8 Billion Hole,” Wall Street Journal, February 6, 2009.
Mechanics of Lippmann’s trades: Nicholas Dunbar, The Devil’s Derivatives: The Untold Story of the Slick Traders and Hapless Regulators Who Almost Blew Up Wall Street . . . and Are Ready to Do It Again, 2011, 149–64; and Lippmann testimony to Financial Crisis Inquiry Commission.
“I’m short your house”: Gretchen Morgenson and Louise Story, “Banks Bundled Bad Debt, Bet Against It and Won,” New York Times, December 23, 2009.
Deutsche’s profits, Lippmann’s bonus: Dunbar, The Devil’s Derivatives, 216.
“After some initial criticism”: Historical Association of Deutsche Bank, http://www.bankgeschichte.de/en/docs/Chronik_D_Bank.pdf, 237.
Fed loans to Deutsche: A. Blundell-Wignall, G. Wehinger, and P. Slovik, “The Elephant in the Room: The Need to Deal with What Banks Do,” OECD Journal: Financial Market Trends, vol. 2009/2.
$18 million payday: Armin Mahler, “The World According to Josef Ackermann,” Der Spiegel, October 29, 2008.
“most powerful banker in Europe”: Jack Ewing and Liz Alderman, “Deutsche Bank’s Chief Casts Long Shadow in Europe,” New York Times, June 11, 2011.
“relatively strong today”: Mahler, “The World According to Josef Ackermann.”
Derivatives relative to overall balance sheet: Blundell-Wignall, Wehinger, and Slovik, “The Elephant in the Room.”
13. “This Guy is a Danger”
Interviews with Deutsche executives and lawyers, lawyers for Trump, and journalists who interviewed the participants.
“a great monument to the city”: Transcript of Trump interview with William Cohan.
Nobody was buying his luxury apartments: Anupreeta Das, “When Donald Trump Needs a Loan, He Chooses Deutsche Bank,” Wall Street Journal, March 20, 2016.
Deutsche’s countersuit: Deutsche Bank Trust Company Americas v. Donald J. Trump, filed November 26, 2008.
14. The Pendulum Swings
Interviews with Deutsche executives, Rod Stone, and U.S. and European government officials.
Fifty-to-one leverage ratio: A. Blundell-Wignall, G. Wehinger, and P. Slovik, “The Elephant in the Room: The Need to Deal with What Banks Do,” OECD Journal: Financial Market Trends, vol. 2009/2.
Deutsche’s sales-tax refunds: Richard T. Ainsworth, “VAT Fraud Mutation, Part 3,” Tax Notes International, March 28, 2016.
Surnamed Lawless: Ruling in UK court case EWHC 135 (Ch), High Court of Justice, Chancery Division, by Mr. Justice Newey, January 30, 2017.
“Because we’re that greedy”: Laura de la Motte and Volker Votsmeier, “Deutsche Bank’s Emissions Fraud,” Handelsblatt, February 15, 2016.
Executives pulled the plug: Ainsworth, “VAT Fraud Mutation, Part 3.”
Nearly $250 million: de la Motte and Votsmeier, “Deutsche Bank’s Emissions Fraud.”
“risk-affirming climate”: Yasmin Osman, “Deutsche Bankers Sentenced in CO2 Scam,” Handelsblatt, June 14, 2016.
Bonus of more than $100 million: U.S. Justice Department, “Statement of Facts in Deferred Prosecution Agreement with Deutsche Bank AG,” April 23, 2015.
“mountains of money”: Frauke Menke, BaFin Letter to Deutsche Bank Management Board, May 11, 2015, accessible at graphics.wsj.com/documents/doc-cloud-embedder/?sidebar=0#2167237-deutsche.
Business Integrity Review Group: Menke, BaFin Letter.
$570 million of fees: U.S. Senate Permanent Subcommittee on Investigations, “Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits,” July 22, 2014, 6.
Monte dei Paschi foundation’s budget: David Enrich and Deborah Ball, “European Drama Engulfs the World’s Oldest Bank,” Wall Street Journal, October 26, 2011.
Faissola’s role with Monte dei Paschi: Vernon Silver and Elisa Martinuzzi, “How Deutsche Bank Made a $462 Million Loss Disappear,” Bloomberg BusinessWeek, January 19, 2017.
Deutsche’s profits and bonuses from Paschi: Ibid.
15. Clueless Old Man
Interviews with Deutsche executives, traders, and Eric Ben-Artzi, and documents provided by sources.
Dixon’s $14 billion trade: Matt Scully, “A $541 Million Loss Haunts Deutsche Bank and Former Trader Dixon,” Bloomberg News, June 22, 2016.
$541 million in losses: Ibid.
Israel’s refusenik: Chris McGreal, “I Realized the Stupidity of It,” The Guardian, March 10, 2003.
Inside the envelope: Nicholas Kulish, “Letter Bomb Sent to German Bank Chief,” New York Times, December 8, 2011.
“bloodsuckers”: Der Spiegel, “Deutsche Bank Package Carried ‘Functional Bomb,’ ” December 8, 2011.
Ackermann’s globe-trotting: Stefan Baron, Late Remorse: Joe Ackermann, Deutsche Bank, and the Financial Crisis, 2014, 25–26.
Merkel seeks advice: Christoph Pauly and Padma Rao, “Anshu Jain Mixes Success and Controversy,” Der Spiegel, September 14, 2011.
Suicide and other consequences: Marcus Walker, “Greek Crisis Exacts the Cruelest Toll,” Wall Street Journal, September 20, 2011.
Attacks on Ackermann: “Deutsche Bank CEO Ackermann Slammed,” Der Spiegel, April 14, 2011.
A locus for activists: Justin Elliott, “Occupy HQ: A Bailed-Out Bank,” Salon.com, November 3, 2011.
16. Rosemary Vrablic
Interviews with Deutsche executives and Vrablic’s friends and family members.
Ursuline School: Twitter post by the Ursuline School, April 26, 2017, twitter.com/ursulinenr/status/857331407038935040.
“Be a lady”: Transcript of Vrablic interview with Mortgage Observer, December 14, 2012.
Combat money laundering: Bank of Israel, “Sanctions Committee Decisions on Infringements by Bank Leumi of the Prohibition on Money Laundering Law,” June 28, 2015.
“Little Rosemary”: Vrablic interview with Mortgage Observer.
Less than $50 million to invest: Evelyn Juan, “Deutsche Gets Bank of America Private-Bank Duo,” Dow Jones Newswires, September 14, 2006.
“a few assets and many homes”: Jacqueline S. Gold, “Duo Make Private Bank Jewel in B of A’s Crown,” American Banker, March 24, 1999.
Scholarship: The Ursuline School, “Bernice & Joseph Vrablic Memorial Scholarship,” www.ursulinenewrochelle.org/page.cfm?p=907.
New York Times ad: New York Times, October 11, 2006, C2.
Vrablic at Kushner’s Observer party: Patrick McMullan Company, “Jared Kushner and Peter Kaplan Present the Relaunch of the New York Observer Website,” April 18, 2007, www.patrickmcmullan.com/events/5b3ef4fb9f92906676448199/.
Trump’s exaggerated asset valuations: David Enrich, Matthew Goldstein, and Jesse Drucker, “Trump Exaggerated His Wealth in Bid for Loan, Michael Cohen Tells Congress,” New York Times, February 27, 2019.
Trump’s Chicago and Doral loans, and the fight within Deutsche: David Enrich, “A Mar-a-Lago Weekend and an Act of God: Trump’s History with Deutsche Bank,” New York Times, March 18, 2019.
“a great relationship”: William D. Cohan, “What’s the Deal with Donald Trump?” The Atlantic, March 20, 2013.
17. Anshu Ascendant
Interviews with Deutsche executives, their friends and family members, and government officials, and documents provided by sources.
A sweltering day: Stefan Baron, Late Remorse: Joe Ackermann, Deutsche Bank, and the Financial Crisis, 2014, 248.
More than 7,000 shareholders: Jack Ewing, “Ackermann Hands Over Reins of Deutsche Bank,” New York Times, May 31, 2012.
Buffet tables: Baron, Late Remorse, 248.
Protests outside: Edward Taylor, “Deutsche’s Ackermann Bows Out with Euro Warning,” Reuters, May 31, 2012.
“I have done my duty”: Ewing, “Ackermann Hands Over Reins of Deutsche Bank.”
Ackermann blamed Jain: Baron, Late Remorse, 201.
Pulled out an iPad: Taylor, “Deutsche’s Ackermann Bows Out with Euro Warning.”
The golden nameplate: Jack Ewing, “Regulators Said to Have Pressed for Exit of Deutsche Chiefs,” New York Times, June 9, 2015.
Normal protocol for seeking BaFin approval: Mark Schieritz and Arne Storn, “Frau Menke Stoppt Mr. Jain,” Zeit Online, March 22, 2012.
18. Dumping Ground
Interviews with Deutsche executives and their friends and family members, and documents provided by sources.
19. 5,777 Requests for Information
Interviews with Deutsche executives and their friends and family members, and documents provided by sources.
More than two dozen Deutsche officials investigated: Laura de la Motte and Volker Votsmeier, “Deutsche Bank’s Emissions Fraud,” Handelsblatt, February 15, 2016.
Confidential internal report: Deutsche Bank, “US Regulatory Management Report,” August 2013.
Employees told regulators to talk to Broeksmit: “Bundesbank Questions Ex-Deutsche Bank Employees in U.S.” Reuters, June 27, 2013.
Bittar firing and conviction: Suzi Ring, Gavin Finch, and Franz Wild, “From a $126 Million Bonus to Jail,” Bloomberg News, March 19, 2018.
$200 million in revenue: New York State Department of Financial Services, consent order against Deutsche Bank, January 2017.
won work with the father’s company: Securities and Exchange Commission cease-and-desist order against Deutsche Bank, August 22, 2019.
“quite galling”: Luke Harding, “Is Donald Trump’s Dark Russian Secret Hiding in Deutsche Bank’s Vaults?” Newsweek, December 21, 2017.
Deutsche profits via Laundromat: Luke Harding, “Deutsche Bank Faces Action over $20bn Russian Money-Laundering Scheme,” The Guardian, April 17, 2019.
Young, handsome Tim Wiswell: Liam Vaughan, Jake Rudnitsky, and Ambereen Choudhury, “A Russian Tragedy: How Deutsche Bank’s ‘Wiz’ Kid Fell to Earth,” Bloomberg News, October 3, 2016.
Wiswell’s promotions: Ed Caesar, “Deutsche Bank’s $10-Billion Scandal,” The New Yorker, August 29, 2016.
His squad devised a plan: NYDFS, 2017.
Mirror-trade mechanics: Caesar, “Deutsche Bank’s $10-Billion Scandal”; NYDFS, 2017; and Vaughan, Rudnitsky, and Choudhury, “A Russian Tragedy.”
More than $10 billion: Financial Conduct Authority, Final Notice vs. Deutsche Bank, January 30, 2017.
Relatives and friends of Putin: Irina Reznik, Keri Geiger, Jake Rudnitsky, and Gregory White, “Putin Allies Said to Be Behind Scrutinized Deutsche Bank Trades,” Bloomberg News, October 16, 2015.
“We lived like rock stars”: Vaughan, Rudnitsky, and Choudhury, “A Russian Tragedy.”
chief anti-money-laundering officer: NYDFS, 2017.
money they were seeking to use: Caesar, “Deutsche Bank’s $10-Billion Scandal.”
greater internal vetting: Financial Conduct Authority, “Final Notice,” January 30, 2017, https://www.fca.org.uk/publication/final-notices/deutsche-bank-2017.pdf.
Not-always-squeaky-clean: Andrew E. Kramer, “Russian Fund Under Scrutiny for Loan to Company Linked to Kremlin,” New York Times, January 22, 2016.
Nobody asked follow-up questions: FCA Final Notice, 2017.
20. Stress
Interviews with Deutsche and Zurich Financial executives, government officials, and Broeksmit family members, friends, and lawyers.
Wauthier’s suicide: David Enrich and Andrew Morse, “Friction at Zurich Built in Months Before Suicide,” The Wall Street Journal, September 4, 2013.
Financial-crime chief quit after six months: Jenny Strasburg, “Deutsche Bank’s Anti-Financial-Crime Chief to Quit Post,” The Wall Street Journal, January 4, 2017.
BaFin inquiry scheduled for 2014: Vernon Silver and Elisa Martinuzzi, “How Deutsche Bank Made a $462 Million Loss Disappear,” Bloomberg BusinessWeek, January 19, 2017.
Jain urged Carney to back off: Harry Wilson, “Carney Switches Bank of England Focus to Conduct Risks,” Daily Telegraph, January 26, 2014.
21. Valentin
Interviews with Val and his friends, family members, therapist, and foster brother, and family photos.
Alla Broeksmit’s refugee experience: Alla Broeksmit, “Compasses” (master’s thesis).
“a mass exodus”: “Russian Families Start Life All Over in U.S.,” Daily Dispatch (Moline, Illinois), December 8, 1978.
Homeless shelter, Val is neglected: Circuit Court of Cook County, Illinois, Juvenile Division, “Petition for Adjudication of Wardship in the Case of Cherednichenko, Valentin,” Case 82-8001, May 6, 1982.
Alla couldn’t be found: Cook County sheriff’s notice, filed with Circuit Court of Cook County, Case 82-8001, September 21, 1982.
Ad in Sun-Times: Chicago Sun-Times, October 18, 1982.
New Jersey caseworker: New Jersey Department of Human Services, Interview summary, March 24, 1986.
Rocky Mountain Academy as a cult-like experience: Kevin Keating, “Suit Says School for Troubled Teens Set Stage for Abuse,” The Spokesman-Review, April 1, 1998.
John Avila suicide: Kevin Keating, “Boy Hangs Himself in Dormitory,” The Spokesman-Review, July 19, 1994.
22. Life Extinct
Interviews with Broeksmit family members and friends. Family photos. Police and ambulance reports.
23. Everything Is Upside Down
Interviews with Broeksmit family members and friends and Deutsche officials. Family photos. Written descriptions of the memorial. Broeksmit suicide notes. Emails and text messages provided by Val.
“a friendly note”: Jenny Strasburg, Giles Turner, Eyk Henning, and David Enrich, “Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes,” Wall Street Journal, March 25, 2014.
24. No Reason For Concern
Interviews with Deutsche executives.
Cypriot bank got suspicious: Liam Vaughan, Jake Rudnitsky, and Ambereen Choudhury, “A Russian Tragedy: How Deutsche Bank’s ‘Wiz’ Kid Fell to Earth,” Bloomberg News, October 3, 2016.
Description of scheme and Deutsche’s ignoring of Cypriot inquiries: FCA Final Notice, 2017.
“no reason for concern here”: New York State Department of Financial Services, consent order against Deutsche Bank, January 2017.
“had to prioritize”: Ibid.
After prodding from the Kremlin: James Shotter, Kathrin Hille, and Caroline Binham, “Deutsche Bank Probes Possible Money Laundering by Russian Clients,” Financial Times, June 5, 2015.
Deutsche discovers scheme: FCA Final Notice, 2017.
Wiswell’s wife: NYDFS, 2017; Vaughan, Rudnitsky, and Choudhury, “A Russian Tragedy.”
Bags of cash: Ed Caesar, “Deutsche Bank’s $10-Billion Scandal,” The New Yorker, August 29, 2016.
Sanctions penalty: New York Department of Financial Services, announcement of penalties against Deutsche Bank, November 4, 2015.
The bank’s defense in Renaissance hearing: Barry Bausano and Satish Ramakrishna, written testimony before Senate Permanent Subcommittee on Investigations, July 22, 2014.
“He knew as well as I did”: Transcript of Senate Permanent Subcommittee on Investigations hearing, July 22, 2014.
25. Poor Brilliant Bill
Interviews with Val and other Broeksmit family members, friends, and acquaintances. Photos, emails, and documents provided by Val. Interviews with Deutsche executives and board members and others with direct knowledge of the events.
Dutch bank murder-suicide: Maarten van Tartwijk, “Former ABN Amro Executive Committed Suicide After Killing Wife, Daughters, Police Say,” Wall Street Journal, April 8, 2014.
26. The North Koreans
Interviews with Val and other Broeksmit family members and friends. Val’s emails. Interviews with people with direct knowledge of the events.
Gambino’s suicide and role at Deutsche: David Enrich, Jenny Strasburg, and Pervaiz Shallwani, “Deutsche Bank Lawyer Found Dead in New York Suicide,” Wall Street Journal, October 24, 2014.
Val’s Fox interview: Fox Business, “Sony Threatens to Sue Musician over Hacking Tweets,” December 23, 2014, video available at https://video.foxbusiness.com/v/3958928360001/.
Stress-test article: Charles Levinson, “Former Risk Chief Warned Deutsche Bank on Stress Test, Emails Show,” Reuters, March 12, 2015.
27. No Confidence
Interviews with Deutsche executives and board members.
Sewing’s father: Dirk Laabs, Bad Bank: Aufstieg und Fall der Deutschen Bank, 2018, 498.
7,000 outstanding legal actions: James Shotter, Laura Noonan, and Martin Arnold, “Deutsche Bank: Problems of Scale,” Financial Times, July 28, 2016.
Jain at World Economic Forum: Martin Arnold and Tom Braithwaite, “Anshu Jain in Davos Regulation Clash with Jack Lew and Mark Carney,” Financial Times, January 23, 2015.
“repeatedly misleading us”: Eyk Henning and David Enrich, “Deutsche Bank to Pay $2.5 Billion to Settle Libor Investigation,” Wall Street Journal, April 23, 2015.
Board members were appalled: Daniel Schäfer and Michael Maisch, “Riding with the King,” Handelsblatt, May 13, 2016.
Menke descriptions: Heinz-Roger Dohms, “Allein gegen das Kapital,” Cicero, June 26, 2014.
Emoting without strategizing: Eyk Henning, David Enrich, and Jenny Strasburg, “Deutsche Bank Co-CEOs Jain and Fitschen Resign,” Wall Street Journal, June 7, 2015.
“I don’t want to stand in the way”: Thomas Atkins, “Jain Puts Deutsche Bank on World Stage, but Leaves It in Limbo,” Reuters, June 7, 2015.
Customers consider moving money: Henning, Enrich, and Strasburg, “Deutsche Bank Co-CEOs Jain and Fitschen Resign.”
Achleitner had already scouted out replacements: Ibid.
“the anti-Anshu”: Schäfer and Maisch, “Riding with the King.”
On their way out within months: Arno Schuetze, “Deutsche Bank Restructures Business, Removes Top Executives,” Reuters, October 18, 2015.
28. Trump Endeavor 12 LLC
Interviews with Deutsche executives and others with direct knowledge of the events.
Old Post Office dimensions: U.S. General Services Administration, “Old Post Office, Washington, DC,” https://www.gsa.gov/historic-buildings/old-post-office-washington-dc.
Trump’s winning bid for Old Post Office: U.S. General Services Administration, “GSA Selects the Trump Organization as Preferred Developer for DC’s Old Post Office,” February 7, 2012.
Skepticism about Trump’s bid: Jonathan O’Connell, “You May Not Take Donald Trump’s Candidacy Seriously, but Take Another Look at His Real Estate Business,” Washington Post, June 21, 2015.
“Every bank wants to do the deal”: Ibid.
Deutsche claim to Trump assets: House Committee on Transportation and Infrastructure, Democratic staff, “Breach of a Lease: The Tale of the Old Post Office in the Swamp,” July 12, 2017.
“I’m borrowing money”: Cohan’s transcript of unpublished interview with Trump.
Titan Atlas: Shawn Boburg and Robert O’Harrow Jr., “Donald Trump Jr. Stumbled While Trying to Make a Mark in the Business World,” Washington Post, February 4, 2017.
The gauzy profile: Carl Gaines, “Deutsche Bank’s Rosemary Vrablic and Private Banking’s Link to CRE Finance,” Commercial Observer, February 6, 2013.
Kushner’s personal loan: Jared Kushner financial documents, reviewed by New York Times.
Trump signed Doral loan during campaign: Brian Bandell, “Trump Boosts Loan on Doral Golf Resort,” South Florida Business Journal, August 13, 2015.
29. The Damage I Have Done
Interviews with Val and his friends, therapist, and fellow rehab and sober-living residents, as well as interviews with Broeksmit family members and friends. Emails, photos, and documents provided by Val.
30. Person of Interest
Interviews with Val and his friends and with Broeksmit family members and friends. Emails and documents provided by Val.
“He explained he was being investigated”: Mitchell and Moore letters to coroner.
Mentioned in a confidential EU report: Dirk Laabs, Bad Bank: Aufstieg und Fall der Deutschen Bank, 2018, 490.
Results of Broeksmit review: Justice Department Statement of Facts (draft), April 15, 2015, disclosed in USA v. Connolly, Exhibit 399-12.
Phone call about ignoring Justice Department: Justice Department Statement of Facts (draft).
FBI agents summoning Deutsche executives: Matthew Connolly, Teethmarks on My Chopsticks: A Knucklehead Goes to Wall Street, 2018, 331–34.
Risk group approved Paschi deal: Vernon Silver and Elisa Martinuzzi, “How Deutsche Bank Made a $462 Million Loss Disappear,” Bloomberg BusinessWeek, January 19, 2017.
31. Siena
Interviews with Val, his girlfriend and other friends, his therapist, Luca Goracci, Deutsche executives and board members.
“mounting concerns”: Evelyn Cheng, “Deutsche Bank Crisis: How We Got Here, and Where We Are,” CNBC.com, September 28, 2016.
“the most important net contributor”: International Monetary Fund, “Germany Financial Sector Assessment Program,” June 2016.
Surveillance footage: Michael Gray, “Why Are So Many Bankers Committing Suicide?” New York Post, June 12, 2016.
returned to their car: Ibid.
Foundation’s yearly distribution had shriveled: Rachel Sanderson, “Siena Faces Life after 500 Years of Monte dei Paschi Largesse,” Financial Times, August 2, 2016.
32. Rosemary Is the Boss
Interviews with Mike Offit, Tammy McFadden, other Deutsche employees and executives, and journalists who interviewed several characters (and related emails and transcripts).
Bannon’s radicalization: Michael C. Bender, “Steve Bannon and the Making of an Economic Nationalist,” Wall Street Journal, March 14, 2017.
Kushner’s biggest lending facility: Kushner financial documents, reviewed by New York Times.
Kushner’s loan for old New York Times building: Will Parker, “Jared Kushner Looks to Be Still Tied Up in 229 West 43rd Street Retail Condo,” The Real Deal, March 6, 2017.
Clinton attacks: Glenn Kessler and Michelle Ye Hee Lee, “Fact-Checking Clinton’s Speech on Trump’s Business Practices,” Washington Post, June 22, 2016.
Trump describing Vrablic as CEO: Susanne Craig, “Trump Boasts of Rapport with Wall St., but It’s Not Mutual,” New York Times, May 24, 2016; transcript of Susanne Craig interview with Donald Trump.
“These are guys that shift paper around”: James B. Stewart, “A Tax Loophole for the Rich That Just Won’t Die,” New York Times, November 9, 2017.
Epstein at Deutsche: David Enrich and Jo Becker, “Jeffrey Epstein Moved Money Overseas in Transactions His Bank Flagged to U.S.,” New York Times, July 23, 2019.
Tammy McFadden: David Enrich, “Deutsche Bank Staff Saw Suspicious Activity in Trump and Kushner Accounts,” New York Times, May 19, 2019.
33. Do Not Utter the Word “Trump”
Interviews with Deutsche executives, board members, and consultants. Interviews with Val and his acquaintances, and photos and video footage.
“we don’t rely on American banks”: Bill Littlefield, “A Day (and a Cheeseburger) With President Trump,” WBUR, May 5, 2017.
Deutsche’s sale of VTB loan: Jenny Strasburg and Rebecca Ballhaus, “Deutsche Bank in Late 2016 Raced to Shed Loan It Made to Russian Bank VTB,” Wall Street Journal, February 2, 2019.
“It looks terrible”: Keri Geiger, Greg Farrell, and Sarah Mulholland, “Trump May Have a $300 Million Conflict of Interest with Deutsche Bank,” Bloomberg News, December 22, 2016.
Vrablic’s attendance at Trump’s Inaugural: David Enrich, “A Mar-a-Lago Weekend and an Act of God: Trump’s History with Deutsche Bank,” New York Times, March 18, 2019.
34. Spycraft
Interviews with Val and people with whom he interacted. Val’s text messages, emails, photos, and receipts. Interviews with Deutsche executives.
Background on Simpson: Matt Flegenheimer, “Fusion GPS Founder Hauled from the Shadows for the Russia Election Investigation,” New York Times, January 8, 2018.
“the mastermind of the scheme”: Ed Caesar, “Deutsche Bank’s $10-Billion Scandal,” The New Yorker, August 29, 2016.
The Moscow-Simpson-Browder nexus: Marie Brenner, “The Mogul Who Came in from the Cold,” Vanity Fair, Holiday 2018/19.
Fed deemed Deutsche “troubled”: Jenny Strasburg and Ryan Tracy, “Deutsche Bank’s U.S. Operations Deemed Troubled by Fed,” Wall Street Journal, June 1, 2018.
35. A Note from the President
Interviews with and photos from Mike Offit. Interviews with Deutsche executives and employees.
Trump hotel details: Katie Rogers, “Trump Hotel at Night: Lobbyists, Cabinet Members, $60 Steaks,” New York Times, August 25, 2017.
Trump’s standing ovation: Glenn Thrush, Twitter post, October 29, 2018, https://twitter.com/GlennThrush/status/1056983892928970752.
Kennedy’s work on restructuring Kushner debt: Eliot Brown, “Rescue for a Developer,” Wall Street Journal, July 7, 2011.
Ivanka Trump at Supreme Court: Betsy Klein and Ariane de Vogue, “Ivanka Trump and Daughter Go to the Supreme Court,” CNN, February 23, 2017.
Kennedy at St. Patrick’s Day celebration: Shane Goldmacher, “Trump’s Hidden Backchannel to Justice Kennedy: Their Kids,” Politico, April 6, 2017.
Vekselberg: Andrew Higgins, Oleg Matsnev, and Ivan Nechepurenko, “Meet the 7 Russian Oligarchs Hit by the New U.S. Sanctions,” New York Times, April 6, 2018.
Internal presentation shows management exposure: Luke Harding, “Deutsche Bank Faces Action over $20bn Russian Money-Laundering Scheme,” The Guardian, April 17, 2019.
Trump suspicious activity reports: David Enrich, “Deutsche Bank Staff Saw Suspicious Activity in Trump and Kushner Accounts,” New York Times, May 19, 2019.
German newspaper story on Mueller subpoena: Christopher Cermak, “Mueller’s Trump-Russia Investigation Engulfs Deutsche,” Handelsblatt, December 5, 2017.
Trump’s explosion: Bob Woodward, Fear: Trump in the White House, 2018, 326–27.
Labor Department waiver: David Sirota and Josh Keefe, “Trump Administration Waives Punishment for Convicted Banks, Including Deutsche—Which Trump Owes Millions,” International Business Times, January 9, 2018.
Renaissance bailing: Sonali Basak, Donal Griffin, and Katherine Burton, “RenTech Has Been Pulling Money from Deutsche Bank for Months,” Bloomberg News, July 5, 2019.
“We lost our compass”: Jack Ewing, “Deutsche Bank Layoffs Begin as Workers Feel Turnaround Plan’s Impact First,” New York Times, July 8, 2019.
Epilogue
Interviews with Val, Marie, Moby, Deutsche executives, and government officials. Photos, text messages, and documents provided by Val and Marie.