Deutsche Bank managers didn't stop entertainment of pension funds: regulator

So the Pension Fund Managers just sat there and took the "entertainment", who are these people? How did they get these jobs?

The word "bank" and "bankers" said it all.

No joke! What about the Pension Fund Managers? Didn't they break the law by accepting Bribes? If a Politician is caught accepting a Bribe he / she is usually forced to resign.

170,000 or so a month hardly seems excessive for a big bank. Why is this news?

18 million yen in 2012 is 1.5 million a month. Small money in the great run of things, but lavish entertainment basically qualifies as a bribe.

"Overseas junkets"...meaning what? Trips to Thailand for booty of any gender for hire? Sheesh. Spell it out, why don't ya?

Termites.

What about the 3 pension fund heads? I seriously hope they were fired!

A pattern of spending on hostess bars and overseas junkets for local pension fund officials went unchecked by senior managers at Deutsche Bank’s Japanese securities arm, who failed to prevent or turned a blind eye to expenses that could be prosecuted as bribery, previously undisclosed details of a regulatory investigation show.

Sorry, but there is no real news here. Japanese businessmen are world-famous for these sort of shenanigans. You could put the name of almost any major company that operates there in place of Deutsche Bank in this story. When I first went to Japan, about 13 years ago, the audit staff went in to check the books on the Japanese firm that our parent company had just acquired. They did their best job, but finally could not account for over $600,000 in travel and entertainment funds -- all handed out in cash. No records, receipts, etc.

170,000 or so a month hardly seems excessive for a big bank. Why is this news?

As this "custom" is engrained in the Japanese corporate culture, it's not going away anytime soon. Add in the fact that the govt. is opening the fund up and... oh boy... expect to see many more of these kinds of articles...

I heard of a German banker in another country who put the cost of nasal cartridge reconstruction (nothing to snort about) in as a entertainment expense claim.

Dandoy was unaware that the officials were considered public servants under the law, the report said.

Whether the people they were bribing were public officials or not seems to be missing the point (even if there is a legal difference). These banks seem to operate on the assumption that they can and should simply buy everyone.

whats wrong ?

And what stories will run when the post money is made available?

Anyone actually surprised at this?? Tip of the iceberg.

Some douche bags at the Deutsche Bank