Deutsche Bank copped to spoofing prices and agreed to turn state’s evidence. DB then handed over hundreds of thousands of pages of documents, along with chat logs and voice recordings which featured traders gleefully conspiring with one another to cheat clients and other market participants.
Officials used that trove of information and other evidence to charge six JPMorgan traders with crimes. Some already pleaded guilty and made their own agreements to cooperate with the larger investigation.
But last week’s revelations from Bloomberg are the first confirmation that the mega bank is itself in the crosshairs.