The Traderszone Network

Published in TZ Latest News 23 December, 2016 by The TZ Newswire Staff

U.S. hits Credit Suisse, Deutsche Bank with toxic debt penalties

Credit Suisse and Deutsche Bank have been hit with a combined penalty of more than $12 billion over the sale of U.S. toxic debt, further hampering two of Europe’s leading investment banks as they struggle with weak earnings. The penalties stem from an initiative launched by U.S. President Barack Obama to pursue banks for selling sub-prime debt without warning of the risks, a practice that led to the worst economic crisis since the Great Depression.