The CumEx Files
What's the Difference Between Cum Dividend & Ex Dividend [#AskDrWealth]
Download PDF Print page. In Germany, following the financial crisis, scandals involving banks and financial institutions have almost become common place. The German authorities are investigating allegedly tax-driven share transactions, which took place around the dividend record date, which were allegedly executed by banks between and trading on their own account or on behalf of third parties. The authorities are also examining the roles of various accountancy firms and law firms who were involved in the development of the tax-models which were used.
That attracted my attention, but the standfirst, in smaller print, was even more startling. I think of myself as someone who pays attention to the news, but I had missed this entirely. Google reveals essentially no coverage in the main English language media. What matters is that crooked deals of this scale suffice for a complete explanation of the growth of the global financial sector since the s. The point of the financial sector is not to allocate capital more efficiently, but to undermine the regulatory and tax systems that are supposed to make the economy work properly.