The German Tax-Dodge Probe That’s Roiling Banks

The investment seemed virtually risk-free, guaranteeing hefty returns after only a short season of trading. By exploiting how Germany once taxed dividend payments, dozens of bankers, brokers and lawyers helped investors snatch billions of euros from the national treasury. A decade later prosecutors won their first convictions for tax crimes, while more than 600 people face investigation in what’s come to be called the Cum-Ex affair.

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