What is securities fraud
The phantom of the tax
German authorities have known since the 1990s that banks and investors deliberately damage the tax authorities. Only after several attempts by Finance Ministers Waigel, Steinbrück and Schäuble did the loophole in the cum-ex deals seem to be more or less closed, which - legal, illegal, shit - investors from all over the world had made good use of.
The new scandal surrounding phantom papers is probably also based on so-called dividend stripping. The difference to Cum-Ex seems to be that it must have been clear to the actors from the start that the deals were criminal. This time, tax refunds were apparently received on stocks that were not owned at all.
Of course, it is once again about understaffed tax offices and inadequate control systems. But who can precisely check with millions and millions of securities whether there are really stocks behind them? Above all, it is about economically liberal deregulation. In order to spruce up Germany's financial center for foreign capital, federal governments have long allowed compensation through dividend stripping. That was successful in the spirit of the inventor: Today every second share in a DAX company belongs to investors from the USA, Great Britain or China.
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