The cum-ex scam stole $60b from European tax authorities: it's monumentally boring, complicated, and very, very important

Cum-ex (previously) is a technical, boring financial engineering technique that lets fraudsters file multiple tax-refund claims for the same stock transactions (they called it "dividend arbitrage"); from 2006-2011, the EU's largest, most respectable banks, law firms, and investors used the scam to steal $60,000,000,000. Read the rest

Trial begins for the "cum/ex" bankers accused of stealing €447m and trying for €60b

You know that late-stage capitalism is upon us when a financial scandal targeting €60 billion in fraud against public treasuries is lost in the noise of other scandals. Read the rest