Leaked emails reveal how Macquarie Bank became entangled in a $80 billion scandal
Leaked emails reveal how Macquarie Bank became entangled in an $80 billion scandal
It's been called "the devil's machine" and the "biggest bank scandal in history".
But on a spring morning in October 2010, the Macquarie Group board sat down to discuss the tax scheme using a more technical name: "German Short Trading".
The proposal before the board was to provide hundreds of millions of dollars to overseas funds, enabling them to take advantage of a quirk of the German tax system.
It had the potential to deliver up to $30 million to Macquarie for each lending agreement.
Macquarie's legal advice at the time said that the transactions were legal, and that other banks were taking part.
But there were potential landmines.
A memo submitted ahead of the board meeting …
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