From Deutsche Welle, November 6:
BlackRock controls trillions of dollars of assets and has now been caught up in the monumental cum-ex tax scandal. The investment fund's involvement has particular significance for the German government.
German investigators raided the offices of finance giant BlackRock on Tuesday, several media outlets reported.
The raid is part of the country's biggest post-war fraud investigation, known as the cum-ex scandal.
BlackRock told DW it is "fully cooperating" with investigators. The chairman for its Germany division, Friedrich Merz, said he had ordered management to "investigate all instances and make documents available to authorities."
What is the cum-ex scandal? The scandal came to light in 2016 when it emerged that several German banks had exploited a legal loophole which allowed two parties simultaneously to claim ownership of the same shares. This contrived "dual ownership" allowed both parties to then claim tax rebates even though both were not entitled to it. The scandal cost taxpayers billions of euros....MORE
