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The Boston Globe

Business

Mass. fines Deutsche Bank $17.5m

Massachusetts Secretary of State William F. Galvin said Wednesday he had fined Deutsche Bank Securities Inc. $17.5 million for allegedly failing to disclose conflicts of interest related to collateralized debt obligations, or CDOs, before the financial crisis.

CDOs were widely created and structured by Wall Street firms in the run up to the crash in 2008; these investments are sliced up pieces of debt, many of them mortgage-related, that are repackaged and sold as securities. Many of these investments plummeted in value as the housing market slumped and a global credit crunch ensued.

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