![13 February 2020, Hamburg: Cars drive past the bank M.M.Warburg & CO. Just under a week and a half before the Hamburg state elections, the Green top candidate Fegebank and the opposition parties are targeting Mayor Cschentscher (SPD) because of the "Cum-Ex" affair of the Warburg Bank. Photo: Axel Heimken/dpa (Photo by Axel Heimken/picture alliance via Getty Images)](https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/DRO62LRZZC7QHKUJ5IKPP4DBEM.jpg?smart=true&auth=763d95ee64e2df7cf39e934845b025210de2ba7e00cc4e50245a220cc2e9a84d&width=400&height=225)
German private bank M.M. Warburg is embroiled in tax scandal that has now hit its credibility and reputation. Getty Images
German private bank M.M. Warburg is embroiled in tax scandal that has now hit its credibility and reputation. Getty Images
How a storied private bank became embroiled in a tax scandal
Warburg allegedly participated in controversial dividend trades known as Cum-Ex that took advantage of double tax reimbursements
Bloomberg
26 February, 2020