I made this illustration for this week’s DIE ZEIT. The article is another piece to the so called Cum Ex / Cum Cum -scandal, in which banks scammed billions in taxes from several European states.
Very simplified: investors and banks claimed tax back payments from the state twice or more times for stock transactions, or transactions that did not even happen.
The article explores the origins of the practice at Morgan Stanley and how it spread throughout the financial world.
Art direction by Nico Baldauf. Thank you.