It is trying to blame a few rogue individuals that it has already fired claiming they were the only ones involved.
Sensing that firing these individuals will not be enough to protect it from the backlash from the market when the true extent of its involvement is disclosed, Deutsche has announced a new effort to clean up its culture.
Regular readers know that the only way to truly clean up a banking culture and restore trust is by having the bank disclose on an ongoing basis its current global asset, liability and off-balance sheet exposure details.
It is only with this level of disclosure that sunlight can provide the best disinfectant for Deutsche bank's culture.
So the question is, will Deutsche Bank adopt ultra transparency and really clean up its culture or will it go through a meaningless review of personal conduct codes and continue to indicate to the market it has something to hide and cannot be trusted?
Germany's biggest bank, Deutsche Bank, prepared the ground for regulatory action in the Libor rigging scandal by admitting that a "limited number" of its staff had been involved....
Deutsche said "action had been taken accordingly" against those staff found to have been involved....
Deutsche's supervisory board head Paul Achleitner insisted in a letter to staff that "no current or former member of the management board had any inappropriate involvement".
Deutsche's admission follows a warning by Royal Bank of Scotland that it too expects to be drawn into the Libor debacle in the wake of the £290m fine slapped on Barclays....
Deutsche's new co-chief executive Anshu Jain used to run the investment banking operations of the bank, but the internal probe has cleared him of any involvement.
Jain yesterday announced plans to cut 1,900 jobs – largely outside Germany – and clean up the culture of banking. Bonuses are to come down and codes of "personal conduct" are being reviewed.