A day in the life of Deutsche Bank
The largest bank in Europe, Deutsche Bank, had an interesting day in what has been an interesting year.
Now the day isn't over yet, so I might be early with this, but it's already notable.
The difficult we do immediately; the impossible takes a little longer.
REPORT: Deutsche Bank lost 12 times more than it thought was possible in one day of trading"There's questions about what this was…. But all we know is there was this outsized day that was two, three, four times bigger than anything we've ever seen," reporter Sonali Basak, told Bloomberg TV, adding "It's very unusual."
For most banks doing the impossible is enough, but Deutsche Bank is exceptional.
Deutsche Bank will pay $205m for violations of New York banking law stemming from its foreign exchange trading business, in the latest rap on the knuckles from US authorities for Germany’s biggest bank.“Due to Deutsche Bank’s lax oversight in its foreign exchange business, including in some instances, supervisors engaging in improper activity, certain traders and salespeople repeatedly abused the trust of their customers and violated New York State law over the course of many years,” said Maria Vullo, financial services superintendent, in a statement on Wednesday.
US regulators have long had concerns about weaknesses in Deutsche’s controls and technology. Germany’s largest lender has been fined repeatedly in recent years over matters ranging from flawed research reports to a failure to fully comply with the Volcker ban on proprietary trading
Normally one fine by regulators is enough in one day for a bank, but Deutsche Bank is exceptional.
Italy’s markets watchdog Consob imposed combined fines of 2.3 million euros ($2.7 million) against Banca Monte dei Paschi di Siena SpA, Deutsche Bank AG and and Nomura Holdings Inc. over two controversial transactions at the center of a trial in Milan.
...A complex transaction Deutsche Bank helped put in place in 2008 hid more than 360 million euros of losses that Paschi was facing on a previous deal, prosecutors say.
What do you think will happen to a huge, corrupt bank that's been hemorrhaging cash for years, when the recession hits?
Comments
“What do you think will happen...”
TPTB will do everything in their power to save its corrupt collective ass.
I'm tired of this back-slapping "Isn't humanity neat?" bullshit. We're a virus with shoes, okay? That's all we are. - Bill Hicks
Politics is the entertainment branch of industry. - Frank Zappa
Yep
"You can't just leave those who created the problem in charge of the solution."---Tyree Scott