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Mon May 20, 2019, 10:53 PM

Deutsche Bank is too Corrupt to Exist

Hundreds of millions of dollars in fines hasn’t fazed them in the least. Their money laundering schemes are too lucrative.

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Response to dlk (Original post)

Mon May 20, 2019, 11:09 PM

1. DEUTSCHE BANK, TRUMP, RUSSIA, SAUDI ARABIA: WHAT'S THE CONNECTION?

From WhoWhatWhy.org, a Deutsche primer:

Deutsche Bank: A Global Bank for Oligarchs — American and Russian, Part 1 (1/08/2018)
International banking colossus Deutsche Bank has a track record of deploying illegal financial trading, money laundering, and shady offshore tax shelters in the service of the global elite. Should anyone be surprised that Deutsche is on Robert Mueller’s Trump-Russia investigation radar?

Deutsche Bank: A Global Bank for Oligarchs — American and Russian, Part 2 (1/15/2018)
What do President Donald Trump and a number of Russian oligarchs have in common? Answer: Deutsche Bank. We pick up where we left off by examining how Trump first became involved with the international colossus — a bank catering to clients who understood that sometimes the line between profit and illegality blurs.

Deutsche Bank: A Global Bank for Oligarchs — American and Russian, Part 3 (2/01/2018)
Not only is President Donald Trump personally tied up with Deutsche Bank to the tune of $300 million, but his son-in-law Jared Kushner has his own history with the global banking giant. Part 3 looks closely at these relationships, and asks just how far President Trump’s Justice Department will be willing to go in probing potential illegality on the part of Deutsche.

Deutsche Bank: Where the Dots of Russiagate Connect (1/24/2018)
Martin Sheil, a retired branch chief of the IRS Criminal Division, discusses his WhoWhatWhy series on Deutsche Bank and how nearly all the main figures involved in Russiagate also have ties to the financial institution.

House GOP Leads Russia Probe… Away From Deutsche Bank (2/27/2018)
House Republicans who are supposed to be investigating Russian interference in the 2016 election say there is no need to look at Deutsche Bank. Here is why they are wrong.

Source: https://whowhatwhy.org/2019/05/01/deutsche-bank-trump-russia-saudi-arabia-whats-the-connection/

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Response to dlk (Original post)

Mon May 20, 2019, 11:19 PM

2. Don't forget that Justice Kennedy's son was in Deutsche Bank...

https://www.businessinsider.com/anthony-kennedy-son-loaned-president-trump-over-a-billion-dollars-2018-6

and this...
"But they had a connection, one Mr. Trump was quick to note in the moments after his first address to Congress in February 2017. As he made his way out of the chamber, Mr. Trump paused to chat with the justice.
“Say hello to your boy,” Mr. Trump said. “Special guy.”
"Mr. Trump was apparently referring to Justice Kennedy’s son, Justin. The younger Mr. Kennedy spent more than a decade at Deutsche Bank, eventually rising to become the bank’s global head of real estate capital markets, and he worked closely with Mr. Trump when he was a real estate developer, according to two people with knowledge of his role."

https://www.nytimes.com/2018/06/28/us/politics/trump-anthony-kennedy-retirement.html

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Response to BigmanPigman (Reply #2)

Tue May 21, 2019, 08:06 AM

9. The extent of the corruption in the Trump era is beyond belief

It seems all branches of government are infiltrated with a Mafia type leadership at every corner. I have underestimated just how criminal all the Trump lovers are. Where ever you turn there is another criminal connection. How are we ever going to be able to get back control?

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Response to katmondoo (Reply #9)

Tue May 21, 2019, 12:46 PM

11. It's going to take a long time to recover, probably decades,

most people are realistically estimating this.

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Response to dlk (Original post)

Mon May 20, 2019, 11:23 PM

3. How a Pillar of German Banking Lost Its Way

https://www.spiegel.de/international/business/the-story-of-the-self-destruction-of-deutsche-bank-a-1118157.html

The Deutsche Bank Downfall
How a Pillar of German Banking Lost Its Way
For most of its 146 years, Deutsche Bank was the embodiment of German values: reliable and safe. Now, the once-proud institution is facing the abyss. SPIEGEL tells the story of how Deutsche's 1990s rush to join the world banking elite paved the way for its own downfall.
By Ullrich Fichtner, Hauke Goos and Martin Hesse
October 28, 2016 11:02 AM

Greed, provincialism, cowardice, unfocused aggression, mania, egoism, immaturity, mendacity, incompetence, weakness, pride, blundering, decadence, arrogance, a need for admiration, naiveté: If you are looking for words that explain the fall of Deutsche Bank, you can choose freely and justifiably from among the above list.

The bank, 146 years after its founding, has become the target for all manner of pejoratives, and not just from outside observers. All of the above terms were used in interviews held during months of reporting into the causes of the downfall of Germany's largest financial institution. They popped up over the course of several hours of interviews with four Deutsche Bank CEOs, three former and one current. And they were uttered in interviews with eight additional senior bank managers and board members conducted over the course of several years, from the 1990s until today, and in meetings with captains of industry who know the bank well and during encounters with major stakeholders. More than anything, the disparaging words come up frequently in interviews with those who have worked or still work at the bank as customer service advisors, as branch managers or in positions lower down on the food chain.

What we have found in the course of these myriad interviews -- combined with the hours spent analyzing bank balance sheets, thousands of pages of files, committee meeting minutes and archive material -- is that the collapse of Deutsche Bank is the result of years, decades, of failed leadership, culminating in the complete loss of control of the company by top managers during the period between 1994 and 2012.

It is a story about how Hilmar Kopper, Rolf E. Breuer and Josef Ackermann, the leaders of Deutsche Bank during those fateful years, essentially turned over the bank to a hastily assembled group of Anglo-American investment bankers before Anshu Jain, the prince of these traders, rose to the top and spent three more years sailing the bank full-speed-ahead into the shoals.

It is also a story of how these bank heads, along with numerous other members of the management and supervisory boards, stood aside as Jain and the many other new investment banking heroes modified the staid German financial institution to serve their own purposes -- essentially looting it and robbing it of its very soul -- without leaving behind a better, stronger bank.

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Response to dlk (Original post)

Mon May 20, 2019, 11:26 PM

4. The next POTUS needs to direct their AG to focus on money laundering and embezzlement

Perhaps we need an uber-Magnitsky Act-ish type bill to empower the executive branch to absolutely hammer those people and institutions which enable oligarchic-style transnational embezzlement/fraud/theft/laundering. Put all these banksters in jail and confiscate all their ill-gotten gains.

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Response to dlk (Original post)

Tue May 21, 2019, 06:39 AM

5. They are criminals.

But they create a lot of jobs.

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Response to dlk (Original post)

Tue May 21, 2019, 06:42 AM

6. It sounds like its only reason to exist is to launder money.

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Response to dlk (Original post)

Tue May 21, 2019, 06:49 AM

7. Not the first nor last German Bank to be up to no good....

https://www.reuters.com/article/banking-germany-landesbanken/timeline-german-landesbankens-bailout-and-restructuring-so-far-idUSL5N0H820520130917

The Landesbanken’s transformation since the financial crisis of 2007-8 has not been as dramatic as experts expected, but there has been some movement.Banks have pared back the international operations and exotic investments that triggered so many losses, and have refocused on their grass roots German business. The Landesbanken sector’s total balance sheet has contracted by over 300 billion euros since 2008.

West LB was closed, with some of its assets going to Helaba. Sachsen LB was folded into Landesbank Baden-Wurttemberg (LBBW) and Landesbank Berlin is being dismantled into a savings bank and real estate business, with its capital markets arm moving to Deka.
State control at both Bayern and LBBW has been eased, after the European Commission insisted on less state representation on their supervisory boards.

The key milestones are below:

February 2008: WestLB gets 5 billion euros risk shield to protection against potential losses

December 2008: BayernLB gets a 10 billion euros capital injection from the state of Bavaria and a 4.8 billion euros ‘risk shield’ against future losses.

November 2009: LBBW gets 5 billion euros capital injection from its owners, and a guarantee of 6.7 billion euros for losses above 1.9 billion euros in its asset backed security (ABS) portfolio.

February 2009: HSH Nordbank gets 3 billion euros of fresh equity from its state shareholders and a 10 billion euros ‘risk shield’ for loan losses above a certain threshold.

October 2009: WestLB agrees to move at least 87 billion euros of assets into a ‘bad bank’, and gets 6.4 billion euros of additional aid, through an increase in its ‘risk shield’ from Germany’s bailout unit Soffin. The risk shield increase was later replaced with a 3 billion euros recapitalisation of WestLB and a guarantee of 1 billion euros.

March 2011: HSH reduces its state-provided ‘risk shield’ from 10 billion euros down to 7 billion euros.

June 2012: Frankfurt’s Helaba agrees to take over 40 billion euros of WestLB’s core assets. Another 51 billion of WestLB’s remaining assets go to a ‘bad bank’, and a financial services company Portigon is spun out with 3,500 staff.

November 2012: HSH secured an increase of its state-provided ‘risk shield’ back up to 10 billion euros. The increase triggered another European Commission state aid investigation into HSH; the investigation is ongoing.

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Response to dlk (Original post)

Tue May 21, 2019, 07:49 AM

8. They should be shut down....

...and fined whatever their assets are, imo.

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Response to dlk (Original post)

Tue May 21, 2019, 11:09 AM

10. Since They Are a Foreign-Owned Bank, it Would Take a Dem President to Sanction Them

or pass legislation prohibiting any US corporation or person doing any business with them. As Mueller pointed out nearly a decade ago, the biggest threat is international, multinational organized crime empires. I think it’s safe to say Deutsche Bank is in on it. International crime organizations require a clearinghouse to launder their ill-gotten wealth. Unfortunately, there isn’t a shortage of those with no conscience always at the ready to give them a hand.

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