Pubblicato in: Devoluzione socialismo, Finanza e Sistema Bancario, Unione Europea

Emiri del Qatar alla riscossa. Stanchi di fare la carità a Frau Merkel. DB.

Giuseppe Sandro Mela.

2019-10-16.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt

Qatari Investors Eyeing Control of Deutsche Bank

«Strategic errors, massive fines and attacks by speculators have created a major crisis for Germany’s most important bank. Now, investors from Qatar, who already own some 10 percent of Deutsche Bank, are considering taking control.

Jain celebrated the coup, because it appeared that Deutsche Bank had gained a strong partner who could help pave the way to better times for the bank. A partner who explicitly supported Jain’s strategy of establishing the company as the last globally important European investment bank. The German government also favored the development.

But just two and a half years later, the bank is at the edge of the abyss. Jain was deposed from his position as a result of his role in the financial crisis and because of his limited success as co-CEO. His successor John Cryan, who has now been at the helm for 15 months, has also failed to come up with a coherent strategy, the bank’s capital is tight once again and distrust among shareholders and customers alike is growing.

On September 15, the Justice Department in the United States ordered the company to pay a $14 billion fine to settle accusations of fraud in Deutsche Bank’s packaging and sale of mortgage-backed securities in the free-wheeling days that led to the global financial crisis. Speculators and politicians have been in a state of near panic since the announcement, with open speculation about the possibility of a government bailout for the prestigious bank. An atmosphere of frustration and depression is currently prevailing inside the bank and Cryan is trying to combat it with messages of perseverance.

For a time, Deutsche Bank’s market value plummeted below 15 billion euros, down from 35 billion a year ago. Large-scale investor HBJ and his cousin – the former Emir of Qatar, Sheik Hamad bin Khalifa al-Thani, who he has since brought in as an investor as well — are believed to have lost more than a billion euros – on paper, at least. This summer, the two increased their holdings to just under 10 percent of the company, but Deutsche Bank’s market capital has since continued to slide.»

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«Ogni investimento dal Qatar è benvenuto», è stato il messaggio che la cancelliera Merkel ha consegnato all’emiro del Qatar, durante la sua recente visita a Berlino»

«Sottinteso era però: purché vi teniate fuori dalla gestione»

«Ma è proprio quello che la famiglia reale degli Al-Thani non sembra più disposta a fare»

«Anche perché nel caso della Deutsche Bank, gli sceicchi hanno perso i quattro quinti del capitale dal loro ingresso nell’azionariato del gruppo, e ora comprensibilmente non intendono più stare a guardare»

* * * * * * *

A pensar male si fa peccato, ma ci si azzecca quasi sempre.

Non sarà mica che le ingenti perdite di Deutsche Bank altro non siano che evasione fiscale?


Deutsche Bank nel mirino del Qatar: sul gruppo tedesco voci di riassetto e di controllo della governance

È inutile negarlo, alcuni soci sono più graditi di altri. Questa verità non è mai stata così evidente come in Deutsche Bank, il maggiore istituto bancario tedesco, che deve oggi fare i conti con una presenza ingombrante nel suo capitale: quella dell’emirato del Qatar, primo azionista con il 10%. Non è l’unico pacchetto azionario detenuto in Germania: oltre a Deutsche Bank la monarchia del Golfo vanta partecipazioni anche in Volkswagen, Solarworld e Hapag Lloyd, e dopo aver investito già 20 miliardi di dollari in società quotate tedesche si prepara – come ricorda la Frankfurter Allgemeine Sonntagszeitung – a mettere sul piatto altri 10 miliardi. «Ogni investimento dal Qatar è benvenuto», è stato il messaggio che la cancelliera Merkel ha consegnato all’emiro del Qatar, durante la sua recente visita a Berlino. Sottinteso era però: purché vi teniate fuori dalla gestione. Ma è proprio quello che la famiglia reale degli Al-Thani non sembra più disposta a fare. Anche perché nel caso della Deutsche Bank, gli sceicchi hanno perso i quattro quinti del capitale dal loro ingresso nell’azionariato del gruppo, e ora comprensibilmente non intendono più stare a guardare.

Aggregazioni

Ecco perché la prima banca tedesca è ormai al centro di un vortice di speculazioni: dopo tutto il Qatar possiede quote anche nel Credit Suisse, in Barclays e nell’Agricultural Bank of China (Abc), oltre che nella Borsa di Londra, così che appaiono possibili le aggregazioni più disparate. A dare forza a questi rumor è anche il ritorno sulla scena di un manager italiano, Michele Faissola, già membro del consiglio di amministrazione di Deutsche Bank, con la responsabilità sulle operazioni in derivati, e poi costretto a lasciare nel 2015. Oggi Faissola è il rappresentante ufficiale dell’emiro del Qatar, e si sta muovendo per avere un posto anche nel consiglio di sorveglianza della banca tedesca — ipotesi per ora bloccata dalle authority. Ma l’interesse del manager – commenta maliziosamente il giornale – sembra più dettato dal tentativo di riprendere il controllo sul passato della Deutsche Bank, che non sul suo futuro. Perché nell’ambito del processo per il fallimento del Monte Paschi di Siena, Faissola è stato da poco condannato a pagare una multa salatissima, proprio per il ruolo avuto nella banca tedesca, all’epoca delle spericolate operazioni che hanno affossato l’istituto senese.

*


Regulators Reject Qatar-Backed Deutsche Bank Board Member

In a rare intervention, Deutsche Bank’s regulators are blocking a banker backed by its largest shareholder, Qatar, from a seat on the supervisory board because of a conflict of interest, according to two people with knowledge of the matter.

Deutsche Bank chair Paul Achleitner had announced in August the appointment of former UBS (UBSG.S) manager Juerg Zeltner, praising him as a valuable addition and “a top-level European banker with proven expertise”.

Zeltner was also to represent the interests of Qatar’s royal family – a top shareholder in the German lender. KBL is controlled by the same family.

Deutsche’s regulators – the European Central Bank and financial markets watchdog BaFin – have now determined that Zeltner’s position on Deutsche’s board would be a conflict of interest because he is also the chief executive officer of KBL European Private Bankers (KBL epb), a business that overlaps with Deutsche’s.

“It’s a done deal. It is now only a matter of finding a face-saving way out,” the person said.

Deutsche Bank declined to comment.

The regulators’ move comes as a prosecutor told a London court that three former Barclays (BARC.L) executives lied to the market by hiding 322 million pounds ($395 million) in extra fees that the bank paid Qatar in return for vital funding during the global credit crisis.

The case, one of the most high-profile brought by the UK Serious Fraud Office (SFO), revolves around undisclosed payments to Qatar as Barclays raised more than 11 billion pounds from investors in 2008 to avert a state bailout.

Pubblicato in: Devoluzione socialismo, Finanza e Sistema Bancario, Unione Europea

Deutsche Bank. Taglia 18,000 posti ed accusa 7.4 (74 nei fatti) mld di perdite.

Giuseppe Sandro Mela.

2019-07-08.

2019-07-09__DB__001

«Deutsche Bank plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany’s struggling flagship lender»

«The bank will also scrap its global equities business and scale back its investment bank»

«It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges.»

«Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets»

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Le banche tedesche continuano a tenere aperti gli sportelli solo perché aiutate dalla politica.

Quella di Deutsche Bank non è solo una riorganizzazione del lavoro con qualche esubero: è la conseguenza di continue perdite di mercato, cui conseguono attività bancarie sempre più contenute. Ed una inenarrabile quantità di operazioni sballate.

Settantaquattro miliardi di euro di “risk-weighted assets” è una gran cifra.

Così scenderà dagli attuali 91,500 dipendenti ai 74,000 del 2022.

*

Una considerazione.

Quando la politica si impossessa di una realtà economica o finanziaria, quasi invariabilmente la porta alla rovina.

Se sicuramente adesso Deutsche Bank ha un perfetto equilibrio di gender, sarebbe altrettanto vero che i risultati di questa dirigenza femminile sono sotto gli occhi di tutti.

Ma i clienti bancari non sono scemi come potrebbe sembrare: utilizzano Deutsche Bank solo se costretti politicamente. Ma non accettano più consigli.

Quale peso possono avere i suggerimenti finanziari dati da funzionari che sono rimasti poveri se non miseri e che hanno quasi fatto fallire la banca?

Amici miei.

Se vi foste aspettati che i funzionari di banca vi facessero arricchire avreste sbagliato, ed alla grande.

Sceglietevi un consulente finanziario che abbia saputo arricchirsi con il suo lavoro: se si è arricchito lui saprà anche arricchire voi.


Reuters. 2019-07-07. Deutsche Bank to cut 18,000 jobs in 7.4 billion euro overhaul

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) plans to cut 18,000 jobs in a sweeping, 7.4 billion euro overhaul designed to turn around Germany’s struggling flagship lender.

The bank will also scrap its global equities business and scale back its investment bank. It expects a 2.8 billion euro ($3.1 billion) net loss in the second quarter as a result of restructuring charges.

Deutsche said that it would also cut its fixed income operations, especially its rates business. It will also create a new unit to wind-down unwanted assets, with a value of 74 billion euros of risk-weighted assets.

Chief Executive Officer Christian Sewing flagged an extensive restructuring in May when he promised shareholders “tough cutbacks” to the investment bank. The pledge came after Deutsche failed to agree a merger with rival Commerzbank (CBKG.DE).

Media reports had suggested that Deutsche Bank could cut as many as 20,000 jobs — more than one in five of its 91,500 employees.

In the event, the bank said it would reduce headcount to 74,000 employees by 2022.

The bank’s supervisory board met on Sunday to agree the proposed changes, one of the biggest shake-ups in the industry since the financial crisis.

Pubblicato in: Finanza e Sistema Bancario, Unione Europea

Deutsche Bank. L’agonia del sistema bancario tedesco.

Giuseppe Sandro Mela.

2019-04-21.

Caravaggio. Giuditta ed Oloferne. 001

Se nel linguaggio corrente il termine ‘agonia‘ indica solitamente il periodo che precede la morte, nell’italiano classico così non è. Agonia deriva dal greco ἀγωνία che significa lotta durissima. Forma le parole agonismo, agone, etc.: è il momento che precede la fine di qualcosa, il suo venir meno.

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Vi sono cose che debbono essere dette e vi sono cose sulle quali è prudenza tacere. Ambedue i comportamenti saranno sempre criticati.

Il dramma del sistema finanziario tedesco potrebbe essere sintetizzato nella classica frase di Richelieu:

«Per essere grande la Francia deve rinunciare ad essere immensa».

Nelle proiezioni al 2023 fatte dall’IMF, la Germania renderà ragione di un pil ppa di 5,171 miliardi Usd contro i 178,018 miliardi Usd del mondo: la Germania varrà quindi il 2.9% del pil ppa mondiale. Cifra di gran rispetto per una potenza locoregionale, ma troppo scarna per una potenza mondiale. Sempre in tali previsioni, i paesi afferenti il G7 varranno il 27.06% ed i Brics il 35.9% del pil ppa mondiale.

Ci si rende perfettamente conto come il pil ppa non sia l’unico parametro di cui tener conto, ma dovrebbe rendere conto delle differenze di grandezza.

«Since it was founded in 1870, Deutsche Bank was supposed to be a steward for German industry, helping the nation’s manufacturers finance overseas trade»

*

«Even as its European rivals were scaling back their businesses and ambitions to adjust to the postcrash world, Deutsche Bank AG pushed further into new markets and new businesses, with a vision to project German financial might onto a global stage»

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«Now that ambition is in tatters»

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«A deal with Commerzbank could be a solution, but it could also make things a lot messier»

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«Deutsche Bank’s travails are the last thing Germany needs as it copes with a weakening economy and a surge in political populism»

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«If the banks haven’t managed to develop a viable business model 11 years after the financial crisis, there is no way that taxpayers should be put in a position where they could be asked to step in again.»

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« It’s been trapped in a spiral of falling revenue and rising costs

*

«The idea is that fusing two weak banks will forge a stronger one that can better withstand the next recession or financial crisis»

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«The German government still holds a 15 percent stake in Commerzbank, a legacy of bailing out the lender a decade ago»

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Sembrerebbe essere una considerazione vera:

fondere due banche traballanti

non determina la nascita di una banca sana.

Ma senza almeno una banca di interesse mondiale sana e redditizia, la ripresa tedesca è una pura utopia.

Senza banche sane, la Germania è destinata a morire, con una lunga agonia.


Bloomberg. 2019-04-12. What a Deutsche Bank Merger Could Mean for Germany

A deal with Commerzbank could be a solution, but it could also make things a lot messier.

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Since it was founded in 1870, Deutsche Bank was supposed to be a steward for German industry, helping the nation’s manufacturers finance overseas trade. Broken up into 10 banks after World War II, it regrouped and prospered along with West Germany and, much later, a post-Berlin Wall, reunified nation. It’s long strived to be more than just another lender. And since the 1990s, it’s tried to go toe-to-toe with U.S.-based powerhouses such as Goldman Sachs Group Inc. in global investment banking, the business of trading and underwriting securities and providing financial advice to corporations. Germany—and Europe—had nothing to match the Americans on that scope.

Even as its European rivals were scaling back their businesses and ambitions to adjust to the postcrash world, Deutsche Bank AG pushed further into new markets and new businesses, with a vision to project German financial might onto a global stage. Now that ambition is in tatters. The lender has burned through chief executive officers and launched four turnaround plans in recent years. It’s been trapped in a spiral of falling revenue and rising costs. Because of intense competition from Wall Street, it’s struggled to boost sales at the investment bank. But it’s also been reluctant to make deep cuts there, in part because the division also provides more than half of revenue. Europe’s sluggish economy and low interest rates haven’t given the bank much of a margin for error.

Today it’s considering a takeover of its main national rival, Commerzbank AG, which has also been in a slump. German Finance Minister Olaf Scholz has egged the deal on. The idea is that fusing two weak banks will forge a stronger one that can better withstand the next recession or financial crisis. The German government still holds a 15 percent stake in Commerzbank, a legacy of bailing out the lender a decade ago. European bankers and investors are riveted by what might happen next. If this deal fails, some speculate that a lender from outside Germany, such as Italy’s UniCredit SpA, will take a run at Commerzbank. Even Deutsche Bank could be vulnerable to a takeover from outside Germany. That foreign incursion would be a blow to the country’s pride.

Deutsche Bank’s future is a question of national importance. More than almost any other large country, Germany’s economic growth is dependent on its export industry—much of which relies on Deutsche Bank and Commerzbank to provide trade finance and other crucial banking services such as payments and risk management products. As concerns over the next recession are beginning to swirl in Europe, so are worries mounting that Germany may not have much of a domestic financial industry should it strike.

Scholz took an activist approach to the problem. In April 2018, a week after Christian Sewing became Deutsche Bank CEO, the finance minister drew him aside at a Prussian palace in Berlin during the German banking association’s annual reception. While it’s not known what was said, the 15-minute exchange marked the beginning of a thaw in relations between the government and the financial giant.

Even so, Sewing continued to resist a merger. He asked for investors’ patience as he focused on cutting expenses and stabilizing market share and said it would take several months before he would consider a deal as a solution to the bank’s woes. But he struggled to create a positive narrative. Over the past 12 months, Deutsche Bank’s shares have declined more than 37 percent.

A slew of awful headlines hasn’t helped. Earlier this year, it emerged that the U.S. Federal Reserve is reviewing Deutsche Bank’s handling of billions of dollars in suspicious transactions from Danske Bank AS, a Danish lender swept up in a €200 billion ($225 billion) money laundering case. Deutsche Bank said at the time it was providing information to law enforcement and regulators. In a separate matter, prosecutors in Frankfurt were looking into whether an obscure entity called Deutsche Bank Global Trust Solutions turned a blind eye when clients laundered dirty money and dodged taxes from 2013 to 2018. In November, 170 German law enforcement officers descended on Deutsche Bank’s headquarters and carted away boxes of files and computers. The bank denied wrongdoing and said it was fully cooperating with the inquiry. But the raid eroded confidence in the institution as it seemed to lurch from one fiasco to the next. By March 17, Sewing announced that the lender was starting formal tieup talks with Commerzbank.

There’s been a strong backlash to the potential deal. It would make a bank that’s already too big to fail about a third bigger. And it could eliminate as many as 30,000 jobs, say people familiar with the potential transaction. German newspapers have lambasted the proposal as a “disgrace,” and unions representing bank employees have vowed to boycott negotiations with bosses at both institutions if the idea isn’t abandoned. Moreover, Deutsche Bank may need to sell billions of euros of new shares to cover the cost of a merger, a move that would dilute the stakes of existing shareholders.

Even so, Sewing and Chairman Paul Achleitner see little choice but to consider a linkup, say people familiar with their thinking. Deutsche Bank has lost money in three of the last four years. Last year revenue from trading was 40 percent less than in 2014. “Something has to give,” says Oswald Grübel, the former CEO of Swiss banking giant UBS Group AG. But he adds, “They have huge problems to solve, and I think a merger would make the whole situation worse.”

One reason to come to the table is Deutsche Bank’s rising cost of funding. Banking profits are largely a matter of basic math—does your lending and other business earn more than it costs you to borrow? The weak profitability has made investors and credit rating companies more concerned about the bank’s ability to service its debt. It’s been forced to pay considerably more to borrow capital than its rivals have. Moody’s Investors Service pegs some of the bank’s bonds one notch above junk status and has a negative outlook on the lender. The bank says it’s doing everything it can to keep and even improve its rating. If a downgrade happened, “every financial risk committee on Wall Street would call a meeting and say, ‘Can we, or should we, continue to do business with Deutsche Bank?’ ” says Barrington Pitt Miller, a money manager with Janus Henderson Group Plc, which holds shares of the lender.

By merging with Commerzbank, Deutsche Bank would increase its deposit base by more than 40 percent, which should help lower funding costs. It would also expand the proportion of income from more stable business lines. The deal could provide another benefit: It may help preserve the bulk of the company’s investment banking franchise in London, New York, and Asia.

This latest episode in Deutsche Bank’s long-running drama has been building since the term of Sewing’s predecessor as CEO. John Cryan, a Briton and former chief financial officer at UBS, had tried to shake up the German lender for three years. He derided investment bankers for expecting lavish pay simply “for turning up to work” and slashed their bonuses. He pushed hard to overhaul the company’s convoluted IT infrastructure, which ran more than 40 operating systems, and to install controls against misconduct. He also vowed to trim expenses and boost revenue.

Cryan’s changes were designed to deliver what he called “sustainable profits.” Yet year after year, shareholders were peeved by the company’s inability to produce just that. They weren’t happy about slow progress in cutting expenses, either. When Deutsche Bank recorded only €26.4 billion in revenue in 2017, its worst performance since the crash, the board decided not to keep Cryan around. It replaced him in April 2018 with Sewing, then head of the private and commercial bank. Sewing is the first executive to lead Deutsche Bank in almost two decades who wasn’t from investment banking.

The board was, in effect, conceding that despite three turnaround plans since 2015, management was still failing to reverse the bank’s slide. Several analysts and shareholders blamed the investment side—especially its U.S. operations. But when Sewing unveiled his own turnaround plan a few weeks after taking charge, investors saw it wasn’t much different from Cryan’s. Once again, management decided to apply only limited cuts to the divisions. Investors punished Deutsche Bank’s stock.

Chairman Achleitner has also come in for criticism. Glass Lewis & Co., an influential corporate governance advisory firm based in San Francisco, said it had “substantial concerns” about the progress under Achleitner. The appointment of Sewing, it said, was likely the chairman’s “final chance” to get things right.

As the bank’s struggles deepened, anxiety mounted in Berlin. Scholz, the new finance minister, and his deputy, Jörg Kukies, were becoming concerned that Deutsche Bank couldn’t rebound on its own. A merger with Commerzbank looked like a solution. It could put the bigger bank on a sounder footing without investing new taxpayer funds.

Scholz, a former leader of the left-leaning Social Democratic Party, and Kukies arranged a series of discussions involving Achleitner, Sewing, and Commerzbank CEO Martin Zielke, according to people familiar with the talks. The ministers were careful not to speak publicly about a potential deal, but they also didn’t shoot down news reports about the talks and the government’s tacit support for the idea of creating a national banking champion.

Deutsche Bank’s travails are the last thing Germany needs as it copes with a weakening economy and a surge in political populism. A decade after the global financial crisis and long since most of Deutsche Bank’s counterparts in the U.S. and Europe have rebounded, a nation that shuns credit cards and budget deficits somehow has a bank problem on its hands. While Chancellor Angela Merkel has distanced herself from the negotiations, Deutsche Bank’s inability to recover under its own power puts her in an awkward position. For years, Germany has demanded that the countries in the euro zone clean up their banking industries and make sure they don’t need taxpayer-funded bailouts. But now, if there’s a combination, Berlin may wind up owning about 5 percent of the country’s largest bank, mainly as a result of Deutsche Bank’s strategic missteps.

The takeover “would reinforce the too-big-to-fail problem that could eventually fall back on the German taxpayer,” says Danyal Bayaz, a Green Party member of the Bundestag and member of the legislature’s finance committee. “If the banks haven’t managed to develop a viable business model 11 years after the financial crisis, there is no way that taxpayers should be put in a position where they could be asked to step in again.”

Deutsche Bank’s troubled trading arm will likely be considered by European banking regulators looking at the proposal, according to people familiar with the matter. They’ll want to know how much the bigger bank would still rely on the securities unit.

It’s unclear how the combined institution would be reorganized or who would make up its executive suite and supervisory board. The benefits of a deeper deposit base might be eclipsed by the overwhelming challenges of merging two complex organizations. In an era when digitalization is a top priority in banking, fusing the IT systems of Deutsche Bank and Commerzbank could be the last thing either one needs. Not unlike public railway projects, such undertakings are fraught with blown deadlines and cost overruns.

No company knows that better than Deutsche Bank: Nine years after it bought German consumer lender Postbank for about €6 billion, it’s now spending an additional €1 billion trying to consolidate the companies’ systems, and the job still isn’t done. A merger with Commerzbank “would tie the bank down for years to come and cause huge upfront costs, while any savings would come much later, if at all,” says Isabel Schnabel, a finance professor at Bonn University and an adviser to the German government.

The problem is that Deutsche Bank may not have much of a choice. If the deal falls through, Sewing would be left with a fraying turnaround plan, and investors would likely demand that he rapidly come up with a new one. It’s just not clear what that could be other than even more cuts to a bank that’s unsuccessfully tried to shrink itself to profitability for the better part of a decade.

That’s why some, including Harry Harutunian, an analyst with Olivetree Financial Ltd. in London, see a tieup as the least bad option. Slashing costs too deeply in the investment bank will limit its ability to increase revenue, likely hurting profits and putting the bank at risk of a credit rating downgrade. It’s a vicious circle, to use the phrase of Deutsche Bank CFO James von Moltke. And there’s little hope the lender can pick up a “revenue tailwind” from Germany’s commercial banking market, which has long been a tough place to make money because of low interest rates and numerous state-backed competitors. That may be why, even now, the bank continues to add staff in markets such as the Middle East and South Africa in a hunt for business.

The path of cuts and more cuts might put Deutsche Bank in a position similar to that in 2009 of the Royal Bank of Scotland, a sprawling, intercontinental player then in need of wholesale restructuring. It took RBS a decade and £15 billion in reorganization costs to get back to the right size. “Deutsche Bank will have to take less risk in investment banking, and it will continue to lose relevance as an international player,” says Klaus Fleischer, a finance professor at Munich University of Applied Sciences who’s studied the bank for years.

Whether Deutsche Bank merges or goes it alone, it will also need to end its habit of slipping into political or legal scandals. It wasn’t until 2017 that its management board started getting a detailed picture of how its many businesses signed up clients and monitored and controlled risk. That year, Deutsche Bank agreed with regulators in the U.S. and the U.K. to pay $630 million to settle allegations that it helped wealthy clients transfer $10 billion out of Russia from 2011 to 2015 in violation of money laundering laws.

More recently, Adam Schiff and Maxine Waters, the Democratic heads of two powerful committees in the U.S. House of Representatives, started hiring lawyers and readying subpoenas as they opened investigations to examine Deutsche Bank’s dealings with President Donald Trump. Before 2016, the bank made hundreds of millions of dollars in loans to the Trump Organization at a time when the group’s numerous bankruptcies had cut off funding from most other lenders. Deutsche Bank declined to comment on the inquires, and the Trump Organization didn’t respond to requests for comment.

Maybe Europe does need its own investment bank as an alternative to U.S. powerhouses. The question now is whether the Frankfurt lender can ever be that institution—and what path the bank should ultimately take to help Germany prosper. 

Pubblicato in: Devoluzione socialismo, Finanza e Sistema Bancario, Unione Europea

Mentre Frau Merkel gioca con i diesel, il Quatar si trastulla con DB.

Giuseppe Sandro Mela.

2018-12-20.

2018-12-20__17-28__DB__001

«The emirate controls nearly 10 percent of Germany’s largest bank and crossing that threshold could trigger a closer EU review»

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«Sources say Qatar is sounding out Germany’s financial watchdog about upping its holding»

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«Qatar has been feeling out Germany’s financial regulator, BaFin, regarding a possible investment in Deutsche Bank by the emirate’s sovereign wealth fund, the Qatar Investment Authority, according to sources at the Doha Forum last weekend»

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«Rumors of a further Qatari investment in Germany’s largest bank»

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«The only top German banking executive attending the forum was Deutsche Bank CEO Christian Sewing.»

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«The ruling Al-Thani family in Qatar already owns 6.1 percent of Deutsche Bank through two funds, Paramount Services Holdings and Supreme Universal Holdings, and combined with derivatives holdings, controls just short of 10 percent of the shareholder vote»

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«A further Qatari investment would invoke the euro-zone regulation that requires a shareholder who owns more than 10 percent of a bank be subject to enhanced disclosure and review»

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«If EU regulators determined that the two funds and the QIA would coordinate their votes, they would likely be considered a single shareholder subject to the review»

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«The bank’s US unit acted as a correspondent bank for a bulk of the €200 billion ($227 billion) in illegal funds laundered through Denmark’s Danske Bank’s Estonian branch.»

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«US hedge fund Hudson Executive acquired a 3.1 percent stake earlier this fall»

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Di notizie certe ne filtrano ben poche.

Forse, l’unica cosa sicura sarebbe che Deutsche Bank abbia riciclato oltre quattrocento miliardi di euro di denaro sporco, la metà dei quali tramite la sua filiale statunitense.

Controllando il 10% dei voti assembleari, la Famiglia Al-Thani ha un peso preponderante in Deutsche Bank, anche tenendo conto che intrattiene relazioni amicali con molti altri grandi investitori.

Un segno chiaro di quanto il Governo tedesco sia uscito dal gioco è costituito dal fatto che alla riunione al Qatar Financial Center fosse presente solo il Ceo Herr Christian Sewing.

Un malignasso di prima, un vero malpensante, ha detto quasi sibilando che Deutsche Bank vive benissimo, anzi meglio, senza interferenze del suo governo. Presto, vivrà benissimo anche senza la Germania. In ogni caso oggi ha perso il -7.75% del suo valore azionario: crollo che potrebbe facilitare nuove acquisizioni daparte di chi avesse liquidità disponibili.

Si faccia bene attenzione, per comprendere Frau Merkel: si scrive ‘clima‘ e si pronuncia ‘alto tradimento‘.

Sarà la Germania a vivere male.

Un giorno qualcuno chiederà a Frau Merkel di smettere di lucidare le pale eoliche e di rispondere in luogo consono al perché le siano scappati di sotto il naso quattrocento miliardi sporchi, ed anche tutta Deutsche Bank.


Handelsblatt. 2018-12-19. Qatar probing investment in Deutsche with German authorities

The emirate controls nearly 10 percent of Germany’s largest bank and crossing that threshold could trigger a closer EU review. Sources say Qatar is sounding out Germany’s financial watchdog about upping its holding.

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Qatar has been feeling out Germany’s financial regulator, BaFin, regarding a possible investment in Deutsche Bank by the emirate’s sovereign wealth fund, the Qatar Investment Authority, according to sources at the Doha Forum last weekend.

BaFin declined to comment and the QIA did not respond to a request for comment. The Qatar Financial Center, which sponsored the forum in the emirate, said speculation of a further investment was based on unfounded assumptions and not on facts. The commitment was meant for “the German market and not as part of an investment into any specific German institution,” a statement read.

Rumors of a further Qatari investment in Germany’s largest bank first emerged when the head of Qatar Financial Center, Yousuf Mohamed al-Jaida, told Handelsblatt: “We will be investing in a large financial institution in Germany.”

Al-Jaida declined to name the lender, but said it is a bank that Qatar already has a stake in. The only top German banking executive attending the forum was Deutsche Bank CEO Christian Sewing.

EU review looms

The ruling Al-Thani family in Qatar already owns 6.1 percent of Deutsche Bank through two funds, Paramount Services Holdings and Supreme Universal Holdings, and combined with derivatives holdings, controls just short of 10 percent of the shareholder vote, according to insiders.

A further Qatari investment would invoke the euro-zone regulation that requires a shareholder who owns more than 10 percent of a bank be subject to enhanced disclosure and review. That could even result in a negative verdict if the shareholder is deemed unstable or unreliable.

If EU regulators determined that the two funds and the QIA would coordinate their votes, they would likely be considered a single shareholder subject to the review. This is something the Qataris would like to avoid.

Deutsche’s future

The Qatari interest comes at a difficult time for Deutsche Bank, whose share price hit new lows amid a high-profile investigation over money laundering. The bank’s US unit acted as a correspondent bank for a bulk of the €200 billion ($227 billion) in illegal funds laundered through Denmark’s Danske Bank’s Estonian branch.

And German authorities are probing tax evasion and money laundering in a former Virgin Islands unit of Deutsche, as disclosed in the Panama Papers.

Deutsche Bank’s fluctuating fortunes has also led to some comings and goings among its major shareholders. Chinese conglomerate HNA took a 7.6 percent stake last year as it rapidly expanded its global holdings. Now it is retrenching and announced plans to sell the stake, which massively declined in value.

US hedge fund Hudson Executive acquired a 3.1 percent stake earlier this fall, which temporarily bolstered investor confidence in the beleaguered lender. Soon after, new rumors of a merger between Deutsche and Germany’s No. 2 private sector bank, Commerzbank, facilitated by the government, briefly made the rounds.

Pubblicato in: Banche Centrali, Devoluzione socialismo, Senza categoria, Unione Europea

Deutsche Bank è coinvolta nello scandalo Danish Bank. 130 miliardi.

Giuseppe Sandro Mela.

2018-11-21.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt

Un giorno qualcuno dovrà ben accollarsi l’onere di spiegare ai tedeschi che si può anche vivere onestamente.

«Deutsche Bank, Germany’s top lender, handled about €130bn of the “suspicious” money in the Danske Bank affair – the biggest money-laundering scandal in EU history.»

*

«Deutsche Bank acted as correspondent bank for Danske Bank in Estonia. Our role was to process payments for Danske Bank. We terminated this relationship in 2015 after identifying suspicious activity by its clients»

*

«A “correspondent bank” acts as an intermediary for other banks in countries where they do little business.»

*

«In this case, that meant Deutsche Bank helped Danske Bank’s clients in Estonia to move money into the US financial system.»

*

«Those clients were intimates of Russian president Vladimir Putin, Russian intelligence services, Russian mobsters, and members of the Azerbaijani elite, according to findings in Denmark.»

*

«I would estimate that $150bn [€130bn] has flowed through this particular bank»

*

«The fresh revelations set the scene for Wilkinson’s second testimony, due in the European Parliament on Wednesday.»

* * * * * * *

Queste indagini dureranno a lungo.

Si è tutti curiosi di come la prenderà il nuovo Europarlamento. Per i lebbrosi sarà grasso che cola……


EU Observer. 2018-11-20. Deutsche Bank dragged into Danish bank scandal

Deutsche Bank, Germany’s top lender, handled about €130bn of the “suspicious” money in the Danske Bank affair – the biggest money-laundering scandal in EU history.

“Deutsche Bank acted as correspondent bank for Danske Bank in Estonia. Our role was to process payments for Danske Bank. We terminated this relationship in 2015 after identifying suspicious activity by its clients,” the German lender told press on Tuesday (20 November).

A “correspondent bank” acts as an intermediary for other banks in countries where they do little business.

In this case, that meant Deutsche Bank helped Danske Bank’s clients in Estonia to move money into the US financial system.

Those clients were intimates of Russian president Vladimir Putin, Russian intelligence services, Russian mobsters, and members of the Azerbaijani elite, according to findings in Denmark.

Hundreds of millions of the funds were also ‘blood money’ linked to the murder of Russian anti-corruption activist Sergei Magnitsky, Magnitsky’s former employer, Bill Browder, has said.

The Deutsche Bank revelation comes after a Danske Bank whistleblower, Howard Wilkinson, testified to Danish MPs on Monday.

“I would estimate that $150bn [€130bn] has flowed through this particular bank”, Wilkinson said.

He named the bank only as a “US subsidiary of a European bank” and a “major correspondence bank handing US dollar transactions” because a Danske Bank gag order forbade him from saying more.

He said two US banks were also involved, with the Reuters news agency, citing sources, saying that these were JP Morgan and Bank of America.

“Nobody really knows where this money went, all we know is that the last people who saw it were people from those three banks in the US. They were the last control, and when it went awry was the money in the global financial system,” Wilkinson said.

“There’s no chance in the world that any of the suspicious money … will ever be traced or that any of those criminals will ever lose a single cent of it,” he added, given that it has already taken years for the scandal to come out.

Showdown in parliament

The fresh revelations set the scene for Wilkinson’s second testimony, due in the European Parliament on Wednesday.

The acting CEO of Danske Bank, Jesper Nielsen, will also take part, with MEPs, such as Danish centre-left deputy Jeppe Kofod, set to urge him to tear up the non-disclosure agreement that his bank forced Wilkinson to sign under threats of financial penalties.

The German and US banks all terminated their business with Danske Bank between 2013 and 2015, but the dodgy funds had flowed through their accounts for more than five years before they washed their hands.

The news saw Deutsche Bank’s shares fall a further three percent on Tuesday amid concern that German and US regulators might impose fines.

Deutsche Bank already paid €550m in fines to British and US regulators in 2017 for having funnelling about €9bn of illicit Russian money.

The scandal, which was itself the biggest in EU history before the Danish affair, saw Bafin, the German regulator, install a “special representative” in Deutsche Bank to oversee anti-money laundering compliance in an unprecedented step.

The US Department of Justice is still investigating the €9bn case in a process that could see the German lender pay out further penalties.

The Danish affair has prompted the European Commission to table new anti-money laundering laws to help clean up the European banking system.

More to come?

But if Danske Bank lifts its gag order on Wilkinson it could lead to further revelations of how small EU countries with large offshore banking sectors act as a conduit for dirty money into the EU and US financial system.

Its Estonian branch aside, there was a “deafening silence” on what Danske Bank’s Lithuanian branch has been doing, Wilkinson said on Monday.

Cyprus, Malta, and Latvia are also weak links in the EU’s anti-money laundering chain, Panicos Demetriades, Cyprus’ former central bank chief, previously told EUobserver.

The “political pressure” on bank supervisors in these countries was “so great that it’s very hard for them to do the right thing,” he said.

Banks in Cyprus handled €3.4 trillion of cross-border transactions including by non-resident or offshore clients between 2008 and 2015, according to European Central Bank (ECB) data obtained by the Bloomberg news agency in October.

Latvian banks handled €2.8 trillion and Estonian ones €900bn, the ECB said, indicating that the Dankse Bank and Deutsche Bank scandals could be just the tip of the iceberg.

Pubblicato in: Devoluzione socialismo, Finanza e Sistema Bancario, Unione Europea

Hedge Funds. Vendite allo scoperto su DB e Commerzbank.

Giuseppe Sandro Mela.

2018-07-16.

Banche 016. Marinus Van Reymerswaele, Prestatori di denaro, 1542.

«putting these German banks in the same category as Italy’s.

Short positions on some big Italian banks»


«La vendita allo scoperto, chiamata anche vendita a nudo (in lingua inglese short selling, o semplicemente short), è un’operazione finanziaria che consiste nella vendita, effettuata nei confronti di uno o più soggetti terzi, di titoli non direttamente posseduti dal venditore. Più in generale con questa terminologia si denominano tutti i tipi di operatività finanziaria attuata con l’intento di ottenere un profitto a seguito di un trend o movimento ribassista delle quotazioni di titoli (azioni, strumenti, beni) prezzati in una borsa valori.

La vendita allo scoperto è un’operatività finanziaria di tipo prettamente speculativo e orientata verso un orizzonte temporale d’investimento di breve periodo. ….

Tali titoli, solitamente forniti da una banca o da un intermediario finanziario, durante lo short selling vengono istantaneamente prestati dal loro fornitore al venditore allo scoperto (chiamato anche scopertista o short seller oppure venditore a nudo) e quindi subito venduti da quest’ultimo.

Pertanto la vendita allo scoperto si configura come un prestito non di denaro bensì di titoli e, come solitamente accade in quello di denaro, vi è un interesse da corrispondere al datore del prestito. L’ammontare dell’interesse da pagare cresce in relazione all’aumento della durata di questo prestito di titoli, poiché chi effettua la vendita a nudo deve, entro un certo lasso temporale, acquistare sul mercato (quindi a prezzo di mercato) i titoli rifondendoli così al prestatore: operazione tecnicamente definita ricopertura dello scoperto (in inglese short covering). Per l’acquirente lo short selling attuato dal venditore è praticamente invisibile e perciò ininfluente, dunque per il compratore non vi è differenza tra i titoli acquistati da una vendita allo scoperto o non allo scoperto.» [Fonte]

*

Il sistema bancario tedesco assomiglia sempre più ad un paziente malato di cancro inoperabile ai polmoni, che abbia contratto una polmonite virale.

I bollettini medici cautamente ottimisti suonerebbero come una solenne presa in giro. Per dirla in modo eufemistico: si faccia fagotto e si porti il gruzzolo altrove, sempre che ciò non sia già stato fatto.

Germania. L’impero economico della Spd inizia a perdere pezzi.

Commerzbank sta per essere radiata dal Dax.

Deutsche Bank US non supera gli stress test della Fed.

*

«Deutsche Bank was the only one of 35 big banks operating in the United States to fail the US Federal Reserve’s recent round of stress tests. Commerzbank, a component of the DAX since its inception, may well be forced out of the index in the upcoming review as its market capitalization continues to decline relative to other blue chips.»

*

«It’s hard to know where all this will end, but the short sellers seem confident it won’t end well for shareholders»

*

«It was a familiar sight on Thursday morning: Shares of Germany’s two largest banks, Deutsche Bank and Commerzbank, were the worst-performing stocks in Germany’s blue-chip DAX. Perhaps that explains why they’ve become the target of massive short sales by US hedge funds, which are betting that share prices of the troubled institutions have even further to fall.»

*

«Deutsche Bank, once Germany’s flagship financial institution, has four investment funds betting €979 billion ($1.1 billion) that its shares, already below €10, will decline even further. AQR Capital Management, one of Deutsche’s short sellers, also has a €172 million short position in Commerzbank.»

*

«Adding insult to injury, hedge fund speculators seem to be putting these German banks in the same category as Italy’s. Short positions on some big Italian banks expect that their large holdings of government bonds and the country’s shaky finances will push down share prices.»

* * * * * * * *

Il problema è semplicissimo.

Per lunghi decenni la classe politica tedesca, specificatamente quella socialdemocratica, ha sostenuto politicamente il sistema bancario tedesco che ritenevano dovesse essere una delle loro migliori fonti di sostentamento.

Non solo hanno avuto mano pesante, la mafia è ben più morigerata, ma hanno anche riempito quelle banche di persone politicamente gradite ma professionalmente inette, ancorché in larga quota di sesso muliebre.

Adesso arrivano i conti da pagare: li pagheranno gli azionisti e tutta la Germania.


Handelsblatt. 2018-07-15. Hedge funds target Commerzbank, Deutsche Bank with short sales

Big investors are betting on further declines in the share price of Germany’s top banks. The short selling, a disputed trading technique, only adds to downward pressure on the stocks.

*

It was a familiar sight on Thursday morning: Shares of Germany’s two largest banks, Deutsche Bank and Commerzbank, were the worst-performing stocks in Germany’s blue-chip DAX. Perhaps that explains why they’ve become the target of massive short sales by US hedge funds, which are betting that share prices of the troubled institutions have even further to fall.

Deutsche Bank, once Germany’s flagship financial institution, has four investment funds betting €979 billion ($1.1 billion) that its shares, already below €10, will decline even further. AQR Capital Management, one of Deutsche’s short sellers, also has a €172 million short position in Commerzbank.

Adding insult to injury, hedge fund speculators seem to be putting these German banks in the same category as Italy’s. Short positions on some big Italian banks expect that their large holdings of government bonds and the country’s shaky finances will push down share prices.

Short selling weighs on shares

Short selling is a standard practice for active investors. An investor borrows the shares from a stockholder for a fee and sells them in the open market in anticipation the price will decline. When the price goes down, the short seller buys back the shares and returns them to the owner, pocketing the profit on the sale.

The risk is that if the price instead goes up, the seller must pay more to buy them back and suffers a loss. The practice has its critics and is subject to abuse, but it adds liquidity to the market, helps investors in price discovery, and is a useful tool for hedging long positions in the same sector.

Short selling can become a self-fulfilling prophecy if enough investors jump on the bandwagon. At the very least, it can help depress the share price.

The short position on Deutsche, equivalent to nearly 5 percent of outstanding shares, helps explain its sharp decline in recent weeks. The bank’s shares have been flirting with new record lows since the end of May.

AQR, a fast-growing fund backed by US billionaire Cliff Asness, has a short position equal to 2.4 percent of Deutsche Bank’s shares, as well as the Commerzbank position, equal to 1.6 percent. Other hedge funds betting against Deutsche are Marshall Wallace (1.34 percent), Capital Fund (0.6 percent), and World Quant (0.51 percent). Investors are required to report only short positions exceeding 0.5 percent, so these big positions may not tell the whole story.

The problems of the two banks are well-chronicled. Deutsche has suffered years of losses from scandals, egregious missteps, and a cost-heavy structure. Swapping out chief executives in April has done little to slow its decline as it seems incapable of trimming costs as fast as it is losing business. Commerzbank suffers from years of troubles being an also-ran that has never had particularly good management. It remains part-owned by the German government after a bailout in 2008-2009.

Silver lining is possible rebound

The silver lining in this cloud is that shares can rebound when short sellers close out their positions and buy shares back. A crash in the blue-chip DAX index earlier this year is attributed in large part to short sellers. The subsequent recovery reflected them closing out their positions.

Bridgewater Associates, backed by US investor Ray Dalio, was particularly active shorting German blue chips. This backfired in the case of Bayer, which continued to rise despite the turmoil over its acquisition of Monsanto. But it succeeded spectacularly in the case of Deutsche Bank, which fell 25 percent from the end of January to mid-April without ever getting back to its starting point.

It was mid-April when Bridgewater’s short positions fell below the 0.5 percent reporting threshold. The DAX closed above 12,500 that day, after reaching its low for the year, 11,787, just three weeks earlier.

Short sellers may magnify gains and losses in share prices, but they ultimately reflect the underlying trend. The two German banks have shown little success in overcoming their difficulties and may well face darker days ahead.

Deutsche Bank was the only one of 35 big banks operating in the United States to fail the US Federal Reserve’s recent round of stress tests. Commerzbank, a component of the DAX since its inception, may well be forced out of the index in the upcoming review as its market capitalization continues to decline relative to other blue chips.

It’s hard to know where all this will end, but the short sellers seem confident it won’t end well for shareholders.

Pubblicato in: Devoluzione socialismo, Finanza e Sistema Bancario, Unione Europea

Deutsche Bank. Le cattive notizie diventano pessime. Quei 35 mld Usd ….

Giuseppe Sandro Mela.

2018-04-24.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt

Deutsche Bank. Il Qatar mira al 25%. HBJ

Deutsche Bank. Asset azionario e terrorismo. I proprietari.

Deutsche Bank AG. Un nuovo buco da 2.2 mld. -6.29%.

*

«L’Occidente negli anni sessanta rendeva conto di più del 90% del pil mondiale, ma oggi arriva a stento a superare il 40%. Ed è anche fortemente diviso. Le forze che erano predominanti un tempo in Occidente, seguono il suo destino e quindi valgono sempre meno anche esse. Non che i Rothschild oppure i Rockefeller non contino più nulla: sono però severamente ridimensionati, relegati in secondo piano, rispetto al passato…..

Qatari and allied investors are considering bolstering Deutsche Bank with fresh capital by taking a stake of 25 percent in Germany’s biggest lender….

Now, investors from Qatar, who already own some 10 percent of Deutsche Bank, are considering taking control ….

Qatari and allied investors are considering bolstering Deutsche Bank with fresh capital by taking a stake of 25 percent in Germany’s biggest lender»

*

Per definizione, le società internazionali non sono attribuibili ad un’unica nazione: i loro interessi potranno essere maggiori o minori in un certo quale stato, ma gli utili derivano da tutto il mondo. Così la dirigenza: amministratore delegato e membri del consiglio di amministrazione saranno sicuramente cittadini di un certo stato, ma il loro orizzonte operativo è globale.

Ben differente invece è il discorso sulla proprietà. Spesso si articola su di una serie di scatole cinesi, che alla fine riconducono a chi detiene la reale maggioranza in assemblea. Questa maggioranza ha usualmente una sua propria nazionalità e ne cura gli interessi a livello mondiale. È chi detiene il pacchetto di maggioranza che nomina amministratore delegato e membri del consiglio di amministrazione, e come li nomina può sfiduciarli.

Nell’immaginario collettivo l’amministratore delegato è etichettato che “il banchiere“, e di norma è additato come causa efficiente di tutti i guai mondiali. Nei fatti invece la vera responsabilità degli indirizzi societari è solo ed esclusivamente della proprietà. Che poi questa dimostri buon senso è fatto assodato, ma che faccia interessi altrui sarebbe asserzione dissennata.

Deutsche Bank è nata e si è sviluppata in Germania, ha acquisito una dimensione internazionale ed adesso di tedesco le resta il nome, l’indirizzo della sede legale ed una parte della sua dirigenza: tedesca di nascita ma solo ed esclusivamente fattorino gallonato della proprietà.

Il fatto che Deutsche Bank non sia più di piena proprietà tedesca è uno dei segni del passaggio del governo tedesco, che in questo si è assunto una gran brutta responsabilità.

* * * * * * *

2018-04-23__Deutsche Bank 001

Il 18 dicembre 2017 DB era quotata 17.03, ieri 20 aprile era scesa a 11.61.

Se ci si rende perfettamente conto che le quotazioni in borsa sono solo uno dei tanti indicatori di stato di salute di una banca, ci si rende anche conto come variazioni significative possano essere considerate essere un ragionevole sensore.

La variazione percentuale sull’arco di tempo considerato è 46.68% = 100 * (17.03 – 11.61) / 11.61.

Una banca il cui titolo si dimezzi in quattro mesi non gode certo buona salute.

*

«Amid a weeks-long leadership tussle that claimed the scalps of the chief executive, two of his top lieutenants and tainted its chairman, the bank inadvertently transferred 28 billion euros ($35 billion) to one of its outside accounts.»

*

«While the blunder was quickly reversed and caused no financial harm, it’s a stark reminder of the vulnerability of even the most sophisticated financial firms»

*

«Fat-finger incidents are common within banks but automated controls should prevent their execution»

* * *

«HNA Group Co., a troubled Chinese conglomerate, reduced its holdings to 7.9 percent from 8.8 percent as it allowed portions of a complex derivatives arrangement, which it uses to finance its stake, to expire, according to a regulatory filing.»

*

«Due to the current market environment we have decided not to renew a part of the financing structure for our stake in Deutsche Bank and have as a result slightly reduced our stake»

*

«Derivatives payments mistake larger than bank’s market value»

*

Quando una banca crede di aver risolto codesti problemi con qualche software di intelligenza artificiale non è degna di avere in deposito i nostri denari. Se poi l’incidente avesse altra causa, allora sarebbe degna solo della fuga. Esattamente quello che sta facendo la cinese HNA.


Bloomberg. 2018-04-21. Deutsche Bank’s Bad News Gets Worse With $35 Billion Flub

– Most of money quickly returned and no financial harm suffered

– Derivatives payments mistake larger than bank’s market value

*

The bad news at Deutsche Bank AG just got worse.

Amid a weeks-long leadership tussle that claimed the scalps of the chief executive, two of his top lieutenants and tainted its chairman, the bank inadvertently transferred 28 billion euros ($35 billion) to one of its outside accounts, Bloomberg News has revealed.

While the blunder was quickly reversed and caused no financial harm, it’s a stark reminder of the vulnerability of even the most sophisticated financial firms. For Deutsche Bank, the mistake comes at a delicate time as the new CEO, Christian Sewing, seeks to convince investors the bank can now return to growth. His predecessor, John Cryan, had already tackled an improvement in controls that had failed the lender in the past.

“Fat-finger incidents are common within banks but automated controls should prevent their execution,” said Michael Huenseler, a portfolio manager at Assenagon Asset Management, which owns Deutsche Bank stock. “The shocking amount in the case of Deutsche Bank points to deficiencies in the bank’s IT functionalities, which lends new weight to Kim Hammonds’s critical remarks and raises urgent questions about the potential costs of changing the systems.”

COO and IT chief Hammonds will leave the bank in May ‘by mutual agreement’, the board said earlier this week. A veteran of Boeing Inc. and Ford Motor Co., Hammonds had ruffled feathers by calling the bank “the most dysfunctional company” she’d ever worked for at an internal meeting. She never disowned the comments after they leaked to the press.

The routine payment that went awry last month was one that Germany’s biggest lender unintentionally sent to an exchange as part of its daily dealings in derivatives, a person familiar with the matter said. However, the incident didn’t contribute to the dismissal of either Hammonds or Cryan, two people with knowledge of the matter said.

The errant transfer occurred about a week before Easter as Deutsche Bank was conducting a daily collateral adjustment, the person said. The sum, which far exceeded the amount it was due to post, landed in an account at Deutsche Boerse AG’s Eurex clearinghouse, temporarily boosting the collateral held by the world’s fourth-largest clearinghouse by more than half.

“This was an operational error in the movement of collateral between Deutsche Bank’s principal accounts and Deutsche Bank’s Eurex account,” Charlie Olivier, a spokesman for the lender, wrote in an emailed statement. “The error was identified within a matter of minutes, and then rectified. We have rigorously reviewed the reasons why this error occurred and taken steps to prevent its recurrence.”

Deutsche Bank’s Hammonds Leaves as Exits Continue After CEO

It’s another misstep for Deutsche Bank after its third straight annual loss and when — in common with other lenders — it faces increased scrutiny from regulators. Cryan, who was CEO for three years, said in a speech earlier this year that the bank was approaching the end of “phase 1” of his restructuring, which bolstered internal controls and shrunk the number of operating systems at the bank to 32 from 45.

Deutsche Bank shares, which have fallen 27 percent this year, were down 1 percent to 11.57 euros as of 5:00 p.m in Frankfurt, underperforming both the benchmark German DAX index and sectoral peers in Europe. Analysts at cross-town rival Commerzbank Thursday slashed their target price for the stock from 15 euros to 11, calling it the “cactus among investment banks” because it’s “spiky and slow growing.”

‘It’s embarrassing’

“A bank mistakenly making such a large transfer shows its controls aren’t working adequately, and it’s embarrassing,” said Dieter Hein, an analyst at Fairesearch who has the equivalent of a sell recommendation on the bank’s stock. “This kind of incident shows that the bank’s problems are so big that you can’t fix them immediately. Cryan failed.”

Hein also said Hammonds bears some of the blame given her involvement in Cryan’s information-technology revamp.

Bear Trap

The error should have been caught by an internal fail-safe system known as a “bear trap,” a person familiar with the matter said. The mechanism was set up after an internal audit at the bank triggered by an earlier collateral payments error in March 2014, the person said.

While such errors do occur, the amount involved — more than the bank’s market value of around 24 billion euros — is highly unusual, according to the person.

Deutsche has had other problems with payments in recent history too. In June 2015, a junior member of its Frankfurt-based foreign exchange sales team mistakenly sent $6 billion to a U.S. hedge fund client. The bank recovered the money a day later.

After receiving the unexpected money, Eurex held back 4 billion euros of Deutsche Bank’s funds over the weekend of March 23, the person said. Two other people familiar with the matter said the error occurred a week earlier. A spokesman for Deutsche Boerse said the company doesn’t comment on single transactions or client relationships.

Sewing is seeking to turn around the worst-performing member of the Stoxx 600 banks index this year. Analysts have said his appointment raises questions about the lender’s future direction, especially the under-performing investment bank business.

The event may further sharpen the focus of the bank’s supervisors. The European Central Bank has asked Deutsche Bank to simulate an orderly wind-down of its trading book, Chief Financial Officer James von Moltke told Bloomberg Monday. It’s the first to receive such a request from the ECB, according to a person familiar with the matter, who said the ECB is using Europe’s largest investment bank as a “guinea pig” before it sends similar requests to other banks.

Chief Regulatory Officer Sylvie Matherat said in an interview with German media that the bank will bolster its department for compliance, regulatory issues and fighting corruption by another 400 people by year-end, making it 3,000-strong.


Bloomberg. 2018-04-21. HNA Cuts Deutsche Bank Stake, Vows to Remain Major Investor

– Stake in bank cut to 7.9% from 8.8% in February, HNA says

– Chinese conglomerate is selling assets to raise $16 billion

*

Deutsche Bank AG’s biggest shareholder cut its stake in the lender, it disclosed Saturday, after saying in February that another reduction wasn’t planned.

HNA Group Co., a troubled Chinese conglomerate, reduced its holdings to 7.9 percent from 8.8 percent as it allowed portions of a complex derivatives arrangement, which it uses to finance its stake, to expire, according to a regulatory filing.

“Due to the current market environment we have decided not to renew a part of the financing structure for our stake in Deutsche Bank and have as a result slightly reduced our stake,” a spokesman for HNA said by email. “Our commitment to remain a major investor in Deutsche Bank remains unchanged.”

The reduction comes amid an attempt by HNA to raise $16 billion by selling assets to deal with financing problems in China. The company cut its stake in February, and said at the time that another reduction “is not planned.”

Pubblicato in: Finanza e Sistema Bancario, Unione Europea

Germania. Deutsche Bank esclusa dal novero delle banche mondiali.

Giuseppe Sandro Mela.

2017-08-09.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt
A statue is pictured next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany September 30, 2016. REUTERS/Kai Pfaffenbach/File Photo

I comportamenti irrazionali esitano invariabilmente in dolorosi insuccessi.

E l’esperienza storica insegna come ogni intervento politico sul sistema bancario ne denaturi la specificità e ne eroda la consistenza, anche fino al fallimento.

Se è ragionevole che lo stato dia leggi e regolamenti semplici e chiari anche per il settore bancario, altrettanto chiaro dovrebbe essere il fatto che tali interventi debbano prendere atto della realtà dei fatti: le concezioni politiche ed economiche utopiche sono la miglior ricetta verso il fallimento.

Le banche vivono imprestando denaro a chi poi renda il ricevuto e nel frattempo paghi interessi: il prestito politico diventa in breve un credito in sofferenza e tassi di interesse artificiosamente nulli o, peggio, negativi, impediscono alla banca di sopravvivere.

*

La orgogliosa Germania ha visto uscire dal novero delle principali banche mondiali Deutsche Bank, la cui proprietà non è più peraltro tedesca. Ma senza un sistema bancario a livello mondiale è del tutto impossibile sostenere una politica con ambizioni mondiali né, tanto meno, illudersi di poter nutrire ‘valori’ che si vorrebbero imporre a tutto il mondo. Già ci si è occupati di Deutsche Bank.

Deutsche Bank. Il Qatar mira al 25%. HBJ.

Deutsche Bank. Asset azionario e terrorismo. I proprietari.

Germania. Predicare bene e razzolare male. Il caso Deutsche Bank.

Germania. Incidenza economica del calo demografico. – Bloomberg.

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«the biggest 25 private banks managed $13.3 trillion for clients with at least $1 million in assets, representing 63.2 percent of the market»

*

«The biggest gainer on the list was China Merchants Bank, which rose five rungs to 15th. Bank of China also entered the list, in 24th place»

*

«Deutsche Bank dropped out of the world’s top 15 private banks in 2016»

*

«Private banking assets at Deutsche Bank fell 28 percent in dollar terms to $227 billion at the end of 2016»

*

«The demand rocked confidence in Deutsche Bank and triggered billions of dollars in withdrawals by clients. The bank eventually settled for $7.2 billion.»

*

«Operating income in the industry was virtually flat as private banks faced up to low and negative interest rates as well as an increasing preference by wealthy clients for passive investments»

* * * * * * *

Le banche di interesse mondiale gestiscono 13.3 trilioni di dollari loro affidati da clienti almeno milionari: questa quota rappresenta il 62% del mercato. Sono clienti estremamente mobili, che non tollerano perdite: o li soddisfi oppure semplicemente se ne vanno. E su scala mondiale trovano pur sempre opzioni loro favorevoli.

La Germania paga un severo scotto all’aver pensato ed agito in modo ideologico, utopico.

– La prima calamitosa utopia è quella che l’Eurozona sia finanziariamente omogenea. Ciò è falso: tipicamente i paesi mediterranei hanno esigenze opposte a quelle dei paesi del nord. Nessuna banca centrale può soddisfare simultaneamente esigenze discordanti.

– La seconda utopia è che la Germania possa essere egemone. Per essere grande, la Germania avrebbe dovuto rinunciare ad essere immensa. Nei fatti, ed il mercato lo dimostra ampiamente, il suo sistema finanziario è semplicemente troppo limitato per poter sostenere le ambizioni dell’ideologia valoriale di Frau Merkel. Non sussiste mercato finanziario che non affondi le sue radici in un solidissimo comparto produttivo. Se è vero che la Svizzera abbia un florido sistema bancario senza una rilevante produzione industriale, è altrettanto vero che non abbia ambizioni egemoniche.

– La terza utopia consiste nell’aver optato per una politica economica di earning e tassi negativi nel tentativo di poter contenere gli effetti di debiti pubblici oramai ingestibili. È stato un tentativo disperato di mantenere in vita una Eurozona morta e defunta, non senza la malizia di poter ricattare gli stati fortemente indebitati ai propri voleri, imponendo loro i così detti ‘valori’ di Frau Merkel, non da ultima la politica migratoria.

– La quarta utopia è che la politica possa governare finanza ed economia. È un cascame dell’ideologia comunista prima, socialista e liberal dopo. Se sicuramente sia vero che la politica abbia il potere di imporre un lungo periodo di tassi negativi, sarebbe altrettanto vero che alla fine dovrà ben constatarne come non abbia salvato nulla e nessuno, esitando solo nella distruzione totale del sistema. I clienti abbandonano in massa le banche che non possano oppure non sappiano far fruttare i propri capitali.

– La quinta utopia è di portata sul medio – lungo termine. Se i grandi capitali non disdegnano sicuramente il cogliere buone occasioni di guadagno immediato, la loro vocazione è nei fatti una allocazione di lungo termine, e tale è solo un impiego nel sistema produttivo. Ma valutata nel medio – lungo termine la situazione tedesca non solo è improduttiva, ma anche irredimibile a causa della crisi demografica che incombe: gi autoctoni sono in via di estinzione. Senza personale qualificato non esiste collettività e, quindi, il relativo sistema economico. E questo fatto è lucidamente presente agli occhi dei grandi investitori.

* * * * * * *

Bene.

La Germania si avvia mestamente a celebrare il funerale di un sistema bancario una volta fiorente.

È stato assassinato da un’ideologia avulsa dalla realtà dei fatti.


Reuters. 2017-08-07. Deutsche Bank tumbles down private bank rankings after tough 2016

ZURICH (Reuters) – Deutsche Bank (DBKGn.DE) dropped out of the world’s top 15 private banks in 2016, a year marked by negative headlines for Germany’s biggest lender, rankings by wealth management researcher Scorpio Partnership showed on Monday.

Private banking assets at Deutsche Bank fell 28 percent in dollar terms to $227 billion at the end of 2016, sending it tumbling five places to 16th in Scorpio’s rankings of the 25 biggest private banks in the world.

Deutsche Bank faced a rocky 2016 in which the U.S. Department of Justice wanted the bank to pay $14 billion for mis-selling toxic mortgage-backed securities before the 2007-2009 financial crisis.

The demand rocked confidence in Deutsche Bank and triggered billions of dollars in withdrawals by clients. The bank eventually settled for $7.2 billion.

Swiss bank UBS (UBSG.S) kept its place as the world’s biggest private bank with $2.06 trillion in assets under management, Scorpio found, followed by Bank of America (BAC.N), Morgan Stanley (MS.N) and Wells Fargo (WFC.N).

Switzerland’s Credit Suisse (CSGN.S), which has prioritized private banking under Chief Executive Tidjane Thiam, was overtaken by Royal Bank of Canada (RY.TO) and fell to sixth.

The biggest gainer on the list was China Merchants Bank (600036.SS), which rose five rungs to 15th. Bank of China also entered the list, in 24th place.

Overall, Scorpio found the biggest 25 private banks managed $13.3 trillion for clients with at least $1 million in assets, representing 63.2 percent of the market.

Operating income in the industry was virtually flat as private banks faced up to low and negative interest rates as well as an increasing preference by wealthy clients for passive investments.

Pubblicato in: Criminalità Organizzata, Finanza e Sistema Bancario, Unione Europea

Deutsche Bank. Asset azionario e terrorismo. I proprietari.

Giuseppe Sandro Mela.

2017-07-20.

A statue is pictured next to the logo of Germany's Deutsche Bank in Frankfurt

«L’Occidente negli anni sessanta rendeva conto di più del 90% del pil mondiale, ma oggi arriva a stento a superare il 40%. Ed è anche fortemente diviso. Le forze che erano predominanti un tempo in Occidente, seguono il suo destino e quindi valgono sempre meno anche esse. Non che i Rothschild oppure i Rockefeller non contino più nulla: sono però severamente ridimensionati, relegati in secondo piano, rispetto al passato.»

*

HBJ, Hamad bin Jassim bin Jaber Al Thani

«He was the Prime Minister of Qatar from 3 April 2007 to 26 June 2013, and foreign minister from 11 January 1992 to 26 June 2013. … Jabr was a younger brother of Jassim bin Mohammed Al Thani, the founding father of the modern Qatar» [Fonte]

*

Negli ultimi anni Deutsche Bank è entrata nel novero delle banche chiacchierate e chiacchierabili.

Deutsche Bank. Il Qatar mira al 25%. HBJ

Deutsche Bank. Mai mettere i tedeschi spalle al muro.

Guerra civile americana. Liberals democratici e Deutsche Bank.

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«Qatari and allied investors are considering bolstering Deutsche Bank with fresh capital by taking a stake of 25 percent in Germany’s biggest lender»

«In June 2014, HBJ acquired 80% of Heritage Oil, which was listed as a London exploration and production company»

*

«It was reported that HBJ bought Banque Internationale à Luxembourg and KBL European Private Bankers via Precision Capital, making one of the largest banking groups in Luxembourg»

*

«Now, investors from Qatar, who already own some 10 percent of Deutsche Bank, are considering taking control»

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«A partner who explicitly supported Jain’s strategy of establishing the company as the last globally important European investment bank»

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«HBJ cousins are considering propping up the bank with a fresh capital infusion and purchasing a blocking stake of 25 percent together with other investors».

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«Qatari and allied investors are considering bolstering Deutsche Bank with fresh capital by taking a stake of 25 percent in Germany’s biggest lender»

* * * * * * *

«Nel mirino della Bce c’è la Deutsche Bank: tre dei suoi azionisti, uno cinese e due del Qatar, avrebbero ormai grande influenza sul colosso del credito tedesco e allarmano i supervisori di Francoforte. A rivelarlo è il quotidiano tedesco Sueddeutsche Zeitung, in un articolo dal titolo «Da dove vengono i soldi», pubblicato nell’edizione di lunedì. Il giornale riferisce che la cinese Hna, un agglomerato industriale della provincia del sud di Hainan, la cui proprietà «non è trasparente», ha aumentato in primavera la sua quota di partecipazione nella banca tedesca al 9,9% e che quote altrettanto alte sono detenute da due sceicchi della famiglia regnante del Qatar. Un Paese sospettato, come noto, di sostenere determinati gruppi terroristici, ricorda il giornale.» [Fonte]

*

Usualmente l’Ecb avvia accertamenti quando una persona fisica o giuridica passa il 10% dell’azionariato. Ma molti fanno osservare che il 9.9% non differisce poi molto dal 10%. Inoltre, diversi azionisti intimamente collegati possono alla fine condizionare ed anche pesantemente l’attività bancaria.

Alcune considerazioni.

– Deutsche Bank è una banca con sede in Germania, ma di fatto a governo straniero. Con tutte le conseguenze.

– Il Qatar è un paese molto chiacchierato: sono in molti a ritenerlo il collettore dei fondi destinati a fomentare la guerriglia nel Medio oriente. Che poi detti fondi siano stati raccolti tra una congerie di stati, alcuni dei quali insospettabili, è tutto un altro paio di maniche.

– Circa gli altri investitori, l’azionariato che li sottende e ben poco chiaro: bene fa quindi l’Ecb ad indagare.

– Ci si domanda soltanto per quale motivo Ecb si sia attivata soltanto adesso.


Reuters. 2017-07-16. ECB considers special assessment of Deutsche Bank shareholders: paper

FRANKFURT (Reuters) – Europe’s top banking regulator, the European Central Bank (ECB), is considering carrying out a special assessment of Deutsche Bank’s (DBKGn.DE) two largest shareholders, a German paper reported on Sunday, citing regulatory sources.

The ECB may launch so-called ownership control procedures to scrutinize both the Qatari royal family and China’s HNA (0521.HK), which each own just under 10 percent of the shares of Germany’s flagship lender, Sueddeutsche Zeitung reported in a prereleased version of its Monday edition.

The ECB and Deutsche Bank declined to comment.

The aim of a such an assessment is to establish whether an investor is trustworthy and financially sound, where the money used for the investment came from, and whether the investor engages in any criminal dealings such as money laundering or terrorist financing.

Normally it is only carried out if a shareholder holds more than 10 percent.

The ECB is, however, for the first time considering using a possible exemption to the rule, which it can activate if it establishes that both Qatar and HNA exert significant influence on the bank despite owning a stake of less than 10 percent, the paper said.

Qatar, which has been a Deutsche Bank shareholder since 2014, and HNA, which acquired its stake this year, have each been granted a Deutsche Bank board seat.

Due to the generally low number of shareholders showing up at annual general meetings the two investors can factually block important decisions.

“It looks like both will be treated as if they held more than 10 percent,” a source told the paper, which also reported that HNA’s investment in Deutsche Bank shares prompted the ECB’s move.

Last week, Germany became the first European Union country to tighten its rules on foreign corporate takeovers, following a series of Chinese deals giving access to Western technology and expertise.


Reuters. 2017-07-16.: ECB eyes review of Deutsche Bank shareholders source

FRANKFURT (Reuters) – Europe’s top banking regulator, the European Central Bank (ECB), is considering carrying out a review of Deutsche Bank’s (DBKGn.DE) two largest shareholders, a regulatory source said on Monday.

The ECB may launch so-called ownership-control procedures to scrutinize Qatar’s royal family and China’s HNA (0521.HK), which each owns just under 10 percent of Germany’s flagship lender.

“That the ECB is investigating or considering to investigate the shareholdings is indeed accurate,” said the person, speaking on condition of anonymity because the person was not authorised to speak publicly about a review that is ongoing.

News of the possible review was first reported by the Sueddeutsche Zeitung on Sunday.

The ECB, Deutsche Bank and HNA declined to comment. A spokesman for the office of Sheikh Hamad bin Jassim bin Jabr al-Thani in Qatar was not immediately available to comment.

The German finance ministry said it had taken notice of reports of the possible review but declined further comment.

The motivation for a review remains unclear. Generally such an assessment aims to establish whether an investor is trustworthy and financially sound, determine the source of investment funds and find out whether an investor engages in any criminal dealings such as money-laundering or terrorism financing.

“The approval process aims to ensure that only suitable shareholders enter the banking system in order to prevent any disruptions to the smooth functioning of the banking system,” the ECB’s website says.

Normally, the review takes place once a holding reaches 10 percent of shares or voting rights. But it may also take place if there is “significant influence over the management of the bank”, the ECB’s website says.

Both Qatar and HNA have been granted a seat on the Deutsche Bank board.

HNA, which has been on a global shopping spree in past years, began acquiring its Deutsche stake this year in multiple steps, saying the bank’s shares were “substantially undervalued and are an attractive investment”, according to an SEC filing.

The purchase was financed by UBS and the holding is in a special fund managed by the Austrian asset manager C-Quadrat. Quadrat chief Alexander Schuetz sits on the Deutsche Bank board.

A spokesman for C-Quadrat said the asset manager was unaware of any possible review by the ECB.

Qatar’s royal family built up its stake first in 2014 during a capital increase. Lawyer Stefan Simon represents Qatar on the board.

Qatar is under political and economic pressure, with neighbors including Saudi Arabia accusing it of terror financing and cosying up to Iran, a nation other Gulf Arab states have long viewed with suspicion.

Deutsche Bank sees the HNA and Qatari stakes as a vote of confidence that should encourage other investors, big and small.

In May, German regulator BaFin welcomed the HNA investment. “We believe it is fundamentally positive that capital is being invested in German banks. This of course includes foreign capital and of course Chinese capital,” BaFin President Felix Hufeld said at the time.

A negative outcome of a review could result in the ECB prohibiting the shareholder from exercising its voting rights.

The process underway does not indicate any wrongdoing, though it does come at an awkward time for Germany’s largest lender.

Deutsche Bank is grappling with a strategic turnaround, an uncertain global economy and the impact of Britain’s departure from the European Union.

In addition, the bank is recovering from multiple legal battles and has paid billions in fines and settlements for cases ranging from its role in marketing of U.S. mortgage-backed securities to a so-called “mirror trading” scheme that could be used for money laundering.

Now that light is at the end of the tunnel on the legal front, scrutiny of Deutsche Bank’s customers and investors is casting an additional shadow in the bank’s reputation.

Recently, some Democratic members of the U.S. Congress have renewed efforts to find possible links between banks such as Deutsche Bank, U.S. President Donald Trump and Russia, as they look for evidence of collusion between the Trump campaign and Russia in the 2016 U.S. election campaign.

Deutsche Bank is one of Trump’s largest lenders, according to regulatory filings, but the bank has declined Democrats’ demands to provide records of its client, citing privacy concerns. Trump and the Kremlin have denied any collusion in the election.

Pubblicato in: Devoluzione socialismo, Trump

Guerra civile americana. Liberals democratici e Deutsche Bank.

Giuseppe Sandro Mela.

2017-06-07.

Washington. White House. 001

Guerra civile americana. Si avvicina lo scontro finale.

Trump. Impeachment. Speriamo che i liberals democratici proseguano.

Stiamo vivendo una guerra civile all’interno degli Stati Uniti, combattuta con ogni mezzo.

Il dato di fatto è che Mr Trump ha vinto la competizione elettorale per la Presidenza, ma ha anche vinto la maggioranza in seno al Congresso ed al Senato.

Nelle recenti elezioni suppletive alla Camera dei Rappresentanti, Mr Trump è riuscito a fare eleggere tre suoi candidati in tre stati usualmente democratici: è ben difficile affermare che abbia perso popolarità.

Montana. Urente débâcle per Mr Soros ed i suoi liberals democratici.

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I liberals democratici si ritrovano con Mr Trump che ogni giorno che passa, con la grazia di uno schiacciasassi, sta tagliando le loro fonti di finanziamento, sia quelle dirette sia quelle indirette.

Soros George. Uno stato negli stati. Ecco i suoi principali voivodati.

Planned Parenthood. Deobamizzazione e desorosizzazione in corso.

Rivolta contro Soros. Tribunale. Greenpeace è organizzazione criminale a fini estorsivi.

Iniziata la rivolta mondiale contro il regime liberal di Mr Soros.

Ci sono anche segni di tentativi di riorganizzazione del partito liberal democratico.

Liberals democratici. Con Bernie Sander danno segni di sprazzi intellettivi.

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In questo clima sta andando in scena un altro disperato tentativo dei liberals democratici. Tentativo di cosa non è dato a sapersi, se non per rabbia impotente ed odio insanabile: oramai hanno perso. Anche se assassinassero Mr Trump sono stati sconfitti strategicamente.

«Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, Chief Executive Officer of Deutsche Bank, seeking details that might show if Trump’s loans for his real estate business were backed by the Russian government»

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«The letter asked for details of internal reviews of Trump’s transactions and gave the prominent German bank until Friday to respond»

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«The congressional inquiry is also seeking information about a Russian “mirror trading” scheme that allowed $10 billion to flow out of Russia»

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«No Republicans have signed the document request»

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«The bank’s response did not address any of the numerous questions posed in the letter and its Frankfurt headquarters declined to comment, as it has in the past»

*

Alcune scarne considerazioni.

La lettera dei liberals non è formalmente una “congressional inquiry“: è una richiesta fatta a titolo personale. Infatti nessun repubblicano la ha sottoscritta e le richieste ufficiali sono firmate a nome del Presidente del Congresso, sentita la White House.

Deutsche Bank ha già molti triboli: si direbbe che non abbia alcuna voglia di essere coinvolta nella bega, specie poi favorendo i perdenti. Paradossalmente, Mr Putin è l’unico vero vincitore di questa lotta civile americana.


Reuters. 2017-06-05. Deutsche Bank ignores U.S. Trump/Russia query: Democratic staffer

Germany’s largest bank has failed to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump’s possible ties to Russia, a Democratic staffer said on Sunday.

Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, Chief Executive Officer of Deutsche Bank, seeking details that might show if Trump’s loans for his real estate business were backed by the Russian government.

The letter asked for details of internal reviews of Trump’s transactions and gave the prominent German bank until Friday to respond. The bank’s response did not address any of the numerous questions posed in the letter and its Frankfurt headquarters declined to comment, as it has in the past.

“Deutsche Bank’s outside counsel has confirmed receipt of our May 23, 2017, letter but did not provide substantive responses to our requests,” a Democratic member of the staff told Reuters in an email on condition of anonymity.

The congressional inquiry is also seeking information about a Russian “mirror trading” scheme that allowed $10 billion to flow out of Russia.

“Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia,” the Democrats wrote in their request to Deutsche Bank.

“It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews,” they said.

The Democrats cannot compel Deutsche Bank to hand over the information. The House committee has the power to subpoena the documents, but Republican committee members – who make up the majority of the panel – would have to cooperate.

No Republicans have signed the document request.

Citing media reports, the Democrats had called for the bank to hand over any documents tied to internal reviews of Trump’s personal accounts at the bank. They also said the bank should state publicly that it had reviewed both the “mirror trading” scheme and Trump’s accounts.

Mirror trading involved buying stocks, for example, in Moscow in rubles, with related parties selling the same stocks shortly thereafter through a bank’s London branch.

The House panel request to Deutsche Bank came as Trump was mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between Moscow and the Trump campaign.

Moscow has denied the allegations, and Trump has denied any collusion.


Reuters. 2017-06-06. Deutsche Bank asks for more time for U.S. query on Trump, Russia: source

Germany’s largest bank has asked for more time to respond to a request from Democrats on a U.S. House of Representatives panel for details about U.S. President Donald Trump’s possible ties to Russia, a person familiar with the matter said on Monday.

Deutsche Bank’s (DBKGn.DE) external counsel sent a letter dated Friday June 2 to the Democrats saying it needed additional time, the source told Reuters. The person spoke on condition of anonymity and declined to specify how much more time the bank’s counsel needed.

Several Democrats on the U.S. House Financial Services Committee sent a letter last month to John Cryan, chief executive officer of Deutsche Bank, seeking details that might show if Trump’s loans for his real estate business were backed by the Russian government.

The letter asked for details of internal reviews of Trump’s transactions and gave the German bank until Friday to respond.

Deutsche Bank has declined to comment about any business dealings with Trump.

The Republican president is mired in controversy over FBI and congressional probes into alleged Russian meddling in the 2016 U.S. presidential election and potential collusion between Moscow and the Trump campaign. Moscow has denied the allegations, and Trump has denied any collusion.

Maxine Waters, Democrat representative for California and a member of the committee, was one of the original letter’s five signatories. She confirmed through a staff member on Monday that Deutsche did not provide “substantive responses to our requests”.

“Congress remains in the dark on whether loans Deutsche Bank made to President Trump were guaranteed by the Russian government, or were in any way connected to Russia,” the Democrats wrote in their request to Deutsche Bank.

“It is critical that you provide this committee with the information necessary to assess the scope, findings and conclusions of your internal reviews,” they said.

The Democrats cannot compel Deutsche Bank to hand over the information. The House committee has the power to subpoena the documents, but Republican committee members – who make up the majority of the panel – would have to cooperate.

No Republicans have signed the document request.

The congressional inquiry is also seeking information about a Russian “mirror trading” scheme that allowed $10 billion to flow out of Russia.

In January, Deutsche Bank agreed to pay $630 million in fines for organizing the scheme that could have been used to launder money out of Russia.

The trades involved, for example, buying Russian stocks in roubles for a client and selling the identical value of a security for U.S. dollars for a related customer.