36 Burst results for "Deutsche"
Fresh update on "deutsche" discussed on Boomer & Gio
"All I can think about listening to this and I know it's kind of goofy but quite frankly. We should all get out because the softball games don't matter and. Win The game. Hey Jerry thought process. We're just play to play. You're right. That's IT and have some fun out there. You know a couple of beers that type of thing couple beers a couple of laughs that's all I'm looking for. A couple last. Lap As walking off the field loser. By, the way where was everybody eighteen years ago I was here went I was twenty years old and I was up at Ithaca. College that's where I was I was working overnights anchor now I just started at NFL. Today. Okay, who is that original crew me. Dan Marino. Dion Sanders and gymnasts do. and our were you eighteen years ago I was at w n e w Ron and Fez Shell. Wow. Okay. And Eddie was probably where were you producing middays made in Jodi e probably let me see. Do you know Susan left? Why forgot when she got the know what right? Because I took over for Sweeney who took over for her I believe. Because she went she she took off says that had been prior to that. So was it was it sid? Maybe it could have been one of the sit incarnations Mac insipid mackin said Yeah Atkinson for that brief time. And then sit in Joe. But that's when they forced me out not sit or Joe. For Joy. For Door right yeah. I out for, Matt Deutsche Yeah. They love doing Deutsche was like a producer very good but Eddie's Eddie. Well, they find as if I had a choice whether I, I'd like to go run the board for my dog or stay as midday produce I said I'd rather stay as. Day producer and then he said, well, we'd hate to lose you. I was like, okay. GotTa. Keep. The insulin flowing. Thank you very much. Great. Man Oh man oh man I talked I haven't seen. A long time and I really haven't too many cokes too many cooks too many. Cooks to say when the boss is used to come in like first Chernoff come in and then spits would come in and then dove would say something and then he would just start screaming so many cooks. And then he bounced. The first chance. Oh. All right. Thank isn't he? was running the whole nfl side of things. No, I think what he's doing is the fantasy stuff. Runner he runs the runs the fantasy channel. Mad, he used to jump into garbage pails. used to drink and then jump into dumpsters and write ray martell would eating throw up in them. Also. True. This is just talk boomer excuse. US, US. Yes. It in fairness to Ray boomer, he was trying to get ready for a basketball game and he also had the habit of having a lot of fast food just prior to and the Asu wind sprints on the court and force themselves to do that home to clear himself out for the game..
How voice AI is disrupting industries with Mike Zagorsek
"Thank you for the introduction as you said, the product marketing at at Sound Hound Really Marketing in general and been company about four years. Really to help grow awareness. Grow the business and. and. Really find and match companies and organizations who are looking to add voice interface of their products with. US essentially. We. And as you Dustin, as you pointed out we do have a long history we started in two thousand and five. The first ten years of the company's life was really known for this music recognition APP if And that was them strategic for a number of reasons. One is that it's in the round, the volume detection, but it really allowed our co-founders who were Stanford Ph D. students with a vision voice. The really give them the ten years that they needed to develop this independent voice platform hound defy. So in Twenty fifteen, almost ten years to the day. Of the founding they revealed Apply for three all. And thus brought us to conversations like this today. So is that the plan all along or was it something where overtime you saw? Hey, this is a growth opportunity we need to be in there. That was the plan all along. So it. The specifically, the the PA she thesis of our co-founders was I. Don't remember it exactly but you really around voice interface systems. In the form of a platform. So they they knew that to do it the way they wanted to, and ultimately the way it works with somehow today. Would take a long time so the As you can imagine for anyone in in a startup environment. Looking to raise capital saying well, we have this great idea for voice interface system, but it will take ten years. Usually Isn't the turnaround time that most investors are looking for so. The, the music recognition service was born from that and it really. It pave the way for. For, where we are now so it was always the vision and the, but the brand is very much associated with the the APP. The APP has three hundred million downloads worldwide. So keeping the company name, the same as the APP is a great way for people to get that instant recognition and then. And then this is the marketing side of me say was great that you love the music out but it's tell you about what we're doing now, versus if we completely rebranded and changed your name, we really be erasing ten years of awareness in momentum. You Justin. I. Come across. This was a long time ago actually and I can't remember who it was. That was talking about it but it was probably maybe even two years ago it might have been on the voice possum. But it was all about how there is the the company has managed to get. Some tremendous benefit. From first of all, actually trying to recognize audio. And I'm wondering whether you know whether this is part of your not in terms of like maybe what benefits has the company had that's maybe unique to sound given the Google Nuance. Amazon you know IBM they all haven't come from an area of of trying to identify or the types of audio they've just kind of tried to specialize in speech. Is there anything specifically that you're aware of the May have kind of given sound a little bit of an added edge through being able to recognize music. There's definitely a correlation there in fact what In addition to the music recognition, one of the features that a subset of. Users. Love is what we call our sing recognition and so we were the pioneers of that where if you had a tune in your head and you set, you sang it into Pratap about new. Sang it. There would match a database of songs and the way that worked was It was crowd source of people with sing the song and uploaded leverage that information and that way if you sang and even if it was not sung particularly well. He would match up and so the combination music recognition but also being a pioneer in this singing humming you. You're getting a feel for how does how do you deconstruct audio? and. And then match it to to patterns such that you can provide the right amount of response. There's definitely differences I would be wrong for me to say that. Everything. We took in music recognition able to parlay into the voice, but there certainly is a healthy overlap which which took advantage up. And you alluded to it earlier with a waiting. With hound defy what is hounded I, what is it that sound out as offering now in addition to the music recognition? Yeah, great segue. It's is the name of our voice Ai Platform? The it's Applied for a minute product. So users can create a free account on how dot com they log in, and it's a developer environment and You mmediately get access to. Voice. Interface product you can Enter Commands Program responses, we also have what we refer to as domains. So we've hundreds of a few hundred remains. and. They work. If you zoom out they work similar to something like Alexa skill or Google. Action. The differences that you are the ones that you want for your proxy with your voice enabling an APP or. Not Product And you decide. You wanted to be able to handle things like whether stock sports scores. Through how you can enable that and the Nice thing is there's no pressure on the user to then take any action so few and then ask the product you say. What's the you know the score weekend for the football. Game. It'll just answer because it's been enabled. So giving developers control. They get. Our our. Voice recognition are allieu response is access to the domains and and now we've We've we've prioritized working with partners. So if you now view are using the Mercedes and you ex cloud-based experienced. Honda Hondas Automotive, which we can talk about but also We're powering we have a partnership with Deutsche Telekom powering some of their their their products in the IOT space In the US, we have MUSICA music partner Pandora also snapchat so it's It's a it's a great tool to show the power. You can do when you have control, but it's also something we've been able to really invest with partners to elevate what they're doing in a way that's highly visible
UK and Germany's different approaches to the pandemic
"The UK and Germany are both leading democracies and not far apart on the globe. They took very different approaches to the pandemic with very different results the UK as suffered the most covid nineteen deaths in Europe Germany with a much bigger population has lost far fewer people. NPR's correspondent in each country rob Schmitz in Berlin and Frank Langfitt in London had been talking among themselves. Hey Rob Frank. So tell me what happened in the UK. were. So many mistakes a big reason is the government honestly doesn't really seem to think ahead Boris Johnson you remember he sold Brexit to the British people in two thousand sixteen with no plan on how to execute it. So in the virus began spreading here Johnson course he's now prime minister. He was slow to recognize the threat here he is on March Third I was at movie night. where I think the rush if you credit ours patience and I shook hands of everybody. So by April Johnson an icy ICU covid nineteen I was talking to you in Boyd he's a member of the scientific group that advises the government. The UK didn't really grasped the speed with which the epidemic was entering the country under are all sorts of reasons for that, some of which are to. Lack of organisational capability sometimes when there's very high uncertainty, you simply have to shut things down really quickly and frank here in. Germany. That's what they did on January twenty seven. The first known case of coronavirus was sent to Clemson ventner chief physician at the Munich Schwab in clinic we have very similar like the boys gall. Be always prepare. Then you're watched what was happening in Italy in January where the virus was spreading pretty fast and we knew that we have to flatten the curve. So even before the first case of Covid nineteen and Germany, he was working on slowing its progress and he says the German government was involved from day one asking us what do you need we? We? We didn't have to ask them for example, Germany already had a big supply of ICU beds clouds Deutsche is at the Federation of German. You know that it's been a long debate on whether we had too many intensive care beds that warned us that often obviously that debate is over Deutsche says, Germany also has a lot of hospitals. If you take all the beds in all of Germany's hospitals, you get four times more per capita than what the UK has rob. You had slack in your system in Germany there. Was Not much here because the government had been cutting funding to the National Health Service for years, the hospitals were afraid of getting swamped with Cova patients. So they sent elderly patients back to nursing homes some broad cove with them infected other residents at least twenty, thousand nursing home residents died of covid. That's terrible in while in Germany, deaths were prevented through testing and contact tracing. The health authority in Berlin district of Hong, Kong and operator talks to man at conduct with a positive case, there are around four hundred call centers like this across Germany Peters directs this one become Austin We have traffic wardens and librarians working for us. We've recruited gardeners from parks and recreation Germany had a lot of manpower and testing to infrastructure filled with labs and university medical centers across the country. You know here the government misread the corona virus they thought it was going to spread as quickly as the flu. They didn't even try to develop a testing system where we steward he's a former British cabinet minister they were very, very confident. And slightly arrogant neb beliefs that they understood this disease better than other countries, I think the lack of scientific education amongst a lot of the British political elite meant that they were very reluctant to challenge scientists but here, Germany. Frank. A trained scientist is at the helm and Chancellor Angela Merkel. gave one of the most powerful and heartfelt speeches in her life when she made a rare national address on March. Eighteenth dusted fees above in then. Comes here. I have absolutely no doubt that we will overcome this crisis. How many victims will it claim? How many loved ones lose to a large extent? The answer lies in our own hands miracle has a doctorate in quantum chemistry, and in another speech, she patiently explain how important it was for Germany to reduce the viruses reproduction rate. Her tone was always humble and deadly serious. I'm. Doing this Icefield is off that. We are thin ice. This is a situation in which caution not over-confidence is the order of the day it really different here Johnson studied classics at Oxford University. He was president the debating society and as Prime Minister he's tried to rally the country with rhetoric. We must act like any wartime government and do whatever it takes to support our economy Johnson's Ori helped win a landslide election last year, but a pandemic, of course, not a campaign. Here's where. We store again he sees himself as somebody who is encouraging a rugby team for nineteen minute match telling them that fantastic to make them play. Well, he doesn't primarily see himself as somebody whose job is to get into uncomfortable details were chew over policy and strategy but frank, it's this chewing over of policy and strategy. This technocratic nature of the German government that may have also contributed to Germany's success hunts could is senior research fellow at Chatham House this sort of doubling down on technocracy. Populism has now been discredited by the Corona Virus. He says, that's potentially dangerous. If technocrats feel too emboldened, there might be an even bigger growth populist backlash in the future some people will blame Johnson for Britain's handling of covid campaigner. He thinks Johnson's more symptoms than 'cause captors just written a book called why the Germans do it better notes from grownup country. We've descended into believing that somehow because we always muddled through in the past muddling through is a recipe that will get us through in the future. So rob where's Germany now with crow verse? Well cases are rising deaths are not that tells us these new cases are from young people, children across the country are back in classrooms, but the German government seems so far. Okay. With the dangers of this, there remains a strong infrastructure of hospital beds, testing, tracing Germany fields, prepared and Chancellor Angela Merkel's popularity ratings are sky high eighty, six percent. WOW cases rising rapidly to we've got new strictures but Johnson actually had trouble explaining them to the nation recently the last surveys Ron Johnson is under forty percent approval rating testing capacity here still can't meet demand. And Winter's coming. NPR London correspondent Frank Langfitt, and Berlin correspondent. Rob? Schmitz.
Bank stocks knocked as Suspicious Activity Reports come to light
"Bank stocks getting crushed today a new report about the big firms dealing suspicious finds Wilford. Frost Scott the details wealth harmless. So Bank stocks were down sharply today following large declines for their European counterparts, Deutsche Bank for example, closed down nine percent on European trade. Standard Chartered down about five percent both hitting twenty five year lows in London trade earlier US banks ended up down about four percent. This is in part due to investigation by the International Consortium of investigative journalist that highlighted suspicious activity from various banks in the past specifically money laundering following a review of more than two thousand, one hundred reports filed by the US Treasury financial crimes. Enforcement Network a slew. Mentioned including I said HSBC Bank Standard Chartered JP Morgan and Bank of New York Mellon amongst others clearly, this activity is embarrassing for the banks however important to note in the past and that government and regulators were already aware of these details since suspicious activity reports by their very nature all reports between the banks and the government in the first place for example, for example, Deutsche Bank told me this is not new information to us or regulators Today off therefore much more down to the broad cyclical selloff linked to covid economic headlines, and also that Supreme Court news further making a stimulus bill less likely something that banks are disproportionately reliant on compared to some other
Global Stocks Mixed on Monday - DTN Progressive Farmer www.dtnpf.com › world-policy › article › 2020/08/31
"First of all, not a good day for global stocks here in London the footsie one, hundred down three point two, six percent on the day. Andrea European stocks dropping the most since July today investors worried about tighter viruses fictions as you've been discussing a Monaco also or detain suspicious transactions at international banks, airlines and travel stocks among the worst performers. In Europe today that softer the chief medical officer Chris Witty set to warn today the UK's at a critical points in fighting the coronavirus Germany's health minister saying the trend of cases is worrying all nineteen instagram's trading lower in Europe but those travel down more than five percent. Down a British Airways down twelve percents Deutsche Lufthansa down eight percents French hotels group call down seven percents.
New York DA Got Trump Financial Records After Deutsche Bank Subpoena
"Court filing suggest abroad criminal probe of president. Trump's business organization is now underway is NPR's Brian. Man tells us a prosecutor in New York reportedly gained access to more of president trump's financial records. Cyrus. Vance. Is District Attorney in Manhattan and according to The New York Times. He subpoenaed Deutsche. Bank last year for trump's financial records sources told The Times the bank complied Vance has also been fighting to get trump's tax records in court filings this. Week Vance's office also signalled a wider investigation into what prosecutors call public reports of possibly extensive and protracted criminal conduct at the trump organization. Vance's a Democrat and trump has called his investigation a continuation of the witch hunt by the president's political enemies. Last year trump was forced to disband his charity in New York. After the State Attorney General found, he broke the law by misusing donations for personal and political gain. Brian Man NPR news this is NPR.
Manhattan New York DA Got Trump Financial Records After Deutsche Bank Subpoena
"Now on Prosecutorsefforts to get President Trump's financial records ABC legal analyst Royal Oaks on a New York Times report that Mr Trump's long term lender, Deutsche Bank has complied with the subpoena. And given the records to the Manhattan district attorney's financial records produced by the bank to prosecutors could be a major piece of the puzzle when it comes to an investigation of possible bank and insurance fraud by the Trump Organization. Ah, lawsuit by Trump is still pending seeking Tio. The raps on other records about his holdings. The German bank has lent president from more than $2 billion over the past two decades.
Deutsche Bank turned over Trump financial documents to New York prosecutors
"More trouble for the president another scandal that has dogged him actually now for most of his first term, here's the headline in the Times tonight quote trump's bank was subpoenaed by New York prosecutors in criminal inquiry. Here's the nut graph of that story. Here's how it starts the Manhattan District Attorney's Office, which means state prosecutors in New York state issued the subpoena last year to Deutsche Bank, which has been Mr trump's primary lender. Since the late nineteen nineties, they are seeking financial records that he and his company provided to your bank according to people familiar with the inquiry because of. Its long-standing and multifaceted relationship with trump Deutsche Bank has been a frequent target of regulators and lawmakers digging into the president's opaque finances but the subpoena from the Office of the District Attorney appears to be the first instance of a criminal inquiry involving trump and his dealings with Deutsche to lent him in and his company more than two billion dollars over the past two decades. Here's the amazing part the part that was the sort of draw jaw-dropping reveal in this story. Quote deutschebank complied with the subpoena. Out over a period of months last year, the bank provided the prosecutor's office with detailed records including financial statements and other materials that Mr Trump provided to the bank as he sought loans according to two of the people familiar with the inquiry. The subpoena to Georgia banks saw documents on various topics related to Mr Trump and his company including any materials that might point to possible fraud according to people briefed on the subpoenas contents. The bank's cooperation with the prosecutor's office is significant because other investigations that have sought trump's financial records have been stymied by legal challenges from the president and his family. This criminal investigation from New York prosecutors initially appeared to be focused on hush money payments made in two thousand sixteen to two women who said they had affairs with Mr Trump. But in a court filing this week prosecutors in the district attorney's office cited public reports of possibly extensive and protracted criminal conduct at the trump organization and suggested they were also investigating possible crimes involving bank fraud. And Insurance Fraud. So. To be clear, this is a big deal that the New York Times is reporting tonight this is not about the subpoenas for the president's financial and tax information that were litigated up to the supreme. Court are now kicking around in the lower lower courts by the present, his lawyers seek to delay compliance with these subpoenas. What this is about is a subpoena of Deutsche Bank. which has loaned two billion dollars mysteriously to the president over his recent business career. Subpoenas to Deutsche, bank related to their dealings with the president, and these are not subpoenas that the president has successfully fended off in these tied up in court. This is a subpoena to Deutsche Bank the bank has complied with. And they have handed over all of this trump related documentation to state prosecutors were apparently pursuing a multifaceted criminal investigation of the president and his business an investigation that is not bound by the Justice Department's Ninety Day rule such as it is nor are they bound by the Justice Department's rules prohibiting the indictment of a sitting president because those rules are federal rules and these are state prosecutors? Prosecutors not answerable to attorney general the embar. Not only is it news that they are pursuing this stuff in the way that they are it is big news that in pursuing this information about the president, they got it they got their hands on this stuff from Deutsche Bank. Who Knew.
Who should replace Ellen?
"News is ongoing. Generous. Ongoing News that won't stop are one nemesis might be replaced by our other nemesis. On their talk show the Ellen show. Well, these are that this is them news, but I do feel like Ellen could be replaced with a WHO, if this all comes to fruition or like a WHO thinks so too person because I'm seeing a lot of people nominate various talk show e people although apparently the rumors are like James Corden is going to replace Ellen, but like he has a show so. That makes no sense to me on any. That's what blows my mind. Why he has eight hundred shows. He has just made another daily show like that doesn't make any sense to me at on. The also has carpool. Karaoke. And then he also has the cat sequel like he has plenty, oh. Yeah. Let's replace a supposedly nice person with another supposedly nice person like. Haven't. We learned anything from this thing. These people are Nice. They suck. I think always be wary of people who say their thing is being. I think the number, one person who should clearly replace Allen is Kiki Palmer. There's literally no. Better obvious. Getting a lot of a lot of traction and she showing up a lot of tweets because it's like she just had a talk show that got canceled for no reason on ABC. Well, it was like that one hour of Commerical Strahan. Michael? And Kiki Sarah? There was A. Third Sarah. Sarah. And Michael and Kiki It just give it to clean working it. Just everyone likes he. We Love Kiki. She's a great host. Who else do you think if if we're going if for skewing young? I think we to Kiki for skewing older, I think it should go to fucking the woman who should have gotten David Letterman, amy. Sedaris like give it to amy sedaris because people like her. She's silly. I don't know that, amy, the thing is I. Don't know that Amy Sarah's would want to do that I. Feel like. I don't need that. We're talking about this on the Patriot. If you WANNA. Go listen to that about how drew Barrymore also has daily, show a daytime show coming out, and I'm like who would want this job? Drew Barrymore wants this job since when like it's just to meal a a weird job that you wouldn't want that could turn you or probably. Turn you into a monster, right? Yes. but the to provide a context in case you've been under a rock people are like there. There have been the rumors for years and years and years, but specifically the past few months they've really you know the hit a critical mass and started being reported publicly like Ellen is an asshole to everyone. Ellen is an asshole. The people she works with Ellen makes people not talk to her ellen cruel. But now there are reports by like news and variety and insider that it wasn't just ellen being a to everyone and celebrities and not liking Ellen like being on Ellen show. It's that the executive producers were actually like being abusive like in sexually harassing the employees. So it's like a culture. Culture of toxicity. That is the sort of thing that I don't that Ellen is deciding up allegedly that she doesn't want to deal with anymore. So she's like this sucks like I just rather not do this anymore. Right. So but this rumor, this isn't this is in fact, this is rumor because people keep their keep going back and forth and saying some some sources say she's not leaving this show sums his sources as she's leaving the show. I. Can't imagine somebody as likely a annoyed with the whole situation who is known to be not a very nice person would want to continue to fake be nice and have to apologize and half to like kind of whatever because these rumors have been. Kind of like I for some reason I, keeping you Kevin Spacey Pre the abuse allegations like when everyone knew he was gay, but no one knew he was gay like it was weird thing where it was like if you knew, you knew if you didn't, you had no idea what be totally shocked it. Kind of feels like that type of Hollywood news where like everyone knew that Ellen was secretly mean except for Ellen fans who had no idea where living happily with ellen everyday of their life and like the show was wildly successful, right? very strange. A very strange thing. Do you think that this will happen because people are so bored in their craving, the Gospel, and then somebody just this is this is what I mean I, think it's I mean. It's a combination of a lot of things at one of is like the people finally speaking out about their employers. It's like finally like shutting down like the. The systemic issues and leg, not being corporate America and knowing that people will support them and believe them and believe them, and that like the media machine of Ellen isn't powerful enough to shut down. So many voices if enough come out and and we'll talk about it later in the episode, but it's like the it's similar to the. Vanessa. Morgan thing, it's it's shades of an ESA Morgan being like I'm going to speak up against the riverdale creators and the Riverdale producers because people are people are realizing that they can do that and they won't get like dumped on by the press or of their fans they will be seen as like heroes. But. It's also just like, I, Think Dakota Johnson had a tiny bit to do with it because Dakota Johnsons like Open crubaugh open open. Rudeness to Ellen SORTA. Gave People. I don't know permission to speak about rumors that she's an asshole more openly. They're like, it looks like that's what Dakota's referencing. So I didn't even know you liked me. Of course, I. Like you. You Knew I. Liked you. You've been on the show many times and don't I show like. But I did invite you and you didn't come. So this time you invited me, are you sure? How do you? I don't think. So ask everybody. Jonathan. Your producer. I was that, why didn't I go? I don't know that became a meme. You have people like Brad Garret and who else replied to him. Leah Tom's Tom's joins. She is mean she is. She. Yes. Now, I can't believe I just called the Thomson. So Deutsche US minor. That was obsessed the disease of this show right here. Yeah. Leah Thompson also respond to that and said Yep I mean, I just think that it's like no one was a true story note once you lose grip on the fear, you are the power you had over I mean, and it's funny because then you have scooter Braun coming out her being like Ellen is great. I. Love Allen is like so people still. Look at the people coming out and say L. Like scooters, hedging his bets at this, all go away and back to normal and Ellen will still be powerful and whatever, and then you have people speaking out i. just it's a fascinating reveal of a monolith almost kind of crumbling that you didn't think would ever. Be exposed like this. I didn't. It seems like Palmer is getting a lot of A lot of press over like a lot of tweets being could replace. Ellen is trending key Palmer got a lot. Tiffany haddish. Got A lot that woman who does the like trump impersonations? What's her name? Sarah? Cooper. She got a lot of people tweeting about her I mean, I think it's just bomber just someone who someone who actually. Got Some tweets booing reply Oh doodoo be from drag race also got A. Drag. Race. Got I. saw that. Yeah. But I think he palmer when you when you want someone who has like the resume as well like. You of don't WANNA, pick someone random like Sarah Cooper. As funny as she is on twitter, because like her her her skills as a as an interviewer, not proven whereas Kiki, Palmer is a link interviewer host. Yeah I mean I would say like the Ellen slots, big slot made we just move up the ladder. We get Kelly Clarkson in that slot. We get Drew Barrymore Kelly was and we get key. Palmer. Work. Curse, lot I know these are all people on different network. So it makes literally no sense but you. Better like we. We cannot confuse the audience. We must replace the Ellen show with someone named. Ellen. Ellen Ellen. Page's like don't look at me like another gay. Just like I will not I will. Zone POMPEO, she wouldn't do it. I. Don't I don't need Elon Pale. Ellen Page Ellen Popular, and Never Would Ellen Pompeo every interview Ellen Pao's ever done. It's been like I. Love Grey's Anatomy I. have nothing but free time like. She will never do that. You know who would do it. Who Ellen Barkin? Embark and all Ellen Barkin wants is a soapbox like did someone say soapbox?
Deutsche Bank launches investigation into longtime banker of Trump, Kushner
"The longtime personal banker President Trump and his son in law, Jared Kushner, over a 2013 realestate deal between the banker and a company part owned by Mr Kushner in June 2013 the banker Rosemary Grab Lick and two of her DeutscheBank colleagues purchase to Park Avenue apartment for about 1.5 $1,000,000 from a company called Berga LS 7 15 Associates. This, according to New York property records. Mr. Kushner, a senior advisor to the president, disclosed in an annual personal financial report late Friday that he and his wife, Ivanka, Ivanka Trump, had received one million to five million last year from Bruegel, 7 15 The deal went through Trump and Kushner. And Krishna's secured about $190 million in loans from Deutsche Bank. Bank employees are normally prohibited from making personal transactions with customers because of potential conflicts of interest. Wins NEWS time. 6
"deutsche" Discussed on Masters in Business
"Threat Services all these shell companies he was creating, and the relationship did up until I'm. Last, summer basically just very shortly before Epstein was arrested and charged with Alberto sex trafficking. and. Again the really remarkable thing here is not so much it they that the bank was willing to take risks and the client that other banks found unacceptable, because that is you know we just we already know about Deutsche Bank was really remarkable escape that number of employees up and down the food chain at the bank wings, really serious concerns about this business, and there was their concerns about doing business with a convicted criminal. There were concerns about all the rumors swirling around about his continued criminality, and there were concerns from anti money laundering lobsters inside the bank. He was using the bank to launder money and time after time. Were voiced to executives up the food chain and discussed by executives at a senior level in the bank, and the concerns are just tossed aside. They decided the risks were not so severe that it would justify. Ending a relationship was turning out to be quite lucrative for the bank. So let me push back on your earlier statement. That deutchebanks culture has changed and I'm GonNa go someplace from the book. That wasn't planning on, but. I now have to based on what you just said. Deutsche Bank is the entity that effectively funded the construction of concentration camps at it under Hitler that they were essentially Hitler's banker. They fired all of the senior management. Who are Jewish? They confiscated a lot of Jewish assets Deutsche Bank was a really bad actor. During the period leading up to the war and during the war, so the question I have to ask is how is this morally bankrupt corrupt entity today any different than the bank that helped fund the Nazis? Yeah, that's I mean that's a good question as In you're totally right first of all the DEUTCHEBANKS was at. A party to genocide, and it was a criminal enterprise. The US wanted to dissolve to bank after World War Two. Because of its participating in war crimes, it CEO was tried and convicted of being a war criminal. And I mean look. There is I think a danger and equating the crimes that took place in the genocide that took place in the work. Arms took place with the crimes that deutchebanks Co has. In the past twenty years NBA The crimes in. in the Holocaust, we're just I think unique and just uniquely awful and I'm not sure they've done today really that, but I also think that that was not at all trying to defend the banks conduct during that period indefensible, but that was an extraordinary moment in corporate Germany, and there are a lot Mo- most of the big German companies. At the time participated one way or another in genocide, and whether it was chemical companies, manufacturing poison, gas or banks, helping climate, the Nazi war effort and a lot of those companies and our auto manufacturers making. Cars or tanks or things like that and a lot of those companies still exist today, and you know so. I'm not sure it's in her struggling with this answer because I. Don't want to at all sound like I'm justifying or defending the actions during that period but look they came out of World War Two and they did change. And they played as I said earlier a leading role in the reconstruction and redevelopment of Europe, they admitted their crimes and apologised for the crimes, during the Holocaust which does not make it right, but it at least is a small step toward making it right and. Serves also right, and they write some big tax. Yeah they and they. You know like much of Germany. And they've spent the better part of the past century apologizing and trying to make right. The Times that they committed all right. Fair enough let let's go from Jeffrey Epstein to genocide to something a little lighter. Let's talk about Russian money laundering, and what you banks role, tell us about the pair trade situation that Deutsche. Bank came up with that allowed Russian oligarch to move rubles into dollars pretty seamlessly. Just even before we expect that and I think it's worth note. In fact, Deutsche Bank for basically ever for most of its existence has been making a lot of money by providing banking services in Russia most of the rest of the world for one reason, or another did not see, did not see a particularly good idea and so. You know they initially were financing railroads with czar, and that shifted to serving the communist government. They're basically non stop with the brief exception of World War, two and and starting in the early two thousand and this new class of oligarchs emerged Deutsche Bank with one of the only Western banks operating in Russia and basically assisting the Kremlin linked oligarch in moving their money out of out of Eastern Europe, and into the Western financial system, whether that was to the euro-zone or into the US financial system, and so the. Those Mira trait described those mary trades because it's a fascinating methodology, and it's Kinda shocking. None of the regulators picked it up very quickly. Yes, I think the simplest way to describe the Straits is that they're called mirror traits, because they're to trade to take place simultaneously, that are reverse image just each other so in Russia. You would all. And the result of those traits is that money goes from being in rubles to be in most likely euros, and so in one example a Russian will basically purchase a bunch of blue chip shares of the company using rubles to acquire the shares, and then in a separate transaction that takes place simultaneously with the same amount, a shell company headquartered in maybe some place like Cyprus. which is part of the but. But very lightly regulated will sell the same number of shares that were just bought by the Russian and the result is that the Russian has spent his ruble buying shares and the Russians who controls the Shell Company has also liquidated those shares in Cyprus raise the amount of money euros, and so just like that with the help of Deutchebanks, moving the money back, and forth between the Russian and they shell companies..
"deutsche" Discussed on Masters in Business
"Nine would spend ten billion dollars to buy bankers trust so that'd be happened and. Almost overnight, the bank was transformed. I. Mean That is you mentioned? The share of the banks, overall profits that came from investment, banking and sales and trade him went up. Than triple, basically at the stroke of the pen, and but it also more important, really just completely changed the bank's culture. The power had gone from being Germany to now is clear that since the overwhelming majority of thanks profit coming from. and New, York that's where the power centers should be in so. You know there were kind of very it. There's some cosmetic changes or I think pretty symbolic like the banks official language went from being Sherman, too. But the more important ones were that. The the Supervisory Board of the bank which was primarily consisted of German industrialists and corporate chieftains and even Labor. Leaders was completely it was just neutered essentially, and instead the mandate became look. We are going to step on the gas. We Wanna be as big as we can as profitable if we can as quickly as we can, and so the bank underwent. Underwent this really revolutionary change where they have metrics that measured how profitable they were, how quickly and that was using a metric culture, not equity, which traditionally a bank's return on equity would be in the maybe high singled. It's very very low, double, its and the newly appointed. CEO, in two thousand and to Joe Ackerman. Who is himself a credit Swiss veteran. Came in and said that we want the next two years for our return on equity to go to twenty five percent, and you know that would hugh Deutsche Bank at the time that he made that prediction I think the return on equity was four or five percent, so he was basically calling in the period of two or three years for that to increase. Let's six hundred percent. I guess. which is you know expert name? The crazy thing is they achieved it and. And he by the mid two thousand Deutsche Bank had gone it become one of the most profitable places on the planet and the, but again the isn't the way chief that was it really wasn't that comet they started evaluating every transaction and reclined. They did based on its return on equity, so they were not going to be able to make a twenty five percent profit on a loan or another transaction. They simply wouldn't do it, and if a client like a German. Mid Size business for example wasn't going to. That relationship wasn't going to generate that huge return. They would drop the client, and so the reality was that most of the business. Thank been doing in Germany. Was Not all that profitable in part because the German banking system has this huge glut of banks intense competition, which drives prices way down, so let me let me circle back to something you said before we drift too far away the supervision of the bank. What is the divall stat? I I don't know how to pronounce the divorce well, the. The. The verstand of the Management Board and then there's the supervisor report which is really supposed to be oversight board so between those two entities and the Federal Reserve and the. Various regulators in the UK and the regulators in Germany. Deutsche Bank manage to skirt regulations to skirt risk management to hide losses to do all these things that that banks have a tendency to do for years and years and years. This went on for almost two decades. Didn't it and you would think given the number of regulators that were supposed to be overseeing the bank. You would think that it would have been very hard for them to do that. And the reality is the exact opposite, which is that was a patchwork of week regulators all over the globe, and the bank very adeptly played those regulators off each other, so the result was that almost no one was actually doing. Substantive kind of hard nosed oversight of them, and often which is the German bank regulator was saying wasn't is notorious for. Playing defense on behalf of hometown companies, and so often would essentially demand that any regulatory increase came from the US or the UK had to be routed through this labyrinth German bureaucracy, and and in some cases this prevent the bank from compliance with regulatory requests from outside of Germany and the Fed for its part, which was really supposed to be aggressively overseeing a large swath of the banks US business. And the Fed knew that they were really serious problems on weather. Who is week defenses against money, laundering, or just the quality integrity of the financial data that bank was producing and over and over again the Fed voice these concerns. Starting around two thousand two, and over and over again the bank did nothing to actually address the concerns, and on a number of occasions perfect came man and punish the bank that these were punishments that works to Describe Him as light touch would be really that'd be exaggerated. It's been you know. They were not even imposing any monetary penalty if they were not. Not Publicly admonishing any executives there just very weak written orders, and the bank and executives talked to said explicitly that the fact of the matter they knew that the consequences for misbehaving were not really that severe, and so in the benefits to misbehave in some cases were very attractive and they they make a lot of money providing services like money, laundering or Money transfer services to countries that were under US, sanctions and A pretty easy decision to them quite fascinating, so let's talk a little bit about Russia and Deutsche. Bank and trump, and I have to start with the question. How is it that Deutsche Bank was the only bank in the world that actually would lend money to donald trump. What? What's the background there? Well, the background is that banks as a general rule don't like lending money to people or institutions that have a tendency of defaulting on their love. And that is a pretty good description knows exactly what donald trump was in the late nineteen, ninety, saying he had repeatedly defaulted or as companies that repeatedly defaulted on their debts, and as a result of that mainstream, financial situations were very very wary about doing any business with them. Because wasn't what your bank considered a mainstream. Entity, how different were they from? J., p., Morgan or parents well in the US, they were very different, and this was the period where Deutsche Bank was trying to really establish a name for itself, and make inroads in the US was more or less a non entity at the time, and so the bank set out to try and build a business in particular business of commercial mortgage backed securities so basically making big real estate loans, and then package.
"deutsche" Discussed on Masters in Business
"Brothers Deutsche Bank did many of the same things disregard for legality, incentivizing people for profits regardless of the consequences of effectively short term versus long term greedy. Is that a fair assessment of Deutsche Bank? Yeah. Absolutely I think that the bank. And I think that's actually deeper than that. In some ways I mean banks. Are obviously going to be chillier beasts right I, mean they are entrusted with s essentially operating the economy to extend for the entire world, and so unlike an Uber, or we were which is important in its own right, and this kind of transformed the way we live or work, it's thanks occupy very special role at the heart of the financial system, and therefore at the heart of the economy and to. To me. There's one of the most important shifts that taken place global finance in the past. I don't know thirty years at this point. I guess is the transition from banks being viewed as the is kind of profitable, but not egregiously profitable. Then it really they have been much more public utilities, and they're to kind of grease, the gears of the global economy and this transition that took place. Coincide Starts Big Wall Street. Firms, going from private partnerships into publicly traded companies, and then later becoming banks toward just ridiculously fat profit margin, so it's been. It's been very destructive to the banks themselves in many cases, but it's all been very destructive for the economy, and for the financial system I sent and. deutchebanks transition from being this. Pretty Plain Vanilla German lender that was primarily focused on helping the German companies spread their wings, internationally into electric, spent helping non-german companies entered the German or European markets, and you know those were very steady businesses, and very important businesses, and in Japan as a result of that played a leading role in the development of railroads in the nineteenth and early twentieth centuries. It played a leading. In the reconstruction and redevelopment of Europe, after World War Two and going into the mid nineties, and the Iron Curtain fell, it played. The bank played a leading role and. Global is the economy and knocked down very unhealthy barriers to. Economic Development. In some countries, there was a the bank CEO in up. Until the late nineteen eighty S, it was a leading advocate of forgiving third world debts for example, and so it was a bank that occupied this role not only. Providing banking services, but was it viewed as role as essential and intertwined with the fate of Germany and the fate of Europe, and that shifted very dramatically starting in the mid nineteen ninety s when the bank a taste for wall. Street and decided that it was going to prioritize short-term profits above everything else, and you know I think we'll probably get into this later, but that lead to a complete transformation with the banks, culture and one where? Where literally the only thing you were supposed to look at when deciding whether to do a certain transaction, bring the client or make certain investments as a business was. What will the impact of this decision be on our profits this quarter or maybe this year? But there was no consideration to well of our reputation. Well, we'll just do our business. Five years from now is the sustainable is the smart and you know that that kind of just. Blinders on short-term decision, making has very anticipated consequences, and in a business like banking that is highly levered the seriousness. The gravity of those mistakes is dramatically amplified to say the very least removing the risk from the risk reward analysis naturally leaves to certain outcomes, so let's talk a little bit about that rise and fall. We discussed earlier. In the one thousand nine hundred. One thousand nine hundred Deutsche. Bank was a sleepy regional bank in Germany. Twenty nine percent of its profits came from investing banking, and once this transformation and embrace of derivatives and aggressive risk and trading and leverage took place that showed up to eighty five percent a year later. How did this happen? And how did it change the culture at Deutsche Bank well. To very related questions and the way it happened. Is that starting in the mid nineteen nineties, but things leaders saw that the big American banks were making a tremendous amount of money on Wall Street and also making a tremendous amount of money, and approaching on the turf of European Banks Deutsche, Bank and Goldman Sachs famously won a big deal taking Deutsche Telekom private, and that that was kind of assignment that had traditionally gone to the hometown banks or European banks instead document got a role in that deal the Goldman Sachs the lead, and that was a huge wakeup call to. To Deutsche Bank executives that you Wall Street was coming to invade their turf. Maybe this time for them to go invade Wall Street's turf and so starting in one, thousand, nine, hundred five, the bank land on this epic, hiring spree, where it brought in initially a small group of salesmen and traders from Merrill, Lynch and basically gave them a blank check to hire as many people as they could, and they went on to hire thousands of people from the big. Wall Street firms of the time very very quickly, and that very quickly transformed, there began to transform culture from. Institution, that was primarily German one to one that was much more international, and the locus of power started to shift slowly, but surely from Frankfurt and Berlin. To London and to a lesser extent, New York and. Even with spending billions of dollars hiring thousands of people in this very fast men or the bank, much bigger especially into relatives, but still was kind of a second tier, even third tier player on wall, Street and in many other many markets around the world, so in the late nineteen ninety s so a few years after started this expansion, the bank decided that it really needed to double down on this strategy, and so they went shopping for a big Wall Street firm to buy, and the you know. They were looking at the likes of Merrill Lynch Lehman Brothers. And Bankers Trust which, at the time was kind of one of the most swashbuckling firms on Wall Street and it was in pretty serious financial trouble because of very bad bets it made under is and the Fed with actually looking for a stronger financial institutions to come in and acquire bankers trust, basically take the mess off the fits, and and so the feds learned that bank was in the market for a deal and kind of broker. This agreement Deutsche Bank in Nineteen Ninety, eight, ninety.
Suspect found dead after ambush of New Jersey judge's family
"Tonight. The mystery deepens over why the first Hispanic U. S. District Court judge in New Jersey was targeted at her home in North Brunswick. Investigators believe a lawyer known for being active in anti feminist cases, opened fire on Judge Esther Salas, his family Killing her 20 year old son and injuring her husband. We've got more now from CBS is Meg Oliver. Tonight. Investigators are working to piece together what motivated Amanda poses a FedEx driver and ambush the New Jersey home of federal Judge Esther Salis after an intense manhunt. Police say the suspect was Roy Den Hollander discovered deadness card today. Dressed in a FedEx uniformed authorities say he had shot himself. They also found a package addressed to the judge. To be one of the trauma. On Sunday afternoon, den Hollander allegedly opened fire at her front door, hitting her husband, Mark and drool and killing their 20 year old son, Daniel. Marrying Costanza is their neighbor and wanted people to know. I mean, Thiss was the only child. She's not gonna have any Children. Den Hollander was an attorney with a case currently before Judge Salis Ladiesnights is violating a fundamental right. His self described anti feminist even appeared on Fox TV once opposing drink specials on ladies night, saying they're not fair. Two men was just a gut punch of magnitude. Family friend Mayor Mac Womack said. Mark and Earl loves talking about his son. He talked about him a lot. I got constant reports how he's doing. He was his biggest source of pride in Mark's life. Judge Salads oversaw a number of high profile cases in her courtroom that included cast members of the Real Housewives of New Jersey, Deutsche Bank and Jeffrey
Gunman kills son, wounds husband of federal judge in New Jersey
"In a shooting at their New Jersey home yesterday. Let's go live to the scene in North Brunswick. Here's WCBS reporter Marla Diamond, Marla. And the victim. The son of the federal judge, 20 year old Daniel and Roll was a student at Catholic University and the only child of federal judge Esther Sallis and her husband, criminal defense attorney Mark and Roll who is in critical condition after surgery to repair the damage from a gunshot wound to the abdomen. Judge. Salis, according to a court official was in the basement of the home and UN injured a neighbor and close friend of the family. Marianne Costanza, says Angela handed some handled some high profile cases. Maybe his partner. Hopefully probably speak to the FBI. Maybe they had some cases of disgruntled client. You just don't know when maybe it was one of Estes cases. Judge Salis is the first Hispanic woman to serve on the federal bench in New Jersey. In 2014 she sentenced really housewives of New Jersey star Teresa Giudice and her husband, Joe to a year each in prison for fraud. More recently, she presided over an ongoing lawsuit brought by Deutsche Bank investors who claim the company made false and misleading statements about its anti money laundering policies. And they failed to monitor high risk customers, including convicted sex offender Jeffrey Epstein. And we're live in North Brunswick. Marla Diamond.
Second-quarter results to reveal dire state of top US banks
"Hit US banks especially hard. We've got earnings coming up, so we'll get another snapshot of how the banks are faring firm or let's bring in military intelligence analyst Allison Williams. So Alice again seems like we just got through bank earnings. And here we are again. Upcoming banks are faring here in this new World Order were in well, I think it's going to be Tough quarter largely driven by provision. Keep in mind versus past cycles. We have a much more pro cyclical affect this time and what that means it's just more up front. No more reserves up front and then sort of releasing on the back end. But I think two key things this quarter one every quarter. We talk about the earnings and we discussed the fact that it's all about the forward. Look. The earnings is a little bit different because after the stress test and the third talking about capping dividends, based on recent income to find a sort of the average of the past 4/4 this quarter is going to be an end. But not just to this quarter. But for the next few quarters, a CZ long Restriction remains in place. So this will give us sort of. Ah look, and the one bank that we'll get the most news about That around is is Wells Fargo. They've already sort of guided the fact that they're going to have Tio most likely cut their dividend. The second thing this quarter will be No. How are things tracking as a lot of these deferrals have sort of come up to there? You know, I guess first roll forward if you will. So you know, immediately. We had all these liberals put in place the 90 day mark. We will know sort of how things shook out as that sort of 90 day. Limite came up on DH shouldn't say limit sort of. I guess it's just a marker because consumers can ask for more time. But the question is, Are they going to ask for more time? Well, they start paying what's gonna happen. That's sort of the pivot point and that will give us an eye into credit so super great points and I guess, Christian saving of CEO of Deutsche Bank said to Bloomberg this week. That he thinks that the second quarter will be the top and loan loss provision. Do you agree with that? So it could be? Of course, it's all going to depend on you know how things take shape from here, Right where Sort of. You know, if you looked at some of the different scenarios and depending on the shape that you see from here, things can just pretty dramatically. But, you know, let's say that we are looking at their most optimistic scenario and again, I would remind you about the counting right to the provisions will be the highest in the last quarter in this quarter. That doesn't mean we've even started to see the actual charge off yet, But we will see bags sort of provisioning for you know, the very negative environment that we have now it wasn't sort of factored into the reserves at The first quarter, but obviously since on the economic picture has gotten worse. So after these 2/4 you know, we should be fairly well provisioned for the best case economic scenario, and then you know, obviously it's going to depend on what happens from here. So, Allison, you know you talk about those You know the test about whether these companies can keep or have cut their dividend. Is that pride maybe some negative incentive for them to kind of goose their GPS numbers here for the next couple quarters so that they can continue to pay dividends. Or is that not a risk that investors are really worried about? From a theoretical standpoint? I think one could make that argument. But I would say that if you look at, you know, you know, First of all, I think it's the final decision on dividends aside from Wells, which had a sort of a unique case of a higher And Pierre payout for across the U. S banks and also earnings that were hit much harder than there are other bags. I think they're in a unique spot, but the other banks, you know, the dividend passed already give them a fair amount of room and so even if you sort of are very harsh In your earnings outlook. They should be fine. And I think if things did get, you know, you get dramatically worse you could be dealing with, you know, regulatory and political pressure ahead. The key thing that came out with a stress test is basically You're the Fed, making Everybody resubmit that plans and what that does mechanically is. It doesn't allow the bags to do like a big share repurchase, which I don't think anyone would anyway. But it sort of precludes bank from taking any measures, and the Fed basically left their options wide open to come in and require Into basically increased capital requirements or do other things. So I don't think that the Fed has sort of set this restriction, but it's not gonna be the be all and end all. But I wonder how that feeds into the compound sort of expense ratios because some out there like Sheila Bair used to run the FDA, C says, like and actually indenture. Alot, too, is that it shouldn't just stop At buybacks and dividends that it should also be in comp that if you know we're in a really bad time, globally and financially, then you have to have a limit on the kind of conflict in payout, which will tie also into expense ratios. What do you hear about that question? You know, the one thing that I would point out is, you know again, the big difference this cycle vs last cycle. Last cycle, the banks were over leveraged. They were sort of part of the problem, so I think there was obviously a lot of scrutiny around the compensation. This cycle, the back part of the solution. They have very healthy capital levels. The worry is just that, you know we're in this unprecedented downturn and do we need the banks to sort of keep their capital to be ableto lend to the economy, So that's a very different situation. And if you go back to Sort of as I was discussing before banks get into a situation where they have to start limiting payouts. There are some compensation element of that. Um, but I think you know to the extent that the compensation argument I understand some people maybe raising it, but I don't think that's sort of at the heart of the issue as it is sort of in the last crisis. On the overall expend standpoint, right? The banks are trying to do everything they can to help their employees on a broad base. Is there they to varying degrees that that they're not going to lay off people? You know, they tried to give incentives Tio Branch type employees at retail type employees. So that's obviously not the compensation that you're alluding to. But I'm just, you know, sort of framing the bigger picture. I think that at the end of the day, the banks are gonna be interested in doing what's right for the long term, and I think, to the extent that we sort of discussed earlier some of the really negative bearers scenarios. I think thank you know, are going to want to keep paying out. Their shareholders will fight to pay their dividends, but they're not going to be and they're going to keep track of what's happening in the environment and respond accordingly as well. Also Williams Bloomberg intelligence, senior bank's analyst, joining us Thanks so much. I'm like joined at the
New York's Deutsche Bank agrees to payout for Epstein dealings
"New York Georgia Bank has agreed to pay one hundred fifty million dollars to settle claims that broke compliance rules. The State Department of Financial Services says Deutsche. Bank failed to detect or prevent suspicious transactions involving late sex offender. Jeffrey Epstein Department Superintendent Linda Lacewell. Says it is the first enforcement action against a financial institution that dealt with financier. Epstein died in a Manhattan federal lockup last summer while awaiting trial on sex trafficking
Deutsche Bank fined $150 million over Jeffrey Epstein ties
"New York state is finding DeutscheBank $150 million now in connection with Jeffrey Abstain. State Financial Service regulators say the bank failed to properly monitor Epstein's transactions that included payments for sex abuse victims. They argue the bank should have scrutinized the transactions given Epstein's history as a sex
Deutsche Bank fined $150 million over Jeffrey Epstein ties
"News, one of Europe's largest banking institutions, Deutschebank apologizing for its handling of business dealings with convicted sex offender Jeffrey Epstein and agreeing to pay $150 million settlement in New York, where state regulators say the German lender over looked suspicious transactions for years despite knowing Epstein's
New York regulator fines Deutsche Bank over dealings with Jeffrey Epstein
"Radio dot com and affiliation with Jeffrey Epstein, the convicted pedophile who committed suicide last year. Before standing trial in Manhattan is coming backto Haunt Deutschebank. The state of New York is finding the bank $150 million. It's accused of not keeping an eye on Epstein's transactions that included sex
Deutsche Bank fined $150 million over Jeffrey Epstein ties
"Bank has agreed to pay $150 million to settle charges it failed to monitor its relationship with the late sex offender, Jeffrey Epstein. NPR's gyms are Oli reports. The bank was also cited for its relationship with two European banks accused of money laundering. New York's top financial services regulator says Epstein was a client of Deutsche Bank between 2013 and 2018. By then, Epstein had served time for sex offenses, and regulators say some of his activities should have raised red flags at the bank, for instance, used his accounts to pay Russian models and girls with East European surnames. And made periodic suspicious cash withdrawals. He also paid for school tuition and travel expenses for girls. Regulators also cited the bank for acting as an intermediary for Danish and Estonian bank's suspected of money laundering. In a statement, Deutschebank acknowledged its mistakes and said it had learned from them. Jims AA Roly NPR NEWS.
FedEx Earnings: FDX Stock Soars 9% on Strong Q4
"We've got an earnings alert on dined you by the way Arnie's alert on Fedex the stocks touring the after our session. Let's get to Frank Colin who's got all the details Frank Melissa. Dollar beat on EPS. grout margin also surprising to the upside for the segment that's been handling much that increased demand due to cove in nineteen becks ground, seeing volumes increased by twenty three percent, but much of that was that less profitable. B. To C. operating merging falling year year because that beat AC- increase average revenue per piece, falling as well, but I'm at from Deutsche Bank echoing the sentiments of many others on the street, shock and awe in a good way, people were bracing for something like six or seven percent margin for ground, the express margins more than doubled sequentially. The CAP x number is also very very positive, because one of the this company is that they've been overspending on cap ex. Ex Fedex as becks will be around four point, nine dollars in fiscal, twenty, twenty, one, a one billion dollar decline the company, saying every single line item was impacted by in nineteen that include a one hundred and twenty five million dollar increase in operating cost much of that the by e for employees Fedex also declined to offer full year guidance because of the uncertainty of the pandemic, and after hours ups, also of five percent, both companies, seeing a boost in volume ups, also a first mover on a surcharge for large retail customers, a move expected to generate fifty million for ups in June alone Fedex. Just starting that surcharge on June eighth. We'll have to watch and see how that turns out. To you frank, thank. You! Frank, Collin the latest on Fedex. Steve Crossover better than expected quarter bigger-than-expected move as predicted by the options market here by the way in the act hours.
"deutsche" Discussed on The Diane Rehm Show
"Countries the where it has not yet been fully held to account is in the United States where there has been a Justice Department criminal investigation into this for years? Now and the interesting thing I found in my reporting is that in at the end of the Obama Administration in late twenty sixteen very beginning twenty seventeen. There was a consensus inside bank and outside the bank as well that the Justice Department was very close to wrapping up its case and file criminal charges against Deutsche Bank and possibly some employees or executives Deutsche Bank as well and then the trump administration took over and the investigation all of a sudden went silent inside Deutsche Bank people initially believed that is just the product of transition from one administration to the next and that would just you know. It's just being delayed a little bit. Though we passed and then months past and then years past people inside the bank concluded and I can see why they concluded this that the investigation wasn't. Just this. You know transitioned. It was basically dead and they came to the conclusion that that was that they were kind of lucky beneficiaries of trump. Not Wanting his administration to be doing anything at all that might shed further light or shine the spotlight really on the connection between deutchebanks and it's very lucrative Russian money laundering this one Deutchebanks compliant was actually fired and her suspicious activity report deleted so the answers to those questions about what was really going on between Deutsche Bank in Russia. Just vanished yeah. I'm not sure they vanished permanently. Though my suspicion is that all of this could come out eventually and the the reason for that is that to congressional committees have subpoenaed. Shebang sticking all the information on trump in his family and his companies and all those accounts there. And how far is that GONNA go? Well that case will be heard before the Supreme Court later in March and there'll be the sison presumably by June and that means that the court sides with congressional committees essentially and against the trump family which is sued to block deutchebanks from complying with these subpoenas if the Supreme Court comes down on the side of the of Congress Deutsche Bank is likely to start handing over reams of materials about trump and his finances and any money laundering concerns. The bag had over the summer in the heat of the twenty twenty presidential campaign. What is your expectation? Considering the fact that Donald Trump has said that Several members of the court should recuse themselves from any decisions that relate to him in any way. Well with the important caveat that I'm not an expert on the Supreme Court and in general. It's very hard to predict these things. My hunch is that I. I don't expect any justice to recuse themselves from this case but I do think it's a clear sign. That trump is very concerned about the information that Deutsche Bank has and might provide to his political enemies in Congress and that's something trump has been fighting tooth and nail for many years now to keep everything from his tax returns to the structure of his business really secret and I don't know why he's trying so hard to keep it secret but the fact that he is trying so hard suggest their stuff he doesn't want to get out and there's a very real possibility right. Now that Deutsche Bank is going to be the key that unlocks lease mystery surrounding trump's finances. David thank you for being with us and thank you for your reporting. Thank you for having me. That was my eight hundred with eight. Dan Ranch Algiers Book are cowards. Deutchebanks Donald Trump and epic Kale.
"deutsche" Discussed on The Book Review
"Bank for the first time in the late Nineteen Ninety S. And at the time. This is already a period. When he was off limits to Wall Street he had defaulted a number of times on loans in debt with his casinos in Atlantic City primarily. And the way it works in the banking industry is not that surprising if you default on your loan especially if you do it over and over again that does not make you an attractive. Client to lend money to because you're likely to fault. And so he was off limits for most of Wall Street. Deutchebanks came along. And at this point this is really the start of their push into the United States market in a big way and they were just happy to do business with anyone who was willing to throw business their way. Donald trump came knocking and he needed hundreds of millions of dollars to renovate and build big skyscrapers in Manhattan. And that was something which banquets willing to do and you know what initially it worked out. Pretty well for Deutsche Bank because trump was so desperate to build and maintain relationships with this major financial institution that he paid them back. How long did that last not long? So by the early two thousand Deutsche Bank did a big bond offering on behalf of one of his companies and trump within months of the bond offering being completed default on the debt and that was the end of his relationship with his one win of Deutsche Bank. They their clients have gotten burned because they just sold them these bonds that defaulted and but you know in classics Deutsche Bank fashion that is not the end of the story for the entire bank and within a year or two another wing of the bank is back knocking interim store going to trump in fairness. It's both it's going in both directions. These different divisions of the Bangor or not really communicating with each other very. Well and and frankly they're in competition with each other. There is a lot of internal rivalries and factions inside. The bank. Is that typical for a bank of this size yet. It's typical but not to the degree that it was true. I've heard some crazy stories. About the extreme lengths rival executives would go to undermine each other within the bank whether those leaking personal items about them to the New York tabloids or hiring private investigators to undermine each other so it was a really poisonous atmosphere inside of the bank. So trump goes in two thousand five to a different division of the bank. And he's looking to build from the ground up here skyscraper in downtown Chicago and Deutsche Bank after some hemming high agrees to lend him six hundred and forty million dollars to do this. And they're you know the inside. The bank. People are pretty happy about this. They've generates a ton of fees for the bank and trump. Obviously we'll have to pay interest on the loan so this is very lucrative and then three years later the financial crisis comes and trump wants against eight November. Two Thousand Eight. The loan is due and trump has the option of either paying it back or not paying back. And he doesn't pay back there's going to be litigation and the bank will come after him. So he came launches a preemptive strike and he sues Deutsche Bank accusing the Bank of having caused the financial crisis accused the Bank of having engaged in predatory lending practices against him by trying to collect on the money he owes in and says the loan is void because the financial crisis constitutes this act of God that essentially means the contract is unenforceable and in an active Chutzpah. That I don't think I've ever seen in my career covering this stuff. He seeks three billion dollars in damages from the bank even though he is the one defaulting on the loan and he's the one who owes them hundreds of millions of dollars and so Georgia ban counter sues and seeks trump on that loan had personally guaranteed about forty million dollars of it which meant that. Under all circumstances in any circumstances trump needed to pay back at least forty million dollars to Deutsche Bank. Or don't you think could come. After is personal assets into this litigation goes back and forth in the courts for a couple of years and finally in two thousand ten it gets settled and trump agrees to eventually. He's got your to pay back at least a forty million dollars three billion dollar. He does not get his three billion dollars which surprises no one but this consumed a lot of time and energy within Deutsche Bank and it was humiliating for them. This is in the public domain and at this point Deutsche Bank just completely washes its hands of Donald Trump. They were still want their money back. There's no way they're ever GonNa touch this guy again. And from trump's perspective he by two thousand eleven two thousand twelve is going to need to have forty or fifty million dollars a payback. What he's still Bank and if he wants to continue his career as a real estate developer and keep building golf courses and things like that. He's going to need to find another source of credit. He's he doesn't want to spend his own money so he needs to find someone else willing to lend him. And this is where things get. Really Weird and Jared. Kushner had recently married. Ivanka trump and Kushner had this relationship with this woman named Rosemary. Rabbi who had recently started at Deutsche Bank and so- Kushner invites Rosemary to come by trump tower to meet his father in Law Donald Trump. And over the course of a couple of months Rosemary and her team deutschebank initiate a relationship with trump. Okay so nobody at twitter bank is saying hold it hold it hold at this Guy Sudas for three billion dollars and he has you know defaulted on all of his loans. No there's a huge fight inside Jamaica. This point a lot of people at the bank thought. This was a horrible idea. The guy you know once burned twice shy and this is not the first time he'd burned to make this at least the second time and so there are people who in at a senior level. The banker just apoplectic about the idea of rebuilding the relationship with trump. Why would we do this? But Deutsche Bank as ever was extremely hungry for short-term profits and they thought the reinitiating the trump relationship at least in the short term would generate big fees for this particular division of the bank in which Rosemary worked. It was called the private banking division and Joe Ackerman. The one who is really stomping on the gas pedal trying to ring every less sent out of the business from two thousand to twelve and he's in his final days. Ceo of the bank and he gives the green light. And what this means. Is that the first loan that does this. New the comes under this new relationship from Deutsche Bank is a forty eight million dollar loan that is earmarked specifically for trump to take that forty million dollars from Deutsche Bank and use it to repay the other arm of Deutsche Bank on the loan on which he defaulted and again. That sounds strange. Doesn't make much sense and you might be trying to understand. How does that work? And you know what you're asking the exact rate question because it doesn't make any sense it's crazy all right. So That's two thousand twelve right. Where does it go from there? I mean he obviously runs for President and wins in two thousand sixteen. But what happens? In the interim I mean this is the beginning of Stage three of long beautiful very deep financial relationship between trump and his favourite bank and over the next few years. Don't you Glenn about three hundred fifty million dollars to trump at very low interest rates? It lands tens of millions of dollars to the Kushner family. It loans hundreds of millions of dollars to the Kushner company and all of a sudden trump goes from being completely unbreakable in the Western world to being one of the leading clients of one of the world's largest banks and he's he's good on the money during this period. Is He repaying? His loans. World alone weren't due to be repaid at this point there is in their interest payments that were due and as far as we know. He kept current on his interest payments. What's happened since he took office? Though is a complete black box. And we know from his financial disclosure forms that he owed deutchebanks about three hundred and fifty million when he entered office and that was made by far his largest creditor. And we don't know if he's kept up on the interest payments we don't know if he's kept principal payments and we don't have any particular reason to think he hasn't. Except for the fact that is his modus operandi he default on loans just as a matter of course and for whatever it's worth Deutsche Bank loans say either way and there's not a whole lot of transparency.
"deutsche" Discussed on The Book Review
"Being this as I said provincial very conservative European lender to all of a sudden more or less in a heartbeat becoming this profit obsessed machine and I think the the speed of that change in the starkness of the reversal mend that. The bad behavior increased at a faster rate than it probably did it. Other Bank saying look companies in general do try to maximize profits but they also an especially historically have looked at their goals in their mission as much broader than simply doing that. Especially just doing that. In the short term they they exist to serve a wide range of people and institutions and communities and when they are single-mindedly focused on just making as much money as possible as quickly as possible. The consequences tend to be disastrous. All right the subtitle of your Book Dark Towers is Deutsche Bank. Donald trump an epic trail of destruction. I want to get to donald trump but really go back to that epic trail that preceded him and overlapped with the relationship between Deutsche Bank and trump. Let's talk about a few of them. You mentioned money laundering money laundering for Russian oligarchs. Yeah this is a great business for Deutsche Bank. Deutsche Bank has been in Russia on and off since the late eighteen. Hundreds they the bank finance railroads for czar and they've taken great pride on being one of the few Western banks to operate more or less without interruption in Russia and and so they provide the services that are needed at the time to the people who are in power and by the two thousands. The services that were most needed by this new class of oligarchs and people connected to the Kremlin were essentially money laundering services. They need these. People had come upon huge amounts of money a very short period of time often through illicit means and they needed to find a way to get that money out of Russia. And there just weren't very many banks that we're willing to provide that service because it was clear that this was ill-gotten money and that they were using an at times for various purposes so Deutsche Bank as in this becomes a real pattern for the bank rushed in to fill the void when other banks wouldn't touch these customers and provide the services they wanted. Deutsche Bank was incredibly eager to pick up the scraps and provide the services even at the cost of violating the law. And so they did and it became an enormously lucrative scheme for Shebang they laundered and well over ten billion dollars over a period of several years for wealthy Russians. Including some tied to the Kremlin in some tied directly to Vladimir Putin. They weren't exactly doing this out in the open. How did these? The relationship with the Russian oligarchs money laundering kind of this get uncovered well it got uncovered ultimately because some banks that Deutsche Bank was helping funnel money to got suspicious and they saw that these enormous amount of money. All of a sudden were coming through deutchebanks. Us Arm and M being sent to these banks in Cyprus. And the Cypriot banks which by the way don't have a reputation for being very conservative when it comes to money laundering. Saudis huge amounts of money and became very suspicious and they started asking questions and Deutsche Bank as is it want to do just completely ignored these requests for information and the Cypriot bank got more and more aggressive and finally. After many months of this deutchebanks compliance people realize what was going on there had been this massive ten billion dollar money laundering seemed gung on right underneath their noses and eventually regulators were alerted. And eventually the bank gotten serious trouble for this. Who are the regulators that are supposed to be keeping watch over this because with international finance it becomes very convoluted? You know it. I don't think the regulation is happening in Russia. Is it's supposed to be happening in Germany or other international bodies that are supposed to be keeping an eye on all of this it actually. Isn't that complicated? In the countries in which a bank operates they are regulated locally and it becomes a little complicated in terms of who is responsible for exactly what this wouldn't have been that hard to police Deutsche Bank effectively. The the reality is that regulators especially in the US and in Germany just for one reason or another turned a blind eye to what was going on. And I think part of that is that in Germany. At least there was an eagerness to have protect the hometown bank and circle the wagons against or perceived as overzealous regulators and other parts of the world and in the US. There is this long holden. I think very destructive assumption among regulators that their first job is to do no harm in so the last thing they want to do is publicly raised the alarm bells about a major financial institution and the motivation. There is I understand. They don't want to destabilize banks by saying troubling things in public but the implications of this in reality turn out to be that they're essentially keeping things buried and that's not a good role for regulators to be playing. I mean because it's one thing to say. Well you know that happened in Russia but there are people who deutchebanks dealt with in the US who are also kind of dubious figures. One of them was Jeffrey Epstein. This is kind of surreal for me because I had been talking to compliance officers down in Florida Georgia. Bank has its lease compliance staff and I was down there talking to one of them in particular. Who mentioned this is back early last year in early twenty nineteen and she just mentioned. She's kind of ticking off. This list of sketchy things. Deutsche Bank had done and one of them she said it was a they even did business with Jeffrey Epstein. And that was the first I heard about it. In Epstein at the time wasn't visit before he was arrested in criminally charged over the summer. And I heard about this and it didn't fully register until months later but it turned out upon further investigation that Jeffrey Epstein after he he was convicted of sex crimes in two thousand after he was booted out of the banking industry by banks. Jp Morgan Deutsche. Bank became his lender of last resort and up until the time that he was arrested basically the bank continued to lend him money and continue to provide him other financial services that were really really important to him he also had a relationship with the Kushner family. Jared Kushner's father who also was convicted. Did that financial relationship with the Kushner family precede his arrest or was that subsequent no it was subsequent and it came at a time when jared. Kushner was taking over his father's empire in his father of course had been convicted of felonies. And that made him. Charlie Kushner basically off limits to most of the banking world because most banks have concerns about doing business with people like that until Jared Kushner took the reins of the family business for awhile and he struck up a relationship with a woman named Rosemary. Radic who was who became a senior banker at Deutsche Bank and Deutsche Bank. Became this financial lifeline for the Kushner's personally and for their business as well. So there's a through line here are helping out establishing relationships with lending money to people and organizations that no one else wants to touch Russian Oligarchs Kushner's Jeffrey Epstein also terrorist regimes. Goes where no other bank. We'll go and that's not coincidence. This is by design. Deutsche Bank was trying to make a name for itself and maximize profits as quickly as possible and this is a German bank. Most people can't even pronounce the name properly. And how do you make an infrastructure? How do you gain a foothold in a place like the United States? And the answer is you need to go for clients that are not already banked by mainstream financial institutions. And that's GONNA help you. I mean you can't really publicize that you're doing that work right. Well in fact they did publicize it and they with trump. At least they made quite a show of the fact that they were the main bank to this at the time celebrity reality TV guy but in general and it wasn't only about making a name for themselves as also that they needed clients. They need big lucrative clients that we're going to do a lot of business and the most established businesses and business families and people with a lot of money they were already being banked by the mainstream well established institutions so Deutsche Bank wasn't going to be able to compete for clients like that it needed to go pick up one executive. Describe it to me. Is they needed to go? Pick up the scraps feeder execs. So okay let's talk about Donald Trump. Because he was not a Russian oligarch he was not a terrorist regime but he did have a number of very high profile bankruptcies and business failures so wh- ended his relationship with deutchebanks begin. And what kind of financial shape was he in? At the time he went to Deutsche.
"deutsche" Discussed on Fresh Air
"A dramatic expansion in the US and became the primary lender to Donald Trump. After Wall Street banks had decided he was a bad credit. Risk enrich says deutchebanks aggressive profit-seeking culture that to a series of scandals and the banks decline in recent years enriches new book is called. Dark Towers Deutsche Bank Donald Trump and an epic trail of destruction in two thousand two guy named Joe Ackerman becomes the CEO of Deutsche Bank. Tell us about him in the direction he took the company so Joe Ackerman had been at the bank for a few years at this point and he was. He's he's Swiss German and it is a member of the military reserves in Switzerland and a number cruncher and extraordinarily ambitious and when he arrived at Deutsche Bank. He had one goal in mind. Which is that. He wanted to increase profits and the bank as quickly as possible and he didn't really pay a whole lot of attention to the long term side effects of that his his main goal was that he wanted the stock price of the bank to go up dramatically and very quickly and he saw correctly. That the way to do that was to maximise short-term profits at the expense of everything else and it was an interesting change in direction for the bank. I think these days most people say well of course a big company goal is to get its stock price to go up and it one clear way to do that is to increase profits at the time though Deutsche Bank had spent again. It's I twelve or thirteen decades. I guess being Rana's an institution that had I think a slightly broader view of what constituted its mission and their goal is not just to maximize value for their shareholders. Their goal is to serve a bunch of different constituencies as well whether it's their own own employees whether it's customers the communities in which they operate the governments that they serve and obviously shareholders as well but Cheryl were one constituency among many and under Joe Ackerman that shifted very quickly and all of a sudden deutchebanks focus narrowed and the top goal. Really the only goal for all intents and purposes was making as much money as quickly as possible for the banks investors. Then we should note. I mean he was a guy who was a really tough taskmaster and the goals he set. Were Kinda crazy? Rife Yeah He. He is in essence wanted to increase the bank's profitability within two years by about six hundred percent. And that is. I mean that is crazy that it's wildly ambitious somewhat say reckless and and he was a task master and he was someone who staff was very afraid of. Disappointing him he. He had this reputation for he could get extremely angry and sometimes you blame his subordinates for failings not just in private but also in public so people are really scared of doing anything that would incur his wrath and so everyone set out to make ackerman's mandate make their own personal mission and so the entire incentive structure within the band quickly changed and the way the bank decided whether or not to make loans or enter into other transactions for customers also changed if it wasn't going to be enormously profitable in the immediate term. They just wouldn't do the business anymore. And that you know the the consequences of that are seem with hindsight fairly predictable. Which is that the bank is going to be doing. Things that are not in customers interests but are in the bank's interests and it's a very straight line. I think between that mentality and a situation where the bank starts ripping off its customers manipulating markets laundering money violating sanctions on and on and on when the CEO of of Deutsche Bank Joachim unestablished. These extremely ambitious goals for profits the bank with even went further. You RIGHT IN BREAKING RULES. Bending regulations And I want to talk about some of the ways that they got into trouble. One of them was funneling money into countries that were under sanction Iran Syria Libya. Would they do so the bank? This is an international bank and it has a presence headquarters in Germany in presences all over the world but because it has a big American operation it has to adhere to law and American law at a time imposed very strict sanctions on as you said Iran Syria Myanmar and Libya among other places and but declined to do business in those countries the fact that they were under sanction in some ways increase the value of the services. The bank could provide because there weren't all that many banks that were willing to provide financial services in those countries so they just went ahead and did the business and they took extraordinary lengths to conceal what they were doing. And they engage in a practice that was known as stripping where they way to remove any references to for example the Syrian counterparts. They were working with in order to avoid triggering any alerts. In their American computer systems or with American regulators and over a period of several years they engaged in billions of dollars of business with entities that in Iran's case in particular were very closely tied to the Iranian military and were later blamed for really helping finance the alive terrorism that was going on in Iraq after the Iraq war. What about money laundering? Yeah they like that. To that and the money laundering business was very lucrative for Deutsche Bank. And it did it really all over the world. The biggest places it was doing it were with customers. And don't you long proud? History of being one of the few Western banks is more or less without interruption been operating in Russia for very long time and Russia in the early two thousands was a place where there are a lot of people getting very rich very quickly often through suspicious means and the it became very important for them to have a way to get their money out of Russia and converted from rubles into euros or dollars or pounds and the problem was that Russia imposed very strict controls on how people could How much money. They could move out of the country and many Western banks. Were very wary of doing business with these Russians because there were alive suspicions and in fact it was true that a lot of this money came through corruption or kleptocracy things like that and Deutsche Bank was very happy to fill that void it Arranged for a number of work arounds for Russians were. They could either move their money to a country like Latvia for example and then have it wired into the US. There's a whole scheme known as Mirror. Trading where deutchebanks. Moscow office would help wealthy Russians. Use a bunch of came. Sham offsetting stock market transactions to get their money converted from rubles into euros or dollars and so through various means and billions and billions of dollars. I think well over ten billion ten billion dollars over a period of time was converted from rubles into Western currencies. It went through the banks. American legal entities and I it it became. I think the leading provider of money laundering services to Russians anywhere in the world. I'll just let some of the other things that the bank did. We could spend the entire hour talking about him. But among them you know Peddling collateralized debt obligations which were kind of money losers clients even though traders at times knew they were going to be a problem. They had a scheme to manipulate. The London interbank offered interest rate. This is a complicated thing. Which involved manipulating that rate at that ended up being a big scandal. They had questionable schemes to help a hedge funds high taxes. They did derivatives which effectively destroyed the oldest bank in Italy. Right this this bank in Sienna this there was just a lot going on much of which they eventually suffered serious sanctions for How you're describing the surface. I mean. We're not talking about manipulated and currency markets or engaged in bribery or All sorts of things like that. So it's a long long list. It's interesting you describe that. Deutsche Bank had an office in Jacksonville Florida of all places with a lot of employees. Doing what this is. Where the banks anti money laundering offices were set up and incidentally right next door to the FBI's local field office which was kind of a running joke among employees in Jacksonville that when the FBI inevitably raided their offices they wouldn't even have to drive. They could just walk But this was. This was a place where they have. Thousands and thousands of employees who are trained to look for potentially suspicious transactions involving money laundering tax evasion. Bribery things like that. And it's a any bank that is one of if not the most important operations to prevent a bank from getting into trouble violating the law and DEUTCHEBANKS operations. There were catastrophic mess. I've talked to probably twenty people who either currently or previously worked there and without failure every single one of them has told me that they've never worked at an institution as messed up as Deutsche Bank. And the reason it's messed up in this case is not that their employees aren't good at what they do. It's at the bank. Essentially set them up to fail. They had their technology systems. Were completely out of date People weren't properly trained in some cases but more than that. There's this enormous pressure from their higher ups. To just you know churn through transactions as quickly as possible and the less of a fuss you raised about any particular transaction the better. There's enormous pressure to just get deals done as one person told me and that's obviously antithetical to the notion of doing a good job taking a close look and really being conservative about whom you're doing business with and but that was the Deutsche Klay Right so they had to have this sort of compliance operation. But they really didn't want to know if there was any problems yet and as ever with Deutsche Bank the pressure to maximize profits in the short term as the greatest extent possible and having something like a big robust compliance division. That's would known in the industry as a cost center. It's expensive to operate. It doesn't make any money and in fact it just it only is going to lose you business right because they're not presenting you new revenue opportunities there to say no and at Deutsche Bank saying no was really the the most likely outcome of saying now a lot was A. You'd lose your job and that's.
"deutsche" Discussed on Fresh Air
"I think they will rule and they at the my understanding is that there will be oral arguments at the end of marriage and then a decision by June and either they will uphold the lower court's rulings that Deutsche Bank does need to comply in which case they all this information in tons of it will be in the hands of Congress and presumably knowing how Congress works it will pretty quickly become public and that'll be during the campaign in the height of the campaign over the summer or the Supreme Court will overrule these two lower courts and say that that bank does not need to comply with the subpoenas and that this is none of Congress business and if that happens there's going to be a huge uproar especially among Democrats that the Supreme Court is taking really extraordinary measures to protect the secrecy of not just the president but of of his company and his Family Predicting Court decisions is a bad business but when you look at the legal arguments does there seem to be a preponderance of opinion among reputable scholars as to where the where the law lies on this yet. I mean as the key caveat that I am not myself illegal expert and I think it's a fool's errand to try and predict how the Supreme Court is to rule on things but the consensus among people I speak with is that the the law is on the side of the congressional Democrats who are trying to get this information and I think that's the expectation that the Supreme Court will rule in line with the two lower federal courts actually more than two federal courts. Is there a couple of related cases? Here that are all being consolidated together and so a whole lot of federal courts have now ruled all basically in the same direction that the Deutsche Bank and also trump accounting firm need to comply with these congressional subpoenas. So we'll see it's it's certainly the best hope. The Congress has an frankly that the public has to get an unvarnished look inside of Donald Trump's finances. You probably are better source that joint Japan than just about anybody. Is it your understanding that the bank is prepared to cooperate and can assemble this information? Yeah my understanding is that they actually have a simple information. And it's basically sitting somewhere that somewhere may maybe is inside of a computer but it sitting somewhere ready for them to provide as soon as they get Clearance from a court to do so. And what the congressional committees have said. Deutsche Bank has said publicly is that the bank has actually been fairly cooperative. Working with Congress on this end is just waiting. You know they have a lot they. They've to adhere to the law. Which is that. They can't disclose information about their clients without a valid court order and so they need. They're waiting to see how the Supreme Court rules. But I think if the court will uphold congressional subpoenas I think Deutsche Bank more or less at the press of a button can deliver all this information to Congress This is quite a tale. You tell them this book. of greed dysfunction arrogance. You know this bank is now in. Its One hundred fiftieth year. And you write that for its first twelve decades it had a different identity then it has become what was the traditional Deutsche Bank. Deutsche Bank was founded to basically help large German European companies spread their wings internationally so it was founded in eighteen. Seventy at the dawn of the industrial era and it was basically built to help. German COMPANIES EXPORT OR PROVIDE INFRASTRUCTURE. All over the world for its first hundred hundred twenty years. That's what it did. It did it with greater greater ambition in more and more places around the world but it was fundamentally a bank that existed to serve its customers most of whom were large corporations either in Germany or in continental Europe and it did that with great success. There is a brief interruption during World War. Two where they the bank was deeply involved with the Nazis but even after World War Two the bank was one of the leading forces for European Construction and the reintegration of Europe so with the exception of the Nazi period which is a pretty big caveat. Obviously but with with the exception of that period Deutsche Bank for the most part in its first century or so of existence was kind of what you would expect in a big bank. Was there to help. Its customers succeed and help them to expand internationally. We should probably mention that when you know. Deutsche Bank came into the United States in the succeeding years. It had to reveal more about its activities during the Nazi era. How closely were they working with the Nazi regime? They were I think. In many ways synonymous with the Nazi regime. This is the bank that helped do everything from finance the construction of concentration camps it helped with the financing for the company that manufactured poison gas it participated in the area and his Asian of businesses all over Europe including in countries that Germany had conquered. It was selling gold that the Nazis had extracted from the teeth of Jews. Held selling that internationally to hard-currency for the Nazis so this was a bank that was really an important part of the Nazi military machine now in fairness to the bank that is true for most large German companies that existed at the time and still exists to this day so it's it's not that Deutsche Bank was uniquely evil during this period but the reality and there's an I don't think there's any sanitizing with this basic fact. The reality is that they were a party to genocide in the nineties. Deutsche made a big change. What was it decided that it wanted to get bid on Wall Street? And this is the globalization globalization was just getting underway and Deutsche Bank in its leaders viewed having a presence on Wall Street and in the city of London as essential to continuing to serve big global corporations. That increasingly were all over the world. Not just in one country moving into another but had presences in dozens and dozens of countries and the one way to do that is to develop a business of helping bank or helping companies raise money through for example issuing stock or selling John's or Hedging themselves against fluctuating interest rates or fluctuating prices for raw materials. Stuff like that but instead of just doing that in a way that was designed to help clients succeed and help them insulate themselves. From volatility in the financial markets deutchebanks things step further and it decided that it wanted to itself get into the game of basically wagering on financial markets and Deutsche Bank in a very short period of time went from this kind of traditional old school European lender into a company that was really becoming a Wall Street casino and trying to take on the likes of Goldman Sachs and J. P. Morgan with these huge trading floors in these huge Came adrenaline fueled trading desks. And this is a very fateful decision for the back right. You described them. They got a guy named Edson Mitchell who from Merrill Lynch and he hired so many people you refer to it as the Great Wall Street. My Migration Twenty five hundred people came to work for toback. Yeah it was a complete transformation of a bank basically in on a scale that was had really never been seen before in Wall Street history. Don't you went from being a complete non entity on Wall Street and in London to being virtually overnight one of the leading players on the street and they did that Edson? Mitchell was the one who led that charge and he was having a fairly impulsive very charismatic. Very energetic Salesman and he threw the I think largely through the force of his personality and through the power persuasion of having a few billion dollars at his disposal to spend on hiring people hired thousands and thousands of people not just from Merrill Lynch but really from across Wall Street and so Deutsche Bank went all of a sudden became one of the most aggressive places to work on Wall Street. We're listening to the interview. Fresh Air's Davies recorded with David Enrich The New York Times financial editor and author of the New Book Dark Towers Deutsche Bank Donald Trump and an epic trail of destruction. They'll talk more after a break and John powers were reviewed the new Amazon Series Hunters starring Al Pacino.
"deutsche" Discussed on MSNBC Rachel Maddow (audio)
"That's unfortunately not a question <hes> that we're able to address trust. The bank has contractual was serving. The bank has contractual obligations to its clients related to <hes> <hes> confidential contract away the opportunity to answer records question without the privilege such as the fifth amendment or something comparable. You can just say we told our client. We won't do not the content of them at all. I'm asking you do you have even just answering that question. I thing could run afoul of <hes> thinking. Could it yeah you're on are not in a position to answer that question based on the relevant statutes. We want an answer to that question. When we go to a court and seek an order well we we'd be happy areas but we need to know because there's a separate statute on disclosure of of returns if you don't have them we don't have to worry about it if you do have them. We have to worry about so it's a fairly important question in this case understood understood your honor and <hes> given the relevant contractual obligations and the statute which i just mentioned. I don't think i'm gonna position to address that here in an open courtroom today we'd be happy to continue that conversation with the court but i'm just not liberties need continuous weird. I just don't know what that means means. We're gonna continue with. When are we going to continue while they're the your honor i i'm. I'm simply not able to answer that question standing here today. Are you able to answer tomorrow morrow. After research <hes> in in an open court room <hes> i would not be based on the relevant <hes> contractual obligation union we we can like ours in which give us under seal unanswered question whether you have the returns and that's something we would of course let's be happy to explore explorer or explorer and do <hes> my my colleague. Were exploring it right now how you wanted to explore that really explore way. You're going to have to do it dude. The way not resolved in court was that that panel of judges gave deutsche bank until four o'clock eastern time today to tell them one way or the other no messing around if they've got trump taxes if what but they've gotten their records includes trump's tax returns and this is like a fraught question right you can see the deutsche bank lawyer..
"deutsche" Discussed on MSNBC Rachel Maddow (audio)
"Records related to deutchebanks dealings with president trump and his business and his family that sound from doug letter was the oral arguments arguments that took place friday at a federal appeals court in new york and obviously. I'm very excited about this. Usually we just get transcripts in the circuit court. We sometimes get the tape but in this case we get the sound of how the arguments are actually going in the courtroom so that's how we get to hear the lawyer for congress saying hey for obvious reasons the committee's wanna i know why it is that deutsche bank would be willing to lend a large amount of money to someone that no one else would touch meaning president trump right. Here's the council for congress saying something mysterious appears going on between donald trump and deutsche bank. It makes sense the congressman look at deutchebanks records that tape of that or argument it though is how we got the surprising upshot from this litigation this sort of turn in this litigation over the last few days which is that deutsche bank for all of its troubles for all of its worries right now. Deutsche bank has been trying to no comment. The federal courts as to whether or not they've got president trump's tax returns. They've been trying to get away with telling the court. If part of what they got in their records from their donald trump files is the president's taxes and so we've got this kind of this incredible tape. We never got to hear this stuff stuff like court proceedings in real life on tv but check this out. Listen to the door. Japan lawyer tried to no comment a whole panel of federal judges when they are asking asking him point blank. Hey we need to know if you have his taxes. You've been subpoenaed for your trump records. Does the trump record pile that you've got included taxes. Is that part. We're going to hand over to congress. They are asking him totally blunt terms..
"deutsche" Discussed on MSNBC Rachel Maddow (audio)
"This one financial institution deutsche bank is turning out to be a big black hole financial mystery in the middle of a lot lot of donald trump scandals but donald trump is also turning out to be its own neverending font of scandals and failure itself just like author most famous client deutsche bank is in the middle of so much trump stuff but they are a piece of work themselves particularly right now just this past week the securities as an exchange commission filed this document pursuant to a multimillion dollar settlement settlement agreement with deutsche bank after the caught them in multiple violations of the foreign corrupt practices act which means they were bribing people quote between at least two thousand six and two thousand fourteen deutsche bank provided valuable employment to the relatives of foreign government officials in various parts of the world as a personal benefit to the officials in order to improperly influence them to assist the bank and obtaining or retaining -taining business or other benefits so they're giving jobs to people's relatives so that those people will give business to georgia bank and those people were government officials from other countries so that counts as bribing government officials and other countries in order to get business for yourself settlement agreement. Let's all these specific examples. The daughter of the deputy finance minister from the russian government the daughter of the chairman of a large chinese state owned enterprise the son of an executive at another asian state owned enterprises resume contain so many grammatical errors and typos that deutsche bank employees actually revised the kids resume for him to make it seem slightly really more plausible that the bank was going to be giving this kid of job for some reason other than just bribing his mom. Which is the real reason they were giving the kid of job quote. Even after referral roll higher be was emailed chichi that included interview questions and acceptable responses in advance of his deutsche bank job interview. He still interviewed poorly interview. Notes stated that his interviewers did not like him thought he was one of the worst candidates they interviewed and thought he showed very little interest or understanding of market slash finance slash current affairs but you know who bob. Is you know she works for a state owned. Enterprise and deutchebanks bank wants business from that country from that state owned enterprise while yeah so they hired that kid so deutsche bank apparently has been doing this all over the world giving jobs giving make work jobs to the children of foreign officials. They've just paid a multimillion dollar settlement to the s._e._c..
"deutsche" Discussed on The Indicator from Planet Money
"This <Speech_Female> week Deutsche <Advertisement> Bank <Speech_Female> made a <Advertisement> pretty shocking <Speech_Female> announcement <Speech_Female> first of all it <Speech_Female> is basically getting <Speech_Female> out of the investment <Speech_Female> banking business <Speech_Male> also <SpeakerChange> laying <Speech_Male> off eighteen <Speech_Male> thousand workers <Speech_Male> cutting <Speech_Male> expenses by twenty <Speech_Male> five percent <Speech_Male> and splitting off <Speech_Male> some of its businesses. <Speech_Male> All <SpeakerChange> of this <Speech_Female> is an attempt for Deutsche <Speech_Female> Bank to reorganize <Speech_Female> and save itself <Speech_Female> from going under <Speech_Female> the bank lost more <Speech_Female> than three billion dollars <Speech_Female> in about three months <Speech_Female> <SpeakerChange> it tried <Speech_Male> to lock down a merger <Speech_Male> but that failed <Speech_Male> a nights <Speech_Male> just trying to survive <Speech_Male> and we're potentially <Speech_Male> looking at the slow <Speech_Male> bloody swansong <Speech_Male> of one of <Speech_Male> the biggest banks <Speech_Male> in the world. <SpeakerChange> <Speech_Female> This news did not <Speech_Female> surprise Mark Williams. <Speech_Female> He's a professor at <Speech_Female> Boston University's <Speech_Female> Questrom school well if management <Speech_Female> and a former <Speech_Female> Federal Reserve Bank <Speech_Male> examiner. <SpeakerChange> I just <Speech_Male> shook my head. When <Speech_Male> I read the news? <Speech_Music_Male> <Advertisement> <Speech_Female> Why would you think <Speech_Male> since it's just <Speech_Male> a shame it's <Speech_Male> been mismanaged and <Speech_Male> this is just another <Speech_Male> attempt <Speech_Male> to shore up <Speech_Male> something which keeps <Speech_Male> on becoming <Speech_Male> smaller and smaller <Speech_Male> is <Speech_Male> just a giant shrinking <Speech_Male> bank? <Speech_Music_Male> I mean that's really <Speech_Music_Male> it's <Speech_Music_Male> burn rate is since <Speech_Male> losing billions and billions <Speech_Male> of dollars every year <Speech_Male> <SpeakerChange> but high. <Speech_Male> Did this happen <Speech_Male> where to <Advertisement> Deutsche Bank <Speech_Male> go wrong. <Advertisement> This is the indicated <Speech_Music_Male> from planet money. <Speech_Male> I am today <Speech_Music_Male> substitute <Speech_Music_Male> Patty Hirsch <Speech_Music_Male> and I'm <SpeakerChange> Stacey <Speech_Music_Female> Vanik Smith. There <Speech_Music_Female> are no substitutes. <Speech_Music_Female> Patty are fearless <Speech_Music_Female> editor and <Speech_Music_Female> today on the show we talk <Speech_Music_Female> about what happened <Speech_Music_Female> to <Advertisement> Deutsche Bank. <Speech_Music_Female> How <Advertisement> did it go <Speech_Music_Female> from one of the <Advertisement> biggest <Speech_Music_Female> wealthiest <Advertisement> flashiest <Speech_Music_Female> banks in? The <Advertisement> world <Speech_Music_Female> with operations <Advertisement> dozens <Speech_Music_Female> of <Advertisement> countries <Speech_Music_Female> to a shadow <Speech_Music_Female> of <Advertisement> its former <Speech_Music_Female> self <Advertisement> just selling <Speech_Music_Female> off <Advertisement> parts to <Speech_Music_Female> survive <Advertisement>
"deutsche" Discussed on FT Banking Weekly
"From those big four anchors as you said sydney the noises coming at blackwood with less than positive a few weeks ago so we'll see what comes through on that let me go now to germany weber joined by jahn buyer now by is the lawyer for combat of freitag who is the activist shareholder who tabled the confidence vote in mr athlete now young by thank you very much for joining us i spoke my first question would be what prompted you as mr freitag tax representative to table this motion issue you should see two motions of noconfidence against us off night night and the structural proposal we made proposing that deutsche bank should refocus business on european and asian investment banking as well as wealth management it boiled down to very simple question stuff i talk does not believe and i think if you share this with a growing number of of shareholders deutsche bank that deutsche bank have credible strategy of forward around and that they are simply kicking the can down the road for a number of years now the leadership of mr live now and therefore we decided to table both revolution and put them on the agenda in order to able shareholders to discuss whether or not mr nightmare still the right person as a chairman of torture bank okay so i suppose nobody knows for sure until the gm actually happens whether mr athlete now will find his position untenable after thursday or not but what is you'll sense is your attempt to ask him going to work you know from our perspective we were never really confident that you know institutional shareholders would vote missed off like now in the gm but the motion to dismiss missed off like knows roy.
"deutsche" Discussed on FT Banking Weekly
"Because of the chairman us light now after these reporting much didn't say anything in public pecking crime and basically let the curation lingo on and this damaged crimes extending inside the bank and all tied beyond repair than fourth the bank to act probably more quickly than southland initially wanted to act just bring in laura here because one of the interesting turns of events is that we now have the full retail banking chief of deutsche taking control of the whole group as i see quite a different scenario from war might be imagined given the mr lightner approached a number of senior international investment bankers as the external idea for a successor at the same time goth richie who's an equity bank has been promoted to run the whole of the investment bank what will these bits of news mean laura fool the future of deutsche investment bank which as we know once was a real giant in global investment banking fear and has being rather the troubled over the past few years well i think anyone who listened to your account of how things on folded there can a free safe that this thirty scattered onto it doesn't look like they were really consistent in terms of what they actually want us now we have been here before money of our listeners will recall when workdays appointed their retail banking chief anti jenkins to run their total group that didn't then terribly well i guess shareholders deutscher will be hoping that this ends better but it is hard to really see discernible strategic message from this because at the same time as having the former head of three taught by become chief executive they've also pointed a number of directors to the supervisory board who hail from the invest vying site so you couldn't really look at the changes in the last few days as we are clear pull back from the investment bank even earlier than this investment bank can't stop talking base hang onto market share a soft talking base growing the revenue line our more focused around profitability read efficiency and they were looking more to pare back then they were to defend growth i think we'll definitely see more of that is.
"deutsche" Discussed on FT Banking Weekly
"At a temp ben mcclanahan and his guest there has been ken reese the chief executive of elevate the some prime lender we've also been talking through a city uk conference here in london to mark hope and baroness folklore this week we'll be talking about deutsche bank on a potential change at the top also three reasons to be cheerful about brexit and finally that interview that ben mcclanahan has done in the us with elevate the subprime lender that went public a year ago i martin to deutsche bank and the long running rumors are john cryan 's tenure at the helm of germany's biggest bank have resurfaced we hear talk of informal approach is being made to potential external successes what are you hearing exactly yeah so i think this is being driven by a strategic disagreement and debate that is happening right now at deutsche bank about the future of its investment banking business basically which is still the bulk of the group germany's biggest bank and the difference of opinion is really one on on timing and an how aggressive to be enshrining the balance sheet of the investment banking business which is still one of the largest in the world in terms of risk weighted assets and capital absorbs and and the reason the bank needs to do something is that the capital requirements so on it increasing on in several areas because of the basel socal basel four reforms so they can see the problem and also the bank is just not generating enough of return on equity to make it a long term viable business it needs to generate a higher return on equity and so the the difference of opinion is between the chairman of the supervisory board poor act like ner and the chief executive all and and chairman of the management board john cryan john cryan is very business tonight is he's analyze this problem in depth he knows what he wants to do you want to get on with shrinking the balance sheet of the investment bank but the strategy that he's pursued so far has been one of cost cutting and also a some hair.
"deutsche" Discussed on Bloomberg Radio New York
"Leading all of our coverage off our london desk and now back in new york he's agreed to join us because duke for how to duke loose do we know do you have an inward channel there i don't know if i'm ready to talk about yeah medication has worn off however i want to go to deutsche bank j p morgan's operating income is forty two billion us dollars deutsche bank is one tenth i'm going to be charitable and called four billion in the last ten years they have produced a negative eleven point six percent total return each and every year totally unacceptable why can't this board get that and get the immediacy that mr crane wants well i think there's a lot of there's the fundamental question of what do they want this bank to be you know historically it was a german corporate lender and then it went through a phase of being a global investment bank and now they're kind of somewhere in between they do have a global investment banking operation it's not making the returns that it needs to make they're trying to pivot a little more toward germany that's an over banked market that has too many banks so there's a fundamental question of what they wanted to be with experienced i have a little bit i've been in their offices i've had the fancy breakfast with tuxedos big deal you've been on the wall in london to the deutsche bank offices how separate is deutsche bank london from deutsche bank germany they're definitely two different power centers and london certainly represents.
"deutsche" Discussed on FT Banking Weekly
"Market and deutsche bank the first increase in collective net hiring for the group of banks nuts uninteresting turning point because it shows out they are evolving from the cutback stage to the invest stage and that's going to be interesting going forward poem which does this trend among the european banks signal them kind of reengaging in competition with the us banks they've being on the front foot for quite some time now is this a signal that they're going to become more aggressive in terms of the competitiveness of the market for some of them it's just that they've just been so distract his are so consumed by their restructuring that neither looking to rothe again and is over the fact that the market is getting better so a number bang for talked about the pickup in volatility in the first quarter and that's going to help the market overall in terms of their competitive position we've always he seen the european banks particularly in europe actually taking a bashing at the hands of us banks ironically breaks that will help the eu banks in this regard as things stand because it looks like the large eu investment banks we'll be able to run branches in london and as they currently do and that is going to allow them to have a single poon of capital across the eu and that will make it more efficient for them to do business the us by from the other hand look very likely to have to maintain separate capital further eu and the uk and entities that will put them at a competitive disadvantage so we may be approaching something off a reshuffling in the world order and certainly there are things that would lend itself to the european banks having a better time going forward the one caveat i would make i did speak to recruit or the ran these figures were they made the point that the european bank did have an uptick in hiring in the.