36 Burst results for "Deutsche Bank"
Fresh update on "deutsche bank" discussed on News and Perspective with Taylor Van Cise
"100,000 cases alone, closing beaches and banning fireworks over the fourth of July weekend, 51 year old Tommy Mascius have California sharing on Facebook. He was diagnosed with Cove it after going to a barbecue Because of my stupidity. I put my mom and sisters and my family's health in jeopardy. This has been a very painful experience. His family says he was a diabetic and had been careful wearing masks and social distancing. For months, Tommy Missy is passed away. A day He went to the hospital where waves absolutely shocking, but wasn't in the room and my mom got a call. I heard her cry out. I still don't want to believe it. With the virus rising in 35 states, 17 states, either pausing or rolling back re openings in Arizona Deaths. Climbing are Kaylee Hartung with paramedics on covert calls in Mason. A 40 year old patient with trouble breathing his mother rushing to see him before he's taken to the hospital. I just came so I could Because here we wait. Can't see them. We can't talk so well. Anyway, I just wanted to see him. Governor talked about toddling back in those state home orders, which likely means re instituting a lot of those restrictions that we've been seeing over the past couple of months. I mentioned something We haven't heard much about recently and that is enforcement. But he didn't specify a bee sees Matt Gutman. Come on news time. 1 15 Hell Insurance Business News, 20 and 50 past the hour. Is Jim Tesco, a generally positive day for US stocks, even though the Dow industrials were unable to hold narrow gains into the clothes. The blue tip index fell nearly 78 points. Meanwhile, the S and P 500 rose 15 and then as that composite jumped 96 to close above 10,150 for a fresh closing. I Among the day's notable gainers. Pinterest shares the image sharing social media company jumped 5% following word that a rival APP called Hobby is being shut down by Facebook. Also, a Deutsche Bank analysts made positive comments about Pinterest and raised his price target on the stock. That's your money now. Another tough day for aerospace stock. Alaska Air Boeing And other airlines and manufacturers down today, But Alaska air down by 1.5% bowing down by about as much strong day for Amazon by almost 4.5%. Expedia with the strong two and 3/4 per cent gain today, and T Mobile, Zillow and Redfin doing well also. We check money News, A 2050 past The hour Traffic update is next. When I grow up..
Asian stocks see muted start to third quarter
"In a muted fashion invested, assessing mixed economic data, all amid concerns about the spread of the Corona virus. Onyx guests expecting markets to continue to be volatile in the second half of this year. 200 is Asia and Europe. CIA Deutsche Bank Wealth management. Do I thank you very much indeed. For joining us a brand new quarter after the best quarter we've seen in 11 years for many markets. Tell us about it. What do you expect? I think, after other strong ready we have seen now in the second quarter. I think quota would rather the from our perspective more sideways one but obviously with volatility. Because we think a lot already been privately owned, and we are seeing a higher number of infection coming up mostly coming from the US, So there's still some risk around, so we don't expect obviously. Similar quarter like second quarter more sideways. Absolutely. I mean, it seems the good news or possible. Good news has been priced in. But none of the bad has bean. At least it hasn't been for the last month or so. What is going to have to change in order for some of that euphoria to come out? I think the markets as you also write that pricing in off course now re opening ofthe economy, So I mentioned we are seeing continuous number off infection Rising. The U. S, has the highest seven day average since the outbreak. In March. So hence way think if it doesn't lead to a second lock down. Than the market should at least be quite robots. In this regard. We can imagine there might be some profit taking or over the past 23 weeks. Whenever there was some weakness in the markets it could stabilized so like last week When we saw in the US the S and P 500 wass close to 3000 again Today we object to 3100 So I think the light positioning Is also a reason why markets didn't correct that much as maybe many have expected because a lot off investor waiting on the sideline. Both who have missed that, really, and waiting for an opportunity to step in. So hence we are not expecting major outbreak in each direction tends more sideways one but Again if The number off infection would potentially lead to a second lock down then this would be a better new bed news and the market clearly, heaven price in this scenario. To honor no doubt You're right. But you know you could talk about a W V or you pair shaped whatever type of recovery you want to look at. The question isn't we've got other wolves of worry identified. Someone was about election coming up in the US. We've also got rising tensions, of course between Beijing and Washington, not least over Hong Kong, but other matters. Much again. Will you take me for people? I couldn't begin to recognize those, and actually, then Start looking the markets looking as though they are fairly Pollyannish. Absolutely. I mean, you don't even have to look too far ahead. Next week onwards, we starting second quarter earnings season. And even bold, The downward revision. It's continuing your vote at a slower pace, but as the own no supposed to know it Oh, and supposed to be the worst quarter since the Second World War. This supposed to be president. But like in the first quarter, we have also seen some companies, of course, but also disappointing friends. That would also be interesting to see how the markets are taking. Second quarter earnings release and would also be interesting to see These companies now finally making some prediction how the rest of the year will play out. But if you also rightly pointed out, if we look a little bit further ahead, I think US election would clearly be One ofthe key risk. We are seeing a TTE a moment. If this election then it looks like that Biden will have here a clear edge over Trump. And if I look at Europe off course Brexit still ongoing discussion here in Europe and then the usual U. S and China attention or bowl. We are Not expecting here. Any disruption for the face one deal at this moment.
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.
Stocks slip as markets await Trump's Hong Kong response
"Hong Kong security law and the U. S. responses to later on this Friday and setting up a pretty gloomy end to what's been in next month for Asian stocks Menton has stalled after April registered the strongest surge since twenty sixteen that's crossover to Frankfort and twine queen a CIO of emerging markets at Deutsche Bank wealth management so I think this week we saw a little bit of a a preview of what could be the calm here when it comes the rising U. S. China trade tensions market so it seems to be taking it in stride for now but what could be the next driver for markets in the next couple weeks or so in June after we saw a pretty decent last two months exactly so I think now given that we have seen quite a strong rally from the lows in March and now that a lot of countries in the world but no stopping in the U. S. with the exit strategy stock market that turning a little bit more to of feed now and of course as you read he said China you attention would be one of these but the thing that is more of the election recall a kia as you know we are of course not in the middle of the election campaign to with the election in beginning of November and and the the approval rating of president trump has falling quite choppy he had of course now to two district case border he and now directing to China is maybe one of the possibilities and of course as I mentioned with the exit strategy we also have to watch now how this is going to play out if there's a second wave which could trigger a potentially old sold a second knockdown I think these are the main themes we are looking at and then of course how the economic data will also then follow we know and we have been to one date which was bad but of course everyone should be aware that cute too in your role and within the U. S. would be even worse than Q. one yeah I let you see this divergence right of what the real economy is seeing versus what I meant financial markets have outperformed essentially how do you think this all gets resolved will stocks eventually catch downing and get a dose of reality or do you think that the economy are we're gonna see a decent enough bounce back to justify the hope that's been priced into markets yes well I think what the markets are currently pricing in it is exactly that story fifty economies are open again we don't see a second wave and that things are slowly returning back to some sort of normality maybe you can call it in you Norman but if we compare then of course the reality is he right he said with the expectation as I mentioned it is also of course so a lot of pride in so when I look at a lot twelve month target for example bought the S. and P. five hundred we think that if not much upside potential and the reefs at this level is Robert to the down side from our perspective to let go fast you Melis from China out of four point eight percent of GDP veces the likes of the U. S. at fifteen percent Japan at twenty percent how much of a risk is that for eons we don't think it is much of the race because when you look at the data and the we how China and also about Asians and countries have said to deal with the virus I think of the if not the need to be so aggressive in terms of to Malaysia the markets with maybe a little bit disappointed with the the number of the stimulus measures also compared to other developed markets but the I mean China is we know has been the vehicle two months ago in January and and February but since then the economy is open again we have a team of course the the data recovering not at thanks to the previous level but of course China and the rest of Asia at least two months ahead of the rest of the woodlands that he's not that kind of needs for such a big stimulus but I think the old so that if need be then the the government here will that also increase the similar so from that perspective we are not worried at all what I want to take a look at the bond market sell these Asian bonds in particular have had a great time best performing in Asia in Q. one are you still finding Indonesian Thai Filipino bonds attractive at current levels on the elective bases yes broader market as you rightly said the performance has been great already so we are still recommending clients for Camry but it tends to be much more selective especially now the run we have seen so it's not just by the whole market like when they see it September but now it's more on the collective faces and also in terms of conviction calls right now what what do you see the most opportunity it seems like we're or seeing the last couple weeks or so this rotation out of out of quality into value and and it and people are pricing as you mentioned this this recovery but then you're flying of course the risks of all the second wave as well so how do you hedge your bets at this moment yeah you read me that so we have been recommending recorded quality goal here because I think in such an environment where most of the companies are not able to provide guidance it's even more important to look at both companies with a strong balance sheet with total visit the business model and that's why we have identified especially the technology but also the head Catholic thought to be for Indies quality growth area if you ready said we are also seeing it in the last one or two weeks I would be some rotation into value but we think this is maybe not the numbers we still think the win in the pot supposed to be the winner in the future as well but of course they have called to reach now valuation levels which not cheap anymore so can you also again have to be selected if a lot of you offer continuous recovering would not play out then of course as the hatch we still like gold on the other side I think he with interest rates being still very little we don't really see much in creation I think because gold is the to have a meaningful with a location in now hold clients but for years we've seen at least when it comes to global GDP estimates that things perhaps of bounce are these bottoms for twenty twenty one do you think that's still looking a bit optimistic because I seem to be the reason are catalysts for many bowls to really continue to track cases rally if I were you is and I think as I mentioned in the beginning of the year a GDP would drop quite massively and half of it Q. two will be the worst quarter since the second World War we are expecting corner me in the U. S. to read cover back to end of twenty nineteen level in twenty twenty two so but bounced bank will happen in twenty one but it won't be enough to be back at the level from Lafia so it would take another year in twenty two in order to be back then two levels of nineteen eighty and you roll depending also on Khan three the eight my take likely long maybe then Q. two of twenty three and at the same would be for earnings and this is I think what the market is looking for and stopping now also to discounted twenty win from don't your bank wealth management speaking to us from Frank but thank you so much
"deutsche bank" 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.
Stocks open sharply lower on Wall Street as fears spread of economic damage from virus; Dow sinks nearly 1,200 points
"Falls on Wall Street the Dow right now down one thousand one hundred seventy eight points the S. and P. five hundred down one twenty four the nasdaq down to eighty four so what's going on we're managing the global economy into recession to prevent an even bigger public health crisis of there's no playbook for it and that's why you're seeing these virus fears honestly menace the market because even the is it a communist and they admit where guessing at some of this because it is so bad it is happened so quickly we don't know how it's going to bounce back how Deutsche Bank says it will bounce back later this year has corresponding
"deutsche bank" 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 bank" 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.
'Dark Towers' Chases Scandal-Ridden Institution Deutsche Bank
"David ensor joins us now. His new book is called Dark Towers. Deutsche Bank Donald Trump an epic tale of destruction it debuts this week at number two on the New York Times bestseller list and I also have to disclose that. David is my cousin in law and he eats all the pie Thanksgiving about his nonetheless. Welcome here on the PODCAST. Lobo I didn't know what you're going to get that person quickly. Yeah important. Why people to know Dave? Thanks for being here. That's revenue so we're not GonNa talk about that crime. We're GONNA talk about some other ones. This is a book about deutchebanks. Started off with reporting that you did beginning around two thousand fourteen. I was in London working at the time of the Wall Street Journal and I'd already been kind of obsessing about Deutsche Bank. Ps This is you know. One of the biggest banks in the world one of the most troubled institutions and involved is either at or near the center of just about every financial scandal under the Sun and then in January twenty fourteen one of the most senior executives at the bank and kind of the right hand man to the CEO at the time was found hanging in his apartment in lended. Who is he his name is? Bill Broke Smith and he was a guy who had worked at the bank on and off for almost twenty years and he had he was an expert in risk management in an expert in derivatives and he but more important he was the guy who turned to as kind of the ethical compass of the bank he was. He was known informally as the conscience of the place. He was someone who could say no. He was pretty conservative and he was not quite as hungry for short-term profits as most of his colleagues were and it's something that happened at the bank immediately precede his suicide and did he leave a suicide note like do. We know that this was tied to his work. Well I mean it's really hard and I think probably dangerous to try to make in light statement about why someone does something like this but he did leave a bunch of suicide notes including one to with his longtime colleague onto Jane who at the time was the CO CEO of the Bank. And so one thing that became clear over the years a report and I did and working to talk to his many friends and family members and former colleagues as I could was that. There's no doubt that at the time of his death. Deutsche Bank was very much on his mind in someone he knew his on his mind in a not in a good way he was very upset about some of the things that had transpired while he was there are before we get into some of the things that that he personally saw during the I guess the Early Twenty First Century you say that as of two thousand fourteen it was well established that Deutsche Bank was kind of troubled scandal-ridden institution I mean. How far does that date back? Well the bank is one hundred fifty years old this year. Happy Birthday Deutsche Bank and for the first several decades of its existence. This is just a pretty provincial. German and European lender helping big industrial companies like Siemens spread their wings internationally. But when the Nazis came to power in Germany in the thirties Deutsche Bank became a central part of their attempt to take over the world and this is not attempt to take the Nazi attempted takeover. Was that different from what other German banking institutions did. At the time Deutsche Bank was by far the biggest German bank. A lot of German companies to survive did what it took to arrive in that area which was helping the Nazis. But there's been an attempt by the bank and some historians I think in recent decades to kind of sanitize that basic fact by saying well. Everyone was doing it and that was just the way the world works and we can look back at this period now and say that Deutsche Bank was party to genocide. Wow most people who don't work in finance and don't report on finance look at these banks. They all kind of seem interchangeable and interchangeably bad. That every one of them or many of them have had one terrible scandal or another or many in recent years is a bank especially at I mean. Is there something about its culture? There are a lot of things that make it a specially bad. I mean first of all wallets true that just about every bank under the Sun has been attached to one or more financial scandals over the years. Don't you think really has been involved in a disproportionate number and it's faced disproportionate penalties. As a result of that you can look at that in terms of the number of criminal charges. The bank has faced around the world or the amount in fines that it's racked up the to me. The better measure of its destructive capacity is the havoc wreaked around the world. And you can really look in. Probably almost every continent of the world in see some major in pretty pretty bad scandal to the bank was involved with the cause real harm whether it's destroying companies or really messing up economies or being involved in major bribery or corruption scandals laundering money violating sanctions. Deutsche Bank is blamed by the families of some American soldiers for their deaths in Iraq because the bank was illegally funding Iranian terrorists. So you can say that about some things but you can't say about every bank that every single scandal comes right back to their doorstep in that unfortunately is the case. Allow the time with deutchebanks one of the things that differentiates Deutsche Bank for many other banks is that there is no villain at the top. They have no. Ceo Unlike many other banks is that part of the problem that there isn't one person who has held accountable. Well it actually used to be that way these days for the past fifteen years or so they have had a CEO. In fact you can trace the banks last series of problems going back to the mid two thousand to the decision to place increasing power in this unitary see It's gotten worse when they've had someone. Yeah although it got worse under Joe Ackerman who is the longtime CEO from two thousand to two thousand twelve. And he was the one who converted the organizational structure of the bank from being this kind of collaborative committee led approach to being one where there's an American style. Ceo At the top of the bank and Ackerman very shortly upon arriving as CEO of the bank made a very fateful decision which was that he decided that within a very short period of time a couple of years deutchebanks prophets needed to go up about five hundred percent and looking backwards. It doesn't seem that surprise and the consequences that followed that at the time. This marked a really transformational change within the bank. And it went from being an institution that looked around and kind of saw itself as serving multiple constituencies whether shareholders or customers employees or the communities. In which an operator and it went from doing that to having a single minded focus and obsession on maximising short-term profits basically consequences. Be Damned and when you talk about the recent crimes of DEUTCHEBANKS and we're not even getting to Donald Trump who is in your subtitle him later. Did most of those things manipulating markets helping terrorists regimes defrauding regulators. Did most of this take place during that two thousand and two to two thousand twelve period when he was the CEO will the got started. Then and that was Ackerman's decision to prioritize short-term profits above all else was the catalyst for all sorts of bad behavior within the bank and it wasn't just the people were rushing to make money at any cost and although they were doing that it was also that the bank at that moment because it was so obsessed with meeting quarterly profit targets. It stopped investing in things that cost money. For example they stop investing in technology. And so the banks internal computer systems became just this. Archaic jumbled mess and that sounds kind of technical and maybe not that important but the reality is immense that Deutsche Bank. If you if you were asked to say Deutsche Bank what how much money have you lent to say Russia? There's no easy way to answer that you can just type it into a computer. None of these computer systems are talking to each other. And that's a pretty scary thing for bank. And they also completely failed to invest in compliance an anti money laundering staff. And because those are things that cost money they're not going to produce revenue and in fact they they do the opposite prison revenue. They take away revenue as their job. If they're doing it properly is to say no to potentially problematic and potentially very lucrative transactions this focus on quarterly profits and profit above all else. Is that very different from what other banks were doing. During this period Deutsche Bank went from
Novel coronavirus sparks massive stock market losses as cases spread worldwide
"Well this week has been frankly a blood buff for markets the stock route looks set to continue as we heard from Caroline so one of the biggest market move today thanks Roger as you say it's just not looking very good for markets right now you mentioned the the the the the kind each in the markets and Japan says closed the topics had entered a correction phase yesterday and we what we I say so in the other markets the key we fell one percent after back country found his first case of the corona virus treasury treasury yields a set new record lows and traders are betting that they'll be at seventy five basis point cut in fed rates this year Deutsche bank's chief economist told us that the speed of the client over the past week even beats the black Monday episode in October nineteen eighty seven wow that some historical tax isn't it I'm without concerns there over the economic impact of the virus and you know you're driving sentiment love what what's the latest when it comes to the outbreak you know it is about sentiment about anxiety mood in the markets as much as the economic impact to unfortunately we're not seeing him any any positive news we've had a number of developments I've night is mention USILA reporters for this case there's a fan the virus in Nigeria and that's the first one for sub Saharan Africa the more cases in Italy Iran and Kuwait and you know the the the name fictions in in South Korea suppose two thousand over here in Japan where I am that the government yes they said they're gonna shut schools down for a month and take your Disneyland will close for two weeks yeah and the the Africa case I think is one the three setting alarm bells ringing just because the state of the health facilities that exist on that constant but that way that the one very interesting thing I wish we had Guggenheim CIO Scott Minerd he's been really talking this up saying central banks in fact com do very much to mitigate the impact other yeah it is saying the fed is fairly impotent his chords to to to blunt the impact of this virus he says the outbreak is possibly the worst thing he's seen as a money manager if he does say the fed may lower rates in March but that that will try to avoid stirring for the fees if if if the if the virus spreads in the US he reckons that stocks could fall as much as forty percent from the peak yeah of course although the number of cases in the US still very low and even in Europe you know you I think we should be alarmist about on the other hand you know that that also there is still sort of tied to deal with things but let the turmoil in the markets is also really galvanizing AIPAC officials they've got that meeting next week in Vienna we understand that Saudi Arabia is actually pushing now for an even bigger production cuts explained that's right so all prices have been suffering and and you know it's supposed biggest weekly loss since twenty eleven is down about fourteen percent this week they have a a pick and his allies have a meeting in Vienna next week and the sickly general has said that the H. the the the parties involved are showing a renewed commitment to reach an agreement for production cut we face I said analysts such as a C. B. C. saying that any production cut right now maybe just too little
"deutsche bank" 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 bank" 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.
Softbank's Vision Fund 2 stalls as key backers opt out
"Meanwhile we've got a real focus on softbank's earnings came out overnight and there is a question just about their governance structure the relationship is going to be with Elliott management wishes took an important purchase of shares in softbank but really for a lot of investors the focus is on the vision fund which has been in one of the biggest drivers evaluations and silicon value it posted a loss a two billion dollar loss in the quarter how big of a deal is this at a time when there are a lot of questions about the we works and you know and and some of the other companies Airbnb which is gonna IPO later this year and and had a loss in the fourth quarter well I think it's fundamentally gets to Elliott's problem itself banks say your alley at having now taken a three billion dollars stake it's sort of view is that of division fun is that you're very small part of softbank's actual business and yes it consumes a hundred percent of the oxygen that whenever we talk about softbank we don't we seldom you name mention his name without mentioning the vision found in the same breath the reality in the most of its valuation concert steak and and Ali Baba it also has publicly stakes in it's sort of a part of us carrier in Japan's softbank easy sign my ball carry it in Japan it also has stakes in you know Allman a bunch of other companies and the value of their stakes is perhaps two hundred seventy billion dollars that is significantly more than the act the value of softbank itself and yet did one of the and and and the one the reasons for that discount is actually because people look at the the the hate cops and the snafu of of of we what and they think of next this company has Sirius corporate governance issues what moron and telling us how do you know if people are listening we thank them for listening all the time rate Alex do they have any transparency on this this massively opaque company I mean does anybody really know what softbank's accounting is known and that's what I'm increasingly someone says something to his feet hurt but on but ultimate that is one of the things that rule say complaining about the good will the bed will the LX web will whatever you want to call it does anybody really understand the intangibles involved here it certainly a big office into one of the criticisms is that a lot of people within softbank of people came out of Deutsche Bank I'm responsible for structuring a lot of the the needed financial products they had in the run up to the crisis and the people that if people have been quick to draw comparisons between the two that's why Ellie is also for better transparency I think isn't Saudi fat to mom do you know there is one criticism is that the it for argument's sake let's not quite clear that they do this but an occasion is that they you know you invest in a company what is valued at billion and you throw in two hundred million to an eighteen months later you invest in the same boat company at a four billion valuation but you any during fifty million all of a sudden a hundred fifty million valuation one fifty million investment has become part four hundred fifty million in book value on this pretty hard now the something would offend this by saying well there are other investors to invest the same valuation at a later date but it doesn't always smell right and that has some seems to pop common stock in some of these investments not least we work and Elliott sang body just constant on the main business use of capital to buy back the note on the pin the value of the property traded stock you have in Japan and that's a fall but a way of generating turns your existing investor base time adjuster this happy unrealized gain on investments at the vision find shrink a five point two billion dollars which is less than a third of the paper profit that softbank every six months ago those who have thank you
Deutsche Bank stock soars 14% as investor takes stake
"So I'm looking at Deutsche Bank here stock is up a little more than ten percent today fifty two week high in part because of some news that Deutsche Bank that capital group is taken a three percent stake in Deutsche Bank so Steve errands Bloomberg news from Deutsche a bank from Germany once you don't what does it really mean here for Deutsche Bank had the stock has been so beaten down so what does it really mean for them yeah it's a five minute show it's I think it's I mean the share price says it all it's a big boost for the CEO unveiled a very ambitious turnaround plan last year people at first didn't believe the plan the stock actually had an all time low just in August but for some reason he he's given people more faith in his play in his own performance and to actually unveiled pretty good numbers for a week and that has really boosted to share and the decision by capital group now highlights how investors seemingly take take faith in the plan and a willing to put the money on it the store owner let's be sure folks is not an index fund purchase like vanguard or State Street in the others is an active manager going in is it perceived there Steve almost like a sovereign wealth fund purchase it's certainly something as you said this is a very very sophisticated investor it's an investor that will look at its target for a long time before making a decision we've been told they were actually here in Frankfort on the investor day in December people from capital group and spoke with the CEO and other people of the bank to make sure they're invest would pay pay off the and I think that has happened to them it's the it's a very very well and well thought through death when I think so Steve what is investors believe that Deutsche Bank has to execute on first and best what the house what what they like first of all is that day they've been managing through this deeper structuring without dipping too deeply into the couple questions so capital strength financial strength is better than initially expected and that's a big positive trading which is still one of the two banks traditional strength was impacted less than many people had feared and is now serving shows you can lease them the revenue decline in other parts of the business then you know we may even seem right we'll see what I want to replace also idealised hearing in trouble John Nichols way but I'm gonna cut to the chase does precluded torture bring cash call that's all this comes down to the big fear is David to go back to the well to Qatar and the others to to you know recharge the ballot she is that out of the way now I think that's part of the reasons why people are now willing to commit more money to it because the the less than expected and kapple the regulatory capital means it's now likely to manage to that more likely than before that they will be able to manage to the restructuring without having to ask shareholders for more money and see I guess the other issue out there is is there any type of merger that might be on the horizon for Deutsche Bank well you probably know they went into formal talks with the other German bank Commerzbank last year and that didn't go anywhere sure I'm pretty sure and setting his sights on the record they will not allow the consolidation but I think it's highly unlikely for now but I mean it's pretty close something that seven would like to do one one the bank stronger very good seeders thank you so much greatly appreciated from front for here's capital group Los Angeles dives into a significant position on
Deutsche Bank loss widens in Q4 on restructuring costs
"So there is a vessel Deutsche Bank I'm better than expected well that's what you might think it's fallen Xbox of course yes Vic trading revenue source like beat that but overall it's the fourth annual some five years and throws the loss was greater than even dissipated and also the still seeing huge restructuring costs so Deutsche Bank has been called on mine is full to about minus five percent and was on my seven pre trait let's see yeah I think that about round minus a three percent at the moment US one point four
FedEx Stock Stung by the Shift to E-Commerce
"Got to look back on two thousand nineteen we've got another strong quarter from General Mills. And yes I am surprised to be saying that out loud. But we're GONNA START WITH FEDEX next because shares of Fedex or down nine percent after a second quarter that did not live up to expectations. And I I got a couple of questions for you about Fedex. But let's just start with the quarter itself. What did you think of the quarter in what stood out to you Well I'm going to quote some Somebody from Wall Street to Deutsche Bank Analyst The right up there. starts with Fedex reported results that we can only characterize as breathtakingly bad. That's that's a little. That's a little mean. That's that's that's a headline. That's hurtful headline. Yeah they were. What do do you think they were breathtakingly bad? Yes I mean I dwell. I'm just following on somebody else's Verbiage now but I I have nothing to counteract that with breath and I think Fedex itself the CF oh Okay not to be outdone the CFO on the conference call described Their Air Quarter as horrific. So I mean they're just trying to top each other really. This says what he what he said. Technically is quote our justed operating profit. year-over-year is horrific comma. But it's going to improve. So yes he you try to try to clear everything out out of the way. Okay this is the bottom used that term. And you know we're we're we're coming back strong strong. You know this. This is a little bit of A. WE'RE GONNA make it up in the second half of the year in Fedex has a different fiscal year so this was the Second Quarter and They've got the second half of the year to improve things and that's Always I think a difficult thing to bet on here it a lot like the second corps second second asking to be a lot better. But don't don't look at the first half so for a good stretch of time. Fedex was one of those companies that was referred to as a bellwether stock. If you want to know the state of the economy you can check in to see how ex company is doing and Fedex was one of those companies it. It seems though for a number of reasons not the least of which is Amazon's continued investment into shipping that Fedex is is certainly at minimum less of a bellwether stock. And maybe no longer a bellwether altogether though other about certain things So the the main components components of the difficulty here were Global trade disputes so less international trade Less things moving around around across borders and that's a big component of Fedex business and Secondly and I'm not really ordering these but Amazon yes Amazon of subtracting some of its business from Fedex Fedex subtracting some of its business from Amazon the two of them Fighting and I would say you know is is a bellwether in that respect in that it's business is tied to the strengthen its ability to work and play nicely together with Amazon so that is also something that you know in the retail mall world You know the degree to which Amazon is taking things things over You know is a big component of the difficulties air facing and when you are doing a lot of business with Amazon as Fedex was as XP logistics six was this time last year went through sort of a similar story. So it's X. P. O.. Lost the Amazon business sought stock cut in half basically because of that. And a few other things you know it's it's a year later. It's come most the way back that being expo Fedex. They gotta make this up somewhere somewhere a little bit more difficult for them Because this was a big chunk of the Business Amazon you look at a five year chart of Fedex it. It is down slightly. I mean it's basically flat over five year period and by the way so he's ups are these just not great businesses to own. If you're someone who's looking to own a business and hold it for five ten twenty years well I don't know it depends on your starting and stopping points and right now are looking at a point which is Involving this is slowing trade and global trade disputes. So check back in a year. Maybe it's a different story and maybe maybe fed ex is saying. Hey We told you so you know this. This was the bottom You know as soon as everybody started trading again. They're using US US They're they're probably not going to be. There's going to be a better chapter to their story with Amazon At least that's the way it looks right now so I wouldn't hold breath for that to improve but global trade char. I mean we're we're looking at the domestic economy and saying things are good here but Fedex global business. So you know. The the impact from the slower economies is showing up for
Former FBI lawyer Lisa Page suing Justice Department, FBI for disclosing text messages
"December tenth. FBI lawyer Lisa Page filed a lawsuit against the Department of Justice Bill Barney FBI for alleged violations terms of the privacy act related to the disclosure of information about her to the media. Lisa page claims that the disclosure were text messages. Peter Struck to media outlets by the Department of Justice were illegal and improper. Her suit was filed in federal court in DC and she alleges the text messages were released to promote a false narrative that she struck and others had conspired to undermine mine trump illegally and there are texts were released inviolate released in violation of the Federal Privacy. Act Without her consent and they were released to elevate the Department of Justice's standing with trump up Following the president's repeated public attacks of the Department of Justice and the Attorney General Jeff Sessions hirsute comes just a day. After the Inspector General released his Report Report on you know proper opening of the investigation into trump that found there was no evidence that political bias sparked the probe so she suing. Yeah Okay you guys covered this more closely than I did at the time because I wasn't yet on the show but what reason did the Republicans have or the department. One of justice have for obtaining text messages. What was the motivation obtaining them? I don't know yeah releasing them is the key here right now. They were done on some of them were done on. FBI phones okay and Inspector General had been looking into the struck page Well just bias at all then in department I since two thousand eighteen. So that's when they found the text messages right and then somebody out. The Department of Justice invited the media into read selected not the entire text exchanges changes selected text messages taken out of context. They were told they couldn't take notes and they were told they couldn't say that it was sourced by the Department of Justice. They wanted to keep their sources that them being the source source a secret from the public so so I think so yeah. I think she'll win. Yeah also today the House Democrats have filed a thirty nine page document commit on the application for recall and stay in the Deutsche Bank capital one case that is set to be considered by the Supreme Court during their private conference. This Friday This is the one that Ruth Bader Ginsburg granted a temporary stay for her temporary stay blocked Deutsche Bank from handing over trump's financial trump and trump businesses financial documents documents Over two House Democrats. And she she had that administrative. Stay in. Its in place until Friday at five PM If Scotus does not not grant the stay are. BG's stay will expire and the Deutsche Bank and capital one institutions will have to hand over all the documents that were subpoenaed needed by the house. Democrats this filing by the House asks the Supreme Court to treat the stay request in the Deutsche Bank case as a cert petition which would let them act act on it as well as the toomas ours cases it will also consider Friday. They're asking Scotus to deny the stay and the search in the other cases and additionally they're requesting that if Skoda's does grant the stay and the starts to act expeditiously because there's no reason for Skoda's to provide any further review in any of those cases we will see what goes decides and the and the reason how stems gives us gives us a really good one. They're like look. We're coming up on a deadline here for impeachment Peach Mint and we need these like now
Trump asks Supreme Court to shield banking records for now
"President trump and his three adult children file an emergency appeal with the Supreme Court to block Congress from getting their bank records house Democrats subpoenaed both Deutsche Bank and Capital One demanding financial records of president trump and the three children an emergency appeal has been filed a Supreme Court justice Ruth Bader Ginsburg who handles such appeals in New York without the court action the banks would have to turn over the files next week as in another congressional case and the state case in New York lower court judges have ruled that the record tell by the banks and trump's accounting firm must be turned over but the High Court has blocked the house from getting those records while it considers what to do with the two cases that decision could come later this month Tim acquire Washington
Trump loses effort to block subpoenas to Deutsche Bank, Capital One
"An appeals court has dealt a blow to president trump when it comes to releasing his financial records here's correspondent Linda Kenny on a three judge panel of the second U. S. court of appeals has ruled against the president's efforts to block two house committees from enforcing their subpoenas for the financial records the decision means storage bank and Capital One must comply with the subpoenas issued in April in its ruling the appeals court rejected the argument that Congress lacked a valid purpose for seeking those records in the first place from security argued on his behalf that disclosure of the material in question would violate his privacy and distract from his duties as president the president is expected to appeal Linda Kenyan
Trump loses effort to block subpoenas to Deutsche Bank, Capital One
"An appeals court deals a blow to president trump when it comes to releasing his financial records Linda canyon has the latest a three judge panel of the second U. S. court of appeals has ruled against the president's efforts to block two house committees from enforcing their subpoenas for the financial records the decision means storage bank and Capital One must comply with the subpoenas issued in April in its ruling the appeals court rejected the argument that Congress lacked a valid purpose for seeking those records in the first place transmitters yet on his behalf that disclosure of the material in question would violate his privacy and distract from his duties as president the president is expected to
Shock and outrage as White House says next G-7 summit will be at Trump property
"There was widespread today my Mick Mulvaney announced that Donald Trump was in fact going to force the US government and other major governments around the world to pay money by hosting the g seven corral golf resort next year is the Washington Post puts it quote that decision is without precedent in modern American history. The president used his public office to direct a massive contract himself but here's the thing Durell could really use it we're bringing someone who knows more about trump's other business interests than just about anyone he's reporting on all the best three years on a Pulitzer for his invested into the President David Farren hold is great to have you here David let's start with the significance of Durrell which unlike some other properties it's not licensed it's it's it's real directly part of the presence main business holdings correct it is basically the keystone of Donald Trump's entire hospitality Gulf hotel business it produces more revenue for him every year than any hotel or golf course and he has one of its biggest loans on if you were to pick one property the donald trump's financial health dependent on this would be it very levered I mean he's got he owes people money on it he was don't you bank the original one was for one hundred twenty five million dollars to Deutsche Bank it's one of his biggest loans now you tweeted about how it's been doing and the vacancy rate typically in the summer you said the summit will be held in June Miami's hot drills usually emptying 2017 only thirty eight percent rouse rooms were occupied this is one of derails worst month so you're bringing a huge amount of business to resort at a time that is over all not doing very well financially but you're bringing it to this resort at a time when it needs that money the most as you saw Durell June is the second slowest month for Durell only August is worse they're occupancy rate is under forty percent so even if trump just charged the cost which we have no idea if he's going to but even if he didn't try to make a profit on each individual room he's filling the resort at a time it'll be mostly empty rats are great point you also noted that it has not been doing well recently this is not this is not a facility that is on the upswing no in the opposite we got some data that the trump organization itself provided to Miami Dade County that shows that between Twenty fifteen and twenty seven uh-huh span of just two years net operating income dropped seventy percent at this resort that's a huge drop at a time when every other resort in Miami is basically doing the same and the reason we saw video where a representative from the trump organization was talking to the county about why it was doing poorly in she laid the blame directly on trump she said the brand is doing really that's why this place is severely underperforming so you've okay so you've got the crown the crown jewel of his enterprise the brings in the most revenue at a time when it is vacancy rate is under four eight percent and at a time when the revenue and and use of the place the prophet is going down because of the negative brandon impacts of his presidency and what does this mean g seven's a big deal right like a lot of money is going to get spent there just to give you a sense of the scale of this thing I talked to somebody who had planned the last g seven that the US had at a private event which was in two thousand and four in Georgia they served forty five thousand meals during that week they took over this resort for ten days they pay three million dollars in two thousand and four money it's hundreds of people thousands of people that can't even allstate draft to stay at other places but you're talking about an enormous event between security diplomats journalists and the leaders themselves there's also there's also been some health problems at Toronto Daily Be Story from twenty one thousand nine about a rat infestation problem and route situation it has it has had some challenges well this year has been a good year for them they haven't had any any health code violations that's good news and our leaders who will be staying there and hopefully not norovirus but they have had in years past not that long ago they've had problems with the health code called euphemistically small live flying insects insects and other kinds of cleanliness issues in a number of kitchens at Durrell is there any I mean how how is this legal I mean honestly if anyone who's ever out there watching has ever interacted with federal contracting you know that it is one of the most common me that just complicated a legal thicket and incredibly complex process there are thousands of people throughout the government who work on it this seems to fly in the piece of every single policy there is for federal contracting but that's what's interesting about this is one of the few things which by tradition the didn't get to eat to circumvent the entire contracting process they don't put out a request for proposal evaluate bids the president sort of does this secret and then the White House just chooses a place this is Tom was never designed with the idea that the president might choose his own place so this is a case for trump has sort of unfettered unrestricted power to give the contract to whoever he wants and holy gave it to himself we'll see now in the next few weeks hopefully it'll be a little more transparency about what it looks like but they're going to be any scrutiny on the front end my favorite Presley it was a tr- Presley's I blink quoting trump from the trump works and they were honored that they were selected for this which is a really incredible piece the use of language David well thank you as always for your fantastic
Deutsche Bank told court it does not hold Trump's tax returns
"Deutsche Bank is telling a federal appeals court it doesn't have president trump's personal tax returns the bank said this summer in head tax records in response to a congressional subpoena asking for a host of documents related to trumpet his family the second circuit court of appeals revealed today that the only relevant tax returns the bank has are not those of the president but neither the bank or the court would say whose records the bank had been
Deutsche Bank told court it does not hold Trump's tax returns
"Meantime a new twist in court fights over the president's tax returns fox's Rachel Sutherland live in Washington we sent a letter to an appeals court New York toy to bang said it does not have president trump's tax returns the German bank has been caught up in a legal fight over the president's financial records after house committees issued subpoenas for them president trump has been trying to block the bang for releasing any records related to himself for members of his family last month Deutsche Bank told the court it does have the tax returns of two members of the trump family without revealing their
Apple tastes success with iPhone 11, increases orders to meet demand
"For once. The rumors round the iphone positive often report suggests lagging demand but this time with expectations muted rumor has it that those new iphones could be more popular than many expected with the Nikkei now reporting that apple told suppliers to increase production of the new iphone eleven lineup by as much as ten in percent or eight million units to better than expected demand. The rise in orders is apparently driven by the lowest end iphone eleven as well as iphone eleven pro. Oh with the iphone eleven pro Max orders having been slightly revised down. CEO Tim Cook himself told a German publication justice week that sales were off to a very we strong start in his words that we didn't disclose specific sales figures these new iphones post a faster processor longer lasting batteries improved camera systems and and the iphone eleven the successor to the ten was price fifty dollars lower at six hundred and ninety nine dollars Deutsche Bank analysts saying that year over year growth in I phone revenues looks increasingly more reasonable. If this report proves to be true investors of course have piled in apple has now soared more than forty percent this year ear questions remain though about demand for example in China while we already offers a five g handset other Chinese vendors will soon launch five G. Devices to Tech Tech analyst Patrick Moorhead says competition from those Chinese companies offering five G. smartphones could impact a man for the new iphone Eleven Lineup Melissa back to you all right. Josh thank you Josh Lipton. All its trade apple here tim well so. JP Morgan was out there talking about actually that iphone shipments could be higher. This was an upgrade this just by the way this is a chart guys that everybody thought broken down and maybe going to get those new highs so we'll see jerry still out but I do think when you talk about this company people don't have necessarily they have not increased their expectations on shipments anytime reasonable recently meanwhile the refresh cycle the new phone cycle and when you get into the five G. phones for next year. It really could be callous for a company that granted what we've been saying. The catalyst has been has been service related and capital markets related and I think those are also on the socks that chart looks. It's pretty Nice Carnegie Project. We we go you cars. phonics sake like Dan. Can we chart. I listen I said I think that you get back to that prior. High from September when it was two thirty three ended a forty percent peak to trough decline in three months guys. That was the largest market cap cap company in the world that Lonzo four talking about that. We're talking about right now. Tim Come on. Let's talk you just here does talk about China okay what their market share in China's six and a half percent there number five behind named you never even heard of like chow me and apoe all this sort of stuff stuff so if China's not coming back for them. North America's saturated on the most iterative yourself. I'm not buying it here to get to all time highs Alan charters good. We approach that hi four months ago we reapproach we approach again and then how about a would you rather at all as our Ken. Would you rather yeah I'd rather I'd rather have the SNP this
"deutsche bank" Discussed on MSNBC Rachel Maddow (audio)
"At the irish international immigrant center in boston. That's a center that is representing many families who may be forced to leave the country due to this has changed mr moreno. Thanks for helping us understand this tiny. Thanks for giving some of your time. Thanks for having me appreciate it so let me just ask i if i explain this accurately. It's it's almost almost hard to believe that this really is what they're doing yeah. It's it's unfathomable. I think you did a good job explaining it. This is a program that's existed on the assumption that there was some humanity left in the government that if a child falls ill while you're here rather than cowering over a sick child child in the shadows that you would come forward and explain to the government what was going on <hes> and that there would be some humanity there that like i child is sick is in a hospital bed and and i know that we're supposed to be leaving but we just can't that. The government would allow people to stay for that reason. It just seems ridiculous that it's completely unfathomable unfathomable things when you put yourself in the shoes of these parents is the time line here. I mean they're being told get out in thirty three days. They've started receiving letters with no warning over the past few days i mean did these families have any chance to appeal. They have any any recourse. That's being offered to them. No i mean essentially the what the government in his saying is that this is a program that was always just sort of at our discretion <hes> and that's true on individual case by case basis but they're saying that they have the power to just eliminate it altogether which is what they've done <hes> and that there is no appeal. I don't know wh why they came up with thirty three days <hes> but <hes> yeah they're. They're telling these people that they need to leave on their own. I i don't know how they expect parents to pull their children from hospital beds disconnect them from life saving treatment <hes> and go oh somewhere where they know the child's gonna die but that's what they're telling them to do and if they don't they're going to drag them through deportation proceedings in terms of the next steps here. I mean obviously people you can get lawyers and try to fight this and try to find some way to argue with the government here are going to do so. Do you know if there are plans to try to challenge this on a policy basis to try to stop the trump administration for making this wholesale change. Yes so there's there's definitely an attempt. We've tried reaching out <hes> of course we had no notice of this either which is really problematic. There was no announcement that this program was ending. <hes> we were filing applications up until the week before we started getting the notices <hes> there was no no notice to the to the immigration attorneys to the individuals. There was no hint that this was coming. <hes> it's still unclear what's going to happen to people already in the program <hes> but there's also an effort to to come up with a legal strategy to challenge this in the courts because <hes> it's just so agree gis and the way they did it was so egregious and and the exercise of prosecutorial discretion is is a fundamental part of our legal system it always has been <hes> and for the administration to just say it's gone overnight. <hes> is unbelievable anthony marino director of immigration legal services at the irish international immigrant center in boston. Thank you for time this evening a- as i said we're learning here at my staff of this happening today i know this is fast-moving comeback. It'd be happy to thanks again. Thanks stay with less than two months from today october. Twenty first perdue the company behind the highly addictive painkiller oxycontin is it's going to be in federal court purdue as a bunch of pharmaceutical companies facing down more than two thousand lawsuits from cities and counties and states all over the country. Those two thousand lawsuits lawsuits have been bundled together in federal court in ohio as what is basically the largest civil action in history trying to hold drug makers and distributors liable for the opioid catastrophe..
"deutsche bank" Discussed on MSNBC Rachel Maddow (audio)
"Hundreds of millions of dollars right. Remember the headline on that pulitzer prize winning meantime reporting from last year trump engaged in suspect tax schemes as he reaped riches from his father president trump participated in dubious tax schemes during the ninety s including instances of outright fraud that greatly increased the fortune he received from his parents. I mean that reporting based on what is out there in terms of trump family taxes and financials that reporting alone resulted in president trump's sister quitting the federal judiciary quitting her own seat as a federal judge rather than submit herself to an ethics inquiry based on this reporting that traced what appeared to be long running and sort of simple criminal fraud schemes for the family to avoid taxes fox's cheat their tenants and otherwise crime their way to fame and fortune as the trump siblings who inherited basically a billion dollars from their dad and then called themselves self self made as if they'd done it on their own more than anything else related to any scandal over the course of this presidency and you think about the ones that have caused even just personal embarrassment the hush money to the porn stars in the playboy models the self dealing with the family business rigging the security clearances so his children could have white house jobs the fraudulent frink fake charity foundation being shut. Now i mean this guy is out of scandal about everything. This guy had a scandal about his physical and and the white house doctor i mean for all of the scandals and the personal embarrassments to the president of these short two plus years he's been in office. The one the thing above all that president trump has shown himself to be most desperate to stop anybody from looking at his financials and his taxes well deutsche..
"deutsche bank" 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 bank" 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 bank" 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 bank" Discussed on The Last Word with Lawrence O'Donnell
"Stewart stevens will join us at the end of this hour to consider the political unethical damage. Donald trump has delivered to republican politics and take a look at the polls that show donald trump going down and favorability and every one of the swing states that delivered his electoral college victory stuart stevens is one of the renaissance renaissance man of republican politics. He has run presidential campaigns. He has written novels. He has written several books. He has written fictional television. Drama stewart and i worked together as writers on one of those rounds. He is mississippi. Republican who is supporting a massachusetts republican bill weld in his campaign to challenge donald trump for the republican presidential elimination. He is not just trying to save his party from donald trump. He's trying to save america from donald trump and stuart stevens will get tonight's last word. We begin in tonight with the breaking news from databank today that your bank has donald trump's tax returns that is not exactly what does your bank said and it's redacted legal filing today but it is what one source close to your bank has revealed to me about the financial documents in the banks possession this action and so the words donald trump probably do appear in the redacted space in today's court filing deutchebanks lawyers told the federal court quarter appeals in new york city quote the bank has in its possession tax returns in either draft or as filed form responsive to the subpoenas china's for redact right there. That's probably where the words donald trump up here. It goes on in addition. The bank thank has documents related to parties not named in the subpoenas but who may constitute immediate family with the definition provided in the subpoenas the bank does not believe it possesses his tax returns responsive to the subpoenas for individuals named in the subpoenas other than those identified above now that language indicates that the redaction in this covering more than one name of more than one person the subpoenas in question are from the house of representatives intelligence committee and financial services committee those committees told the court they have subpoenaed trump family financial records and tax returns from deutsche bank as part of investigation of russian money laundering and potential influence <music> on the present. The information publicly disclosed today by deutsche bank is so far consistent with what a source close to your bank has revealed to me about the trump..
"deutsche bank" 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 bank" Discussed on WSJ What's News
"President Trump his children and his business have sued Deutsche Bank and capital. One in an attempt to block subpoenas from lawmakers in congress seeking his financial records won't be seen is a really aggressive stance from the president from the White House and from his business towards any congressional inquiries. We know that the White House is not handed over a single document to congress that's been requested this year, plus the latest on on rest in Venezuela and Berkshire Hathaway backs Occidental's bid for antidoto. This is what's news from the Wall Street Journal. I'm Anne Marie for totally and New York before we get to our story on the Trump lawsuit against Deutsche Bank and Capital One. Here are some other top stories. We're following the Wall Street Journal continues to monitor the situation in Venezuela. Where position leader one Guido has called on Venezuelans to protest to overthrow President Nicolas Maduro Widodo spoke in a pre-dawn address outside an airbase at the eastern end of Caracas saying. This is the moment. The moment is now mental and woman is our order and went through why does viewed by the US and more than fifty other nations as the country's legitimate leader. Thousands of supporters had joined his call by mid morning. Madero has called the effort AKU attempt for continuing coverage of this developing story police head to our website wsJcom or the w j app. Warren Buffett's, Berkshire Hathaway is throwing its support behind Occidental's bid for Anadarko with a ten billion dollar investment. Occidental has offered to buy the company for thirty eight billion dollars after Chevron agreed to pay thirty three billion for Anadarko. The Wall Street Journal's Bradley Olsen explains Chevron still says its deal to acquire the company as better for shareholders was definitely a point at which Chevron would be willing to walk. I don't wanna say we know what that is yet or that were there yet. But this is sort of a signal that if Chevron counters Oxy could counter again, right like. Having this additional cash is like added firepower. And so I think it's sort of a sign that if Chevron really wants this. They're going to have to pay a whole lot more than they thought. They were originally Berkshire Hathaway would receive one hundred thousand shares of preferred stock and Oxydental with a coupon of eight percent a year. That's if Occidental is able to complete the purchase of Anadarko just how it will be funded still remains unclear but President Trump and democratic leaders on Tuesday agreed to aim for a two trillion dollar infrastructure package. House speaker Nancy Pelosi and Senate minority leader Chuck Schumer said they had a productive meeting with Trump at the White House. They're set to meet again in three weeks to talk about funding. The bill. President Trump his children and his real estate business are suing Deutsche Bank and capital. One in an attempt to block the firms from sending documents requested by democratic lawmakers. Joining me now from Washington with more details is Wall Street Journal reporter, Rebecca ball house. Rebecca, the president has said these subpoenas from congress are intended to harass him. He's also said he intends to fight all subpoenas related to the Muller report. What documents exactly are lawmakers seeking here from ditch Bank and Capital One? And what's the president's argument for refusing to hand them over? So lawmakers are trying to get from which a Bank and Capital One about a decade worth of financial documents related to the president related to his family and related to his businesses. And specifically this is the House Financial Services committee, and the house intelligence committee whose chairs have both expressed an interest in the last several years of in looking at the president's relate. Chip in particular with Deutsche Bank, but also with banks more broadly, and what they're looking for is any illicit use of the financial system and also for any foreign influence in the political process, at of course, the house intelligence committee.
"deutsche bank" 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 bank" 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 bank" 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 bank" 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.