28 Burst results for "Deutschebank"
"deutschebank" Discussed on Bloomberg Radio New York
"Fighters this evening in Arlington, Texas. That's the latest And I'm Susanna Palmer in the Bloomberg News Room. It's the first presidential election in New York where you can vote early, and people are showing up in droves. Thousands waited two voted Madison Square Garden yesterday, the first day of early voting in the city. This voter came prepared to wait. I have my music. My stole my jacket, my extra mast stuff like that. There are 88 early voting locations in the city. With polls open every day through November. 1st you can find out where to go at vote DOT N. Y C presidential daughter Ivanka Trump and husband, Jared Kushner have threatened to sue the Lincoln Project over billboards in Times Square. Bloomberg's Denny's Pellegrini reports on the USA Today story. A lawyer for the two has sent a letter to the Lincoln Project to prominent Republican group opposing the president. And they're threatening to sue if the two billboards in Times Square aren't removed. One billboard depicts a smiling Ivanka Trump, an advisor to her father, appearing to some to gesture to the number of national and statewide deaths due to the Corona virus. The other includes a smiling Kushner, a senior advisor to the president and a quote attributed to him saying, New Yorkers are going to suffer and that's their problem. Did, he say Pelligrini Bloomberg radio. It's not clear that the Kushner comment was made or was taken out of context. Italy introduced the strongest virus restrictions since the end of a national locked down in May and Spain is said to adopt new measures this as Corona virus cases surgeon the two countries at the epicenter of the initial wave of the pandemic in Europe. Lots of earnings rolling in this week. In the financial space you could look for Credit Suisse Deutschebank, MasterCard and Visa Tech companies to report include Facebook, Sony Alphabet and Apple. Global news 24 hours a day on air and on Bloomberg Quick take powered by more than 2700 journalists in analysts in more than 120 countries. I'm Susanna Palmer, this is Bloomberg. Broadcasting.
"deutschebank" Discussed on WBBM Newsradio
"As Ryan Rising covert 19 infection rates are stoking fears about the economic recovery and a big possibility now that there could be another lock down, not only in the U. S. But on other places around the globe. In currency markets, the dollar falling against the end on safe haven best the greenback. In the meantime, trading hires you might expect against a basket of its peers. Gold price has taken a slide down. 24 60 announce to $1937.50. That's a drop of one and a quarter percent and oil prices are falling like sweet crude down 83 cents a barrel 2% to $40.49 right now. Oil prices weakened by a possible return of Libyan production. HSBC shares in Hong Kong and standard charters in London falling to their lowest level since at least 1998 this after media reports of the those and other banks, including Barclays and Deutschebank, move large sums of allegedly illicit funds over nearly two decades, despite a lot of red flags about the origins of the money. China's bite have said that TIC Tac's global business will become its subsidiary. Even his Oracle in WalMart said over the weekend that day in the U. S. Investors would own the majority of the video up following a deal with the Trump administration. Let Walter news radio 7 81 on 5.9 at them Updated back up on the outbound Ford all the traffic and weather just ahead at 6 55. It's me your personal info. Remember when I was only in a few places right there. Watch your computer or a safe deposit.
"deutschebank" Discussed on Newsradio 950 WWJ
"Larry COUGHS Kia's R Bloomberg business report to the surprise of virtually no what the Federal Reserve is leaving interest rates unchanged. It is also signaling that rates will remain on hold through at least 2023. Healthy economy recover from the Corona virus. Pandemic stocks ended mixed on remarks from Federal Reserve chair Jerome Powell over an uncertain economic rebound without further stimulus. The Dow Jones industrial Average added 37, the S and P 500 fell 16. The NASDAQ dropped 140 low mortgage rates have homebuilders feeling up beat? The National Association of Homebuilders Sentiment Index climbed this month. Matching a record high set in 1998. The groups as a shift to the suburbs, is keeping builders busy. Deutschebank is in no hurry to bring its New York area employees back to the office. Unlike rival banks that are seeking to bring staffers back, Deutschebank says workers can continue working remotely. Until the middle of next year. I'm Larry Coffee with the Bloomberg Business Report on W W J NewsRadio 9 50 stocks of local interest BorgWarner Down almost 6.5% while striker was up 2.5% traffic and weather Next love is completely trusted. Captain speaking. The Flying lock Spence can help but before we take off, here's a little secret of flying locksmiths could do more than fix broken lungs. It was on a door. They've got it. They've installed confidence with all in Allusive security since 1946 full door replacements, crash bars and all door related hardware turbulence. Free first.
"deutschebank" Discussed on KGO 810
"Kim McAlister is the one who gave me the story when it first appeared in the Atlantic. By Jeffrey Goldberg. And we did it, and I recited by the way, the language that Donald Trump used describing John McCain. Interestingly enough, one of my regular email, er's just emailed me, Trump said. McCain is a loser. That is true. Trump meant politically when McCain lost to Obama. And the answer, of course, is that is incorrect. Absolutely incorrect. It was and so they're these kinds of distortions. But we have to deal with. You know the thing about where we are in the transition. What would happen? I think this thing is going to be anything but orderly because of what Trump has to lose when he if he is defeated, And you know the The federal court just held up again. The tax returns. I don't know if we've uncovered that I've even talked about you probably did on your show. But you know there was a there was a case where a Supreme Court said, Yep. Stay can have them. But now a federal court has slowed up the thing, they said. Maybe it was too broad. Their request. Bottom line is there's obviously something in these taxes. I've read a little bit here and a little bit there about what it could be, But it's everything from the Deutsche Bank being tied, you know, caught up in that Deutschebank money laundering bank was fined millions by the US government for taking money from oligarchs and working it into the U. S economic system an illegal way Andi still owes Deutschebank $100 million. Donald Trump does this will all come home to roost if he knows the election, right and let me explain. I mean, I know a lot of people disagree with you, and they disagree with me. Because we're convinced this president has earned a defeat and a rebuff the American people. But let me just correct one thing that I may have said, or you may have said about as through a transition. The president is bound by the transition Act. In other words, there are rules in place. It's not like when Eisenhower set up his own transition to Kennedy, which was the first real formally set up transition. This is mandated by law and John one. It's not its recent last 25 years, right, and I think it's relatively recent. Yeah, it is. And as I indicated, at least I thought I did the Presidential transition Act. Under was modified in 2015, which amended the 1963 Presidential transition Act, the president must by law. Establish a White House coordinating committee and council of Agency transition directors six months prior to a presidential election to facilitate an efficient transfer of power. Now the president clearly is not doing it six months before, although January Is six months away, so more or less, so he's he's sort of on time, and pretty soon they're gonna have to start briefing Biden on National Security's already getting it. He's already getting national security briefing. That's interesting. The Congress isn't but I understand there is again. Ah, the Director of the CIA is obligated. Now it's the director of national intelligence to brief a nominee. It's the same thing. Secret Service protection is automatically assigned. Without any dispute to the nominee for president and vice president of the opposition party. One last thing again, John Rothman's coming right up to the top of the hour. One of the things that bothered me the most about Trump, banning in his inauguration would be Ah, I'm sorry. The military parade. Pity that he wants wanted so badly, You know, he wanted actually dear old tanks down Constitution Avenue. Imagine what cost to Washington, DC for what would happen with Rhodes. My God, it would have torn him up, but he wanted to ban people who were disabled from being part of this. He didn't. He didn't think people wanted to see it. And and I've teas. Exactly. Let me be clear Last night again. I want a credit Kim McAllister because she deserves that she had to be the story and the most thing that popped out at me. Was the idea, he said. Nobody wants to see them, meaning the amputees. I was so horrified. Well, I bring that up because I've run the merchant Marine Corps Marathon six times, right? And they start to marathon off with the amputees and the wheelchairs. They run first. The reason I do it, is it because they finished the race in, like, two hours. And these guys arms look like my thighs. I mean, they are monsters. And you talk to them afterwards, and they they so they do it and they wait at the finish line. To welcome the other runners coming through. So they're hot and they're sore that just biked or wheelchair 26.2 miles, But they wait at the top of the hill you finish at the NGO Memorial. You start there and you finish the last 300 yards. Uphill. It sucks. But you go through that. And you see these and their tyranny and along the way you see these disabled vets They have their their their little shawls. Those you know those metallic kind of shows to keep him cool. Keep him warm and you see that and you go. I think about what he said, and and and especially to those men and women who know who left limbs in foreign countries. To protect us that you know as much as it bothers me about the dead that he you know that he dishonored. That's a real slap in the unit. Oh, I do cry. I have tears in my eyes as you recite this And I have to tell you, I'm hoping We'll see what happens. I'm hoping General Kelly. Makes a statement confirming what the president did. Which, by the way, just so everyone knows is not really new. We covered this When the president Wass in Europe he didn't want to go to the cemetery because it wanted his hair wet. All of that was part of the news, which we reported here on KGO. Get out here Your show comes right up again. Thanks for hanging out to talk to you. Only time. John Rothman will keep the whole thing off without a break and we'll tell you a little bit about what's going on this weekend and the Bay Area and how you got to be careful. That's next. Pressure's ramping.
"deutschebank" Discussed on Bloomberg Radio New York
"This is Bloomberg Market Asia. I'm has Linda Armin and Singapore. Then I move on, man. Oh, you're watching Markets Asia and taking a look at markets right now. Certainly Seeing that selloff really get a little bit worse now has Well, that's right. Jitters in the market. We have the Asia Pack index down by more than 1% like right now, let's bring it on next guest. So our guest right now to one win it. See I over Asia and Europe and Deutschebank Wealth management. He joins his from Frankfurt. When always good to have you with us. We have what the benchmark here down the most since mid July, has the narrative change at all in the market? Not really. I think today the market is looking at the the Fed comments, which off course is talking about some uncertainties down the road, which I think it shouldn't be a surprise. So it's just a A reason to take some profits, so nothing has really changed. Trying times a momentum what will drive it? Will it be what tack continuing the rally lifting the batch marks from here. Could potentially be. We are still positive for the quality growth, which includes also tech but also health care companies that has always been Our calls for some time now, and we have seen off course this week of a nest IC, making some new highs. The SNP 500 also reaching a new high, so it is mostly driven by tech companies. And we think this can continue but off course, we're still hope. To find that scene that might bring us back to some sort of normality, I would say on DH old so here another hope for us to find some agreement here for next fiscal program so that the recovery can continue in this way. You have a bit more of a contrary view when it comes to where the dollar goes. It seemed to be a growing consensus. Now that this down to the dollar will continue. We're not seeing that here today, but you're thinking Vatican actually strengthened. What's the case behind that? Yes, I think what is driven The dollar weaker currently is twofold. One was off course the rising number in infection over the past few weeks, which is now trending down, which is a good sign. And secondly, I already mentioned the markets are kind of disappointed that there is no agreement on another idea. So The dollar when weaker, so our base and now you do that there will be some sort ofthe agreement. Maybe not to an extent that Democrats would liketo have. But if this is coming better, rather at least short term speak for the U. S. Dollar And if you also look from a technical dollar looks pretty much Oversold, so hence the technical reaction. We go to be in the car here, and therefore we have a slightly positive you for dollars over the next few.
"deutschebank" Discussed on 710 WOR
"Correspondent Jim Dolan Power remains out for about a 1,000,000 people in the area, and it could be days before the lights are back on, Con Edison says most will have their power back by Sunday night. Utility company says it's dealing with some 7000 downed wires and trees, blocking some 500 roads on Staten Island. Congressman Max Rose now happy with Con Ed's performance. They're totally m I A in this crisis. We gotta get this city running again. Councilman Steve Matteo. He calls the August 9th Restoration Estimate completely unacceptable. I'm Scott Pringle. Double D oh. Artie's Axios reporting the Joe Biden has now of his choice for a running mate down to to Kamala Harris and Susan Rice. This comes as President Trump is considering taking executive action on a stimulus package. He's threatening this unilateral action. It's still right now unclear exactly what he could do there, saying he will basically go at it alone. The White House will go out alone if they can't reach a deal on this by Friday, tomorrow, a couple of things that they might be considering some kind of action to keep renters protected from evictions. This payroll tax the president has been pushing for. It looks like there's no sign that they're going to reach a deal by tomorrow, Correspondent New York Times says MEN HANDY A SIGH. Advances subpoena DEUTSCHEBANK for President Trump's financial records. Financial records produced by the bank to prosecutors could be a major piece of the puzzle when it comes to an investigation of possible bank and insurance fraud by the Trump Organization. A lawsuit by Trump is still pending, seeking to keep the wraps on other records about his holdings correspondent Royal Oaks are legal, and it says that Vance is now going to go after the president's taxes and the weekly unemployment claims fell to 1.2 million last week. It's a sign that layoffs are declining, and that the labor market may be beginning to recover. We'll check the Wall Street numbers in just a moment. See how the future's look ahead of the opening bell. But right now, I will check our.
"deutschebank" Discussed on WRVA
"News. I'm Richard Cantu, Deutschebank, long time financier of Donald Trump is complied with the SUBPOENA. The New York Times Reporting, the bank turned over Mr Trump's past financial records to the Manhattan district attorney here in New York City, New York prosecutors appear to be looking into the allegations the Trump exaggerated the value of his real estate holdings. When he sought loans totalling $2 billion. The next step will be efforts to get the president's tax return ABC News Legal analyst Royal Oaks the tax returns are an issue currently working its way through the courts. Negotiators continues spinning their wheels trying to get to the next pandemic relief measure. White House Chief of staff Mark Meadows says there's no deal by Friday. Negotiations are likely to end the White House may increase its offer to replace the expired $600 a week additional unemployment Republicans at first on Ly wanted a $200 weekly payment. The new plan could offer Workersfour 100 a week through December. If they still can't find work, both parties still far apart on a to state and local governments, Schools rents Food and mortgage. ABC is Andy Field. Fiat. Chrysler says it's working up a recall of one million vehicles with the 2.4 leader Tiger shark engine that may spew too much pollution. Company trying to determine which vehicles have the engine and the fix. Hiroshima marked 75 years since the atomic bombing that killed an estimated 140,000 people. First use of atomic weapons in war peace activist Coco Condo was an infant when the bomb hit in 1945 shooting or the world.
"deutschebank" Discussed on WHAS 840 AM
"Easily simple, safe, effective. You take three capsules of the college and protein on an empty stomach When you wake up and then another three an hour before you go to bed. I was highly skeptical. But I lost £70 You could see before and after pictures, read testimonials from people just like me at sleepaway fat dot com or call 1888 94 Tummy. Your timing's really good too. Right now, the absolutely everything packages on sale everything you need to get the Koven 15 off. 1888 94 Tummy sleep away. That dot com from ABC News. I'm Richard Can't Sue Deutschebank, long time financier of Donald Trump is complied with the subpoena and surrender trumps past financial records of the Manhattan district attorney. The New York Times says the bank turned over the records, including financial statements Trump submitted to it. Financial records produced by the bank to prosecutors could be a major piece of the puzzle when it comes to an investigation of possible bank and insurance fraud by the Rump organization. Ah, lawsuit by Trump is still pending. Seeking to keep the wraps on other records about his holding ABC News legal analyst Royal Oaks The president repeated his claim that despite rising pandemic numbers, the virus will disappear with more than a dozen states reporting rising covert positive tests and deaths. The president insisting he is right about his prediction. The virus will vanish. It's going away now it'll go away. Things go. Absolutely It's uh You know where my mind will go. Virus Trackers show covert case is rising in 15 states over the last two weeks, and he's failed. ABC NEWS Washington The president's sparking controversy with musings about making his nomination acceptance speech from the White House. That would be a first Democratic Party announced that Joe Biden would not go to Milwaukee to accept the nomination, opting instead to deliver his speech from Delaware. Hiroshima, marking the 75th anniversary of the world's first atomic bombing that shattered the city killed 140,000 people. Peace activist Coco Condo was an infant when the bomb hit in 1945 shooting.
Deutsche Bank turned over Trump financial documents to New York prosecutors
"More trouble for the president another scandal that has dogged him actually now for most of his first term, here's the headline in the Times tonight quote trump's bank was subpoenaed by New York prosecutors in criminal inquiry. Here's the nut graph of that story. Here's how it starts the Manhattan District Attorney's Office, which means state prosecutors in New York state issued the subpoena last year to Deutsche Bank, which has been Mr trump's primary lender. Since the late nineteen nineties, they are seeking financial records that he and his company provided to your bank according to people familiar with the inquiry because of. Its long-standing and multifaceted relationship with trump Deutsche Bank has been a frequent target of regulators and lawmakers digging into the president's opaque finances but the subpoena from the Office of the District Attorney appears to be the first instance of a criminal inquiry involving trump and his dealings with Deutsche to lent him in and his company more than two billion dollars over the past two decades. Here's the amazing part the part that was the sort of draw jaw-dropping reveal in this story. Quote deutschebank complied with the subpoena. Out over a period of months last year, the bank provided the prosecutor's office with detailed records including financial statements and other materials that Mr Trump provided to the bank as he sought loans according to two of the people familiar with the inquiry. The subpoena to Georgia banks saw documents on various topics related to Mr Trump and his company including any materials that might point to possible fraud according to people briefed on the subpoenas contents. The bank's cooperation with the prosecutor's office is significant because other investigations that have sought trump's financial records have been stymied by legal challenges from the president and his family. This criminal investigation from New York prosecutors initially appeared to be focused on hush money payments made in two thousand sixteen to two women who said they had affairs with Mr Trump. But in a court filing this week prosecutors in the district attorney's office cited public reports of possibly extensive and protracted criminal conduct at the trump organization and suggested they were also investigating possible crimes involving bank fraud. And Insurance Fraud. So. To be clear, this is a big deal that the New York Times is reporting tonight this is not about the subpoenas for the president's financial and tax information that were litigated up to the supreme. Court are now kicking around in the lower lower courts by the present, his lawyers seek to delay compliance with these subpoenas. What this is about is a subpoena of Deutsche Bank. which has loaned two billion dollars mysteriously to the president over his recent business career. Subpoenas to Deutsche, bank related to their dealings with the president, and these are not subpoenas that the president has successfully fended off in these tied up in court. This is a subpoena to Deutsche Bank the bank has complied with. And they have handed over all of this trump related documentation to state prosecutors were apparently pursuing a multifaceted criminal investigation of the president and his business an investigation that is not bound by the Justice Department's Ninety Day rule such as it is nor are they bound by the Justice Department's rules prohibiting the indictment of a sitting president because those rules are federal rules and these are state prosecutors? Prosecutors not answerable to attorney general the embar. Not only is it news that they are pursuing this stuff in the way that they are it is big news that in pursuing this information about the president, they got it they got their hands on this stuff from Deutsche Bank. Who Knew.
Trump’s Bank Was Subpoenaed by New York Prosecutors in Criminal Inquiry
"There's no sense to continue. Linda Kenyan Washington. There's a new report that prosecutors in Manhattan subpoena Deutschebank last year in connection with an inquiry into President Trump's business. The New York Times reports a court filing by prosecutors, this weak sighted public reports of possibly extensive and protracted criminal conduct at the Trump Organization. Time said. The Manhattan district attorney's office. Filing further suggested that prosecutors were also
"deutschebank" Discussed on 10 10 WINS
"Local workers. Firefighters. People who pick up the garbage people who drive the buses who will be laid off and state and local governments will come to a standstill. But on ABC is this weak, Treasury secretary Steve Mnuchin says there will be no aid or the additional 600 a week unemployment benefit. We have to be careful about not piling on enormous amounts of debt for future generations, so the president's determined Spend what we need to spend and were acting very quickly now, Schumer says. However, they weren't moving quickly as the end of the unemployment benefit approached, and Senate Majority Leader Mitch McConnell isn't even involved in the ongoing negotiations. Samantha Liebman, 10 10 wins in Midtown. New York Times reports. Deutsche Bank has opened an internal investigation into the longtime personal banker President Trump and his son in law, Jared Kushner, over a 2013 realestate deal between the banker and a company part owned by Mr Kushner in June 2013 the banker Rosemary Grab Lick and two of her DeutscheBank colleagues purchase to Park Avenue apartment for about 1.5 $1,000,000 from a company called Berga LS 7 15 Associates. This, according to New York property records. Mr. Kushner, a senior advisor to the president, disclosed in an annual personal financial report late Friday that he and his wife, Ivanka, Ivanka Trump, had received one million to five million last year from Bruegel, 7 15 The deal went through Trump and Kushner. And Krishna's secured about $190 million in loans from Deutsche Bank. Bank employees are normally prohibited from making personal transactions with customers because of potential conflicts of interest. Wins NEWS time. 6 36 10 10 wins Entertainment news coming up next, Let's say you just bought a house. Bad news is you're one step closer to becoming your parents..
Deutsche Bank launches investigation into longtime banker of Trump, Kushner
"The longtime personal banker President Trump and his son in law, Jared Kushner, over a 2013 realestate deal between the banker and a company part owned by Mr Kushner in June 2013 the banker Rosemary Grab Lick and two of her DeutscheBank colleagues purchase to Park Avenue apartment for about 1.5 $1,000,000 from a company called Berga LS 7 15 Associates. This, according to New York property records. Mr. Kushner, a senior advisor to the president, disclosed in an annual personal financial report late Friday that he and his wife, Ivanka, Ivanka Trump, had received one million to five million last year from Bruegel, 7 15 The deal went through Trump and Kushner. And Krishna's secured about $190 million in loans from Deutsche Bank. Bank employees are normally prohibited from making personal transactions with customers because of potential conflicts of interest. Wins NEWS time. 6
"deutschebank" Discussed on Bloomberg Radio New York
"Is David Enrich. He is the finance editor at The New York Times and the author of a new book, Dark Towers, Deutschebank, Donald Trump and an epic trail. Of destruction. So let's talk a little bit about that rise and fall we discussed earlier. In the 19 eighties and nineties. Deutsche Bank was AH sleepy regional bank In Germany, 29% of its profits came from investing banking. And once this transformation and embrace of derivatives and aggressive risk and trading and leverage took place that shut up to 85% a year later. How did this happen? And how did it change the culture at Deutsche Bank? Well, another kind to very related questions, and that's the way it happened is that starting in the mid 19 nineties, the bank's Peters I saw that the big American banks were making a tremendous amount of money on Wall Street and also making a tremendous amount of money and time approaching on the turf of European banks like Deutsche Bank and Goldman Sachs. Famously won a big deal taking Deutsche Telekom private and that that was the assignment that had traditionally gone to the home down bank's European banks and said document got a role in that deal that Goldman Sachs in the lead. And that was a huge wake up call to don't you think executives that Wall Street was coming to invade their turf? Maybe this time for them to go invade Wall Street's turf and so starting in 1995 The bank went on this epic hiring spree where it brought in initially a small group of salesmen and traders from Maryland and basically gave him a blank check. You hired many people as they could. And they went on to hire thousands of people from the Big Wall Street firms of the time, Ah, very, very quickly and that very quickly transformed their began to transform the culture from institution that was primarily a German, 1 to 1 that was much more international and the locus of power started the shift slowly but surely from Frankfurt in Berlin. To London and do Electra extent in New York and Even with spending billions of dollars, hiring thousands of people in this very fast minute, the bank up much bigger specially in derivatives, but it still was kind of a second here and even thinner to your player on Wall Street and in many other many markets around the world. So in the late 19 nineties, so few years after that started this expansion. The bank decides that it really needed to double down on this strategy. And so they went shopping for a big Wall Street firms to buy and the you know they were looking at the likes of Merrill Lynch Lehman Brothers on Bankers Trust, which at the time it was kind of swashbuckling firms on Wall Street have been pretty serious financial trouble because of you. Very bad that it had made under riveted and the Fed was actually looking for a stronger financial introduce you to come in and acquire banker stress. Obviously take the mask off, Fitz. And so the learned goat to bank within the market for a deal and kind of broker. This agreement work. Deutsche Bank in 1998 90 99 would spend $10 billion to buy Bankers trust and that feel happened and almost overnight, the bank was transformed. You mentioned the share of the bank's overall profits that came from Investment banking and felt betrayed and went up more than tripled, basically at the stroke of the pen, and but it all the more important, really just completely changed with the culture and the power had gone from being in Germany. Now it's clear that since the overwhelming majority of thanks profit were coming from London and New York That's where the power centers should be. And so You know that there were kind of very There's some cosmetic changes everything pretty symbolic, like his bank's official language went from being German to English, But the more important ones were that The supervisory board of the bank, which was primarily consisted of German industrialists and corporate chieftains and even labor leaders. Was completely it was neutered, and instead, the mandate became look. We're going to step on the gas. We want to be a biggest. We can as profitable as we can as quickly as we can. So let me let me circle back to something you said before we drift too far away. The supervision of the bank. What is the vault stat? I don't know how to pronounce the divorce Divorce standards, The management Board of Supervisors report, which is really supposed to be the oversight board. So between those two entities and the Federal Reserve and the the various regulators in the UK and the regulators in Germany. How did Deutschebank manage to skirt regulations to skirt risk management toe hide losses to duel? These things that Dad. Banks have a tendency to do for years and years and years that this went on for almost two decades, didn't it? Yeah, And you would think, given the number of regulators that we're socially overseeing the bank. You would think that It would have been very hard for them to do that, and the reality of the exact opposite, which is that there was a patchwork of weak regulators all over the globe. And the bank very deftly played those regulators off each other, says the result was that almost no one was actually doing substantive kind of heart that was oversight of them and bath in which is the German bank regulator one and wasn't is notorious for essentially playing defence on behalf of hometown company. So often would essentially demand any regulatory inquiry's came from the U. S. Or the U. K had to be routed through this labyrinth of chairman bureaucracy and and in some cases just prevent the bank from compliance with regulatory requests from outside of Germany. And the Fed for its part, which was really supposed to be aggressively overseeing a large small of thank you has business. The feds knew that there were really serious problems got whether who's you know weak defenses against money launder and ordered the quality integrity of the financial data of the bank was Producing and over and over again voiced concerns starting around 2002 and over and over in the bank did nothing to actually address if it concerns on a number of occasions that came in And punished the bank that these were punishments that were describing a light touch with be really look now, the exaggerated you know that we're not even imposing any monetary penalties. They were not publicly admonished any exactly. They're very weak. Written orders and the bank and executives I talked to said explicitly that the fact of the matter is they knew that the consequences from this evening we're not really that severe. And though in the benefits to misbehaving in some cases were very attractive, and they could make a lot of money providing services like money laundering, or, you know, money transfer service. The countries that were under US sanctions and It was a pretty easy decision for them. Quite fascinating Coming up. We continue our conversation with David enrich finance editor at The New York Times, discussing Russian banking, money laundering and.
"deutschebank" Discussed on Bloomberg Radio New York
"Masters in business with very riddles on Bloomberg Radio. My special guest this week is David Enrich. He is the finance editor at The New York Times. Previously, he was an investigative journalist at The Wall Street Journal. He is the author of several books. Most recently dark towers, Deutschebank Donald Trump and an epic trail of destruction. Previously, he wrote the Spider Network. Ah, book about the Lie. Borman Ip yah, Laotian David Enrich. Welcome back to the Bloomberg thanks for having me buried. So we had you on a couple of years ago to discuss the Spider Network, which I thought was a fascinating tale. It it read like a spy novel, almost And a very short period of time elapsed between that book. And dark towers. Obviously, there's some overlap with lye Boer and Deutsche Bank. But why? So quick between the two books? How did the new one come about? Well, why so quick is the same question. I've gotten from a number of people, including my wife, and you know what The reality is. When you've got a good idea for a book. They don't come around that often, At least not for me and You kind of jump at it the opportunity while you can in this case I mean, I didn't obsessing about Deutsche Bank for really the better part of a decade back. I've been working with Walter general in London from 2010 to 2016. And it During that period, discovering banking and finance and you know, the biggest, most troubled bank of that time was Deutschebank. And it was It was pretty technical and industry specific story. What not hungry, captured much public imagination. I don't think outside of the finance world with the election of Donald Trump. Me and given his very close ties to Deutsche Bank over a long period of time, the story had started becoming a much more palatable stories for the general public, and I felt like I was in a really good position to tell that so I, you know, just grab the opportunity while I could, especially when you're writing about a topic. That is changing in really time. Ongoing investigations. Ongoing stock price fluctuation. How did you deal with the fact that this story Continued past when you put your pen down well, in the interesting question, I made it pretty early on in the consultation with my publisher that this is not going to be a book that told you everything in the world about Deutschebank and tried to break a lot of news about the current Ando and Kind of reorganisation of the bank and restructure and and things like that there was going to be you know you probably jointly 80% of the book made 70% of book. Is the story of how the bank grew from this provincial, really German focused bank into this global judge or not, and then into the epic disaster when we look at some of the biggest disasters of the past decade, Whether it was the collapse of we works or all the trouble that uber got into or go backto Lehman Brothers Deutschebank did many of the same things disregard for legality incentivizing people for profits, regardless of the consequences. Effectively. Short term versus long term greedy. Is that a fair assessment of Deutsche Bank? Yeah, Absolutely. I think that the bank I think it actually deeper than that. In some ways, I mean, thanks. Are obviously kind of peculiar beasts, right? I mean, they are entrusted with essentially operating the economy to a large extent for the entire world. And so unlike an uber we were which is important on rightness transformed the way we Live or work. It's thanks Occupy this very special role at the heart of the financial system and therefore the heart of the economy. And to me, there's one of the most important shift taking place in the global finance in the past. I don't know. 30 years. At this point. It is the transition from banks viewed as these profitable but not grievously profitable that really they have been much more like public utilities and there to kind of grief. The gears of the global economy, and this transition that took place coincides large bit. Walter firm's going from a private partnerships into publicly traded companies and then later becoming bank. Authorities just ridiculously fat profit margins has been. It's been very destructive for the banks themselves in many cases, but it's also been very destructive for the economy and for the financial system I sent and so deutschebank condition from being This is, you know, pretty plain vanilla German lender that was primarily focused on helping the German companies spread their wings international into electric that helping non German company entered determine our European markets and You know, those were very study business is very important. Businesses in document as a result of that plate of leading role in the development of railroads in the 19th and early 20th century, played a leading role in the reconstruction redevelopment of Europe. After World War two and going into the midnight and the Iron Curtain fell. It played the bank, a leading role. In helping to globalize the economy and knock down their unhealthy barriers to economic development. In some countries they know is the bank CEO in up until the late 19 eighties was a beating, advocate of forgiving the depths, for example. And so it was a bank that occupied this role not only You know, providing banking services that was interviewed his role have essential and intertwined with the fate of Germany and fate of Europe, and that shifted very dramatically starting in the mid 19 nineties, when the bank got a taste for Wall Street, and it decided that it was going to prioritize short term profits above everything else and No, I think we'll get into this later. But that led to a complete transformation of the bank's culture and one where literally the only things we're supposed to look at, when deciding whether to do a certain transaction or bring on a certain client. Or make certain investment of the business was what will the impact of this decision be on our profits this quarter? Or maybe this year coming up? We continue our conversation with David Enrich finance editor of The New York Times discussing how Deutschebank went from the biggest financial institution in.
Gunman kills son, wounds husband of New Jersey federal judge; suspect dead
"Authorities believe a lawyer found shot to death in New York state with a self inflicted wound was the attacker who shot and killed the son of a New Jersey federal judge Our Julie Walker, reports, officials say 20 year old Daniel and Roll the only child of U. S. District Judge Esther Sallis was killed in the attack, which wounded her husband, Mark Andrews, a criminal defense attorney. Sallis was in the basement at the time and wasn't injured. Sallis was just assigned the case against Deutschebank involving Jeffrey Epstein. Another high profile case you presided over was really Housewives of New Jersey reality TV Stars Teresa and Joe Giudice, who she sentenced to prison. It already say Roy Hollander was found dead today in the Catskills.
Son of US federal judge killed in New Jersey home by gunman dressed as delivery worker
"Was dressed as a delivery driver. He killed the son of a federal judge and wounded her husband yesterday at their home in New Jersey, officials say 20 year old Daniel and Roll the only child of U. S. District Judge Esther Salas, was killed in the attack, which wounded her husband, Mark Andrews, a criminal defense attorney. Sallis was in the basement at the time and wasn't injured, according to a judiciary official who spoke anonymously to the AP. Sallis was just assigned the case against Deutschebank involving Jeffrey Epstein, another high profile Case you presided over was really Housewives of New Jersey reality TV Stars Teresa and Joe Giudice, who she sentenced to prison for crimes, including bankruptcy fraud and tax evasion.
"deutschebank" Discussed on WCBS Newsradio 880
"Will probably speak to the FBI. Maybe they had some cases. Disgruntled client. You just don't know when maybe it was one of Estes cases, FBI agents in Newark are asking for the public's help in finding the gunman. Judge Salis is the first Hispanic woman to serve on the federal bench in New Jersey. In 2014 she sentenced a real Housewives star Theresa Jude Ice and her husband, Joe, to a year each in prison for fraud. More recently, she presided over an ongoing lawsuit brought by DeutscheBank investors who claim the company failed to monitor high risk customers, including convicted sex offender Jeffrey Epstein. North Brunswick, Marla Diamond. WCBS News Radio 8 80 We had across the country now to Portland, Oregon. What a cauldron that has been for days on end, but it really heated up. Overnight in early morning when tear gas filled the air so much so people couldn't even see as federal agents came in. They have been arresting people and not even saying who they are. Civil rights protests Continue. Laura Podesta reports from Portland. There've been nightly protests against police brutality in Portland since the killing of George Floyd in Minneapolis in May. The state is now suing federal law enforcement agencies. Oregon's attorney general, says he thinks Portland is being used as a test for how to respond to protesters everywhere. American needs to be concerned about what's happening here in Portland, top Democrats in the House said Sunday. They were calling on federal inspectors general to investigate the tactics being used in Portland and other U. S cities. Laura Podesta. CBS NEWS John Lewis worked on the side of Angels. The speaker of the House, Nancy Pelosi, on CBS this morning, talking about the final conversation she had with Congressman Lewis just a day before his death this past Friday at the age of 80. The last conversation I had with him was on Thursday, and that was A sad one. I didn't know it was the last.
"deutschebank" Discussed on Newsradio 970 WFLA
"Personal financial records away from Manhattan District Attorney Cyrus Vance Jr. And the number of Democratic led committees on Capitol Hill in the House. Of representatives. Now you had three cases. To have been essentially consolidated, and that's trump verses. Mais er's and trump the deutschebank. Now those have been consolidated. And Those deal. With attempts by three different committees in the House of Representatives to bypass President Trump by getting his financial records directly from his accounting firm. And the bank, which he has done. Ah, lot of business with. I think it might be the most business as faras loans, etcetera. That's AH, the German bank, Deutsche Bank. And that obviously has been over the years prior to him, becoming president that long relationship with deutschebank, the democratic chairs of the committees on Capitol Hill. They're trying and they're frothing of there Foaming and they're drooling. Try to get their hands on Trump's taxes. It's gonna open up everything they think that Oh, my God, we're going to expose Trump for the the big fraud that we think he is that we know that there's a lot of political motivation. Behind. Many wanted to get their hands on Trump's financials and taxes, the bulk of the noise being made Yes, it's politically motivated. There's no doubt about it. Is trump a blowhard. Of course he is. We knew this. We know this 40 years before even enter the presidential race. Those reality TV is his celebrity is just Ah Builder and The pageant's the beauty pageant. I mean, listen, I'm like saying anything at a school. Anything that people don't know, of course trumps a blowhard. He's a braggart, E. He's an egomaniac. We get it. Don't say anything that people don't know. But The Democrats want to prove him to be a fraud. There's this Real drive, and I think to really simplify things many wanna prove that he's nowhere near as rich as he claims. Where Trump has claimed to be worth 10 or $11 billion of course, Forbes has pegged him it more like 2.75 or 2.8 billion. Uh, that's been published numerous times. But of course, you've got a lot of politics and you've got angry, rabid froth thing. Democrats that want to show up trump and they want to say, Ah Ha! Gotcha. You're a fraud. Look, we've got the documents. We've got the numbers here. There is so much of that. Dr behind this push for the taxes..
Deutsche Bank fined $150 million over Jeffrey Epstein ties
"New York state is finding DeutscheBank $150 million now in connection with Jeffrey Abstain. State Financial Service regulators say the bank failed to properly monitor Epstein's transactions that included payments for sex abuse victims. They argue the bank should have scrutinized the transactions given Epstein's history as a sex
Deutsche Bank fined $150 million over Jeffrey Epstein ties
"News, one of Europe's largest banking institutions, Deutschebank apologizing for its handling of business dealings with convicted sex offender Jeffrey Epstein and agreeing to pay $150 million settlement in New York, where state regulators say the German lender over looked suspicious transactions for years despite knowing Epstein's
New York regulator fines Deutsche Bank over dealings with Jeffrey Epstein
"Radio dot com and affiliation with Jeffrey Epstein, the convicted pedophile who committed suicide last year. Before standing trial in Manhattan is coming backto Haunt Deutschebank. The state of New York is finding the bank $150 million. It's accused of not keeping an eye on Epstein's transactions that included sex
Deutsche Bank fined $150 million over Jeffrey Epstein ties
"Bank has agreed to pay $150 million to settle charges it failed to monitor its relationship with the late sex offender, Jeffrey Epstein. NPR's gyms are Oli reports. The bank was also cited for its relationship with two European banks accused of money laundering. New York's top financial services regulator says Epstein was a client of Deutsche Bank between 2013 and 2018. By then, Epstein had served time for sex offenses, and regulators say some of his activities should have raised red flags at the bank, for instance, used his accounts to pay Russian models and girls with East European surnames. And made periodic suspicious cash withdrawals. He also paid for school tuition and travel expenses for girls. Regulators also cited the bank for acting as an intermediary for Danish and Estonian bank's suspected of money laundering. In a statement, Deutschebank acknowledged its mistakes and said it had learned from them. Jims AA Roly NPR NEWS.
Why Casino Stocks Dropped
"So Brian. Las Vegas Sands cut its dividend today. Which is a huge deal. Considering that it's founder. Ceo and chairman exclaims in every earnings. Call that I've ever listened to your day. Dividends the casinos are hurting in a big way. Over the last three months shares of casinos stocks have plummeted win off fifty percent off sixty percent. Eldorado off almost seventy percent over three months as it prepares to close on a merger deal with Caesar's and inside Caesar's Palace on this trip. It is still and silent. The Las Vegas Mayor Calls this Nevada shutdown. Total insanity her words. The Governor says look. The state is not passed a severe health risk and yet already casinos nationwide are beginning to game out what reopening would look like. We'll because property likely will have to ensure social distancing for some time every player becomes vitally important deutschebank gaming analysts Carlo. Santa Rally suggests that casinos may implement crowd control based on customer loyalty and theoretical spent. They may hike table minimums nationwide twenty five dollars. Maybe fifty dollars depending on the locations and the least profitable slot. Machines are those that they have to pay a fee on because they're least would be turned off and then those casino amenities that a lot of us. Enjoy SPAS nightclubs. The shows likely those are going to be sparse to non existent in the near future. Also location location location where the casinos earn their to gaming revenues matters here casinos in. Macau already open though. Visitation is still only about a tenth of what we saw from this time last year because the government still restricts tourist visas the ramp is benefiting WYNN Las Vegas Sands and mgm there even though it's slow in the US regional properties without a high case load of Kobe nineteen are likely to see a quicker return to business that includes Greater Nevada in the Las Vegas locals market. So that's Red Rock Resorts Pen. Eldorado Boyd and finally the Las Vegas Strip. Maybe the slowest of all to return because it relies so heavily. Brian on tourists. Arriving by air travel you can look for an impact there on Caesar's and MGM which both get nearly half of their overall revenue from strict properties whereas win for instance gets a quarter. Brian
U.S. Growth at Slowest Since 2016
"From the Commerce Department. This morning came our first peek at economic growth for the fourth quarter of last year and with it the early estimate of growth for all of two thousand nineteen September. Through new years. The American economy grew at an annualized rate of two point one percent for the full year two point three percent well below it ought to be I noted what president trump and his advisors have been promising with their policy prescriptions also a slowdown from two thousand eighteen to boot of particular interest to us today. Hey the line item in this report covering business. Investment what companies are spending on equipment and computers and office supplies and the like it has been falling for three straight quarters now. Marketplace's short gets. Its going with what we ought to take from that for nine months now American businesses have been spending less and less money on things they might need need in the future. Everything that you have in your office. Everything is having a production factory that is business investment and that is Torsten Slack chief economist at deutschebank. That's a trade. War came along we began to see business spending begin to slow down and unfortunately there's been an status slowdown for essentially the last eighteen months or so the business investment accounts for about thirteen percent of GDP more than two point eight to really IAN dollars so if businesses are kind of backing away slowly from investing in the future. What does that mean for the future? The Lost Time we saw business investment decline for three quarters or more was heading heading into the two thousand eight two thousand nine recession Nicholas Bloom is professor of economics at Stanford we are not rest assured bloom says about to have another big recession Russian decline in business investment now is tiny compared to what it was back then swearing although not surprising for now. Shrinking business investment means. Our economy is growing more slowly. Which we've known? GDP growth in the fourth quarter of twenty nineteen was two point one percent. It was two point. Nine percent overall back in two thousand eighteen Richard TASERS chief corporate economists with Wells Fargo and company over the long run if we as a society do not invest in upgrading and modernizing and expanding our capital stock with newer and better Sheen ARY instructors equipment. We'll be productive and economists. Say they do not expect a rebound in business investment asmant around the corner in New York. I'm Sabrina short for marketplace. So that's US but as I mentioned above there is the small matter of the rest of the global economy. We we also learned this morning that the Mexican economy actually contracted last year not allot a tenth of a percent for all of two thousand nineteen but it is the worst showing for the Mexican economy in a decade marketplace Mitchell Hartman. Has that one. The economic news on Mexican cable network millennial today wasn't good man. He coke zero percent while a lot of economies. Hit speed bumps twenty nine thousand nine hundred. Mexico hit a roadblock says Council on Foreign Relations Latin America analysts Shannon. O'Neill Mexico has has definitely been affected by the softness and US manufacturing and particularly in the automobile industry in aerospace. That's because parts and finished goods. Go go back and forth across the border again and again before being shipped to their final destination and Monica to bowl at the Peterson Institute. Says this complex supply. I Ching often involves another country China. Mexico appears to have been the hardest hit economy on a micro level by the US S. China trade war. A lot of the supply chains between the US and China run through Mexico as well as Mexico's manufacturing sector construction -struction and consumption have also been week economists Repairman Chalk that up to uncertainty. He says business owners and International. Investors have been spooked. EXPI- Mexico's new president cancelling big infrastructure projects and the borders than volatile. In twenty. That team there was discussion about diverting the resources that are used to clear cargo back and forth in order to deal with the refugee situation. There has been some slowdown in the retail traffic. Both sides of the border other problems. Meanwhile continue to play. The country says Monica to bowl. It's a slow growing economy. And one of the reasons is the drag posed by e security narcotrafficking corruption. Issue you. She says even in the best of times. The Mexican economy hasn't grown more than about two and a half percent. I'm Mitchell Hartman for
"deutschebank" Discussed on KDWN 720AM
"Developed over the past two months and targeted innocent Americans that he expected together this past weekend. Now, the suspects younger brother told reporters, he hoped marks religious conversion would offer him some guidance. Mark Domingo was arrested. Friday and a charge of providing material support to terrorists. Meanwhile, the FBI says it got tips about a social media post threatening violence against Jews just minutes before a gunman opened fire at a southern California synagogue, the attack over the weekend killed one and injured three including the rabbi the gunman's parents said Monday that their son is quote, part of the history of evil that's been perpetrated on Jewish people for centuries. President Trump and the democratic leaders of congress house speaker Nancy Pelosi and Senator Chuck Schumer coming together and a series an assertion say of a plan to fix the country's crumbling infrastructure at seen as the issue with the best chance for the two sides to work together. They're meeting today plays out against the backdrop of high tensions over escalating democratic investigations of President Trump. Speaking of which President Trump is suing DeutscheBank Capital One in an attempt to block congressional subpoenas for his business records, the lawsuit by the president his sons Donald junior, and Eric and daughter Ivanka was filed Monday. Trump's want a federal judge to declare the subpoenas unlawful and enforceable. The lawsuit also seeks to block the financial institutions from disclosing information complying with the subpoenas secretary of state. Mike Pompeo's as expects Russia will try to interfere in US elections for years to come compare told the hills Bob cusak this week that Russians continue. To present a threat. He was responding to the mullahs report that showed Russia used the election to.
"deutschebank" Discussed on CNBC's Fast Money
"Cook value in morgan stanley is now thirty nine dollars and change if you just put a what i think is a reasonable multiple on that of about one point five you get to a fifty three fifty four dollars stock so i see what's going on here i do think there's something with deutsche bank that's causing systemic damage in our banks here that concerns me but by gotta be considering that's taken the back brazen why banks here these mondays big money center banks are lower is all because of european banks if you look the regionals until today have traded well which leads me to believe there's something else even when the fed is now saying we're gonna actually get rid of these tests because these banks have been so solid for four five years now we are cer fine they've never been asking me what's driving the i'm saying that could be potential systemic risks deutschebank dragging your heart looked like it it it was like go for social thing that's correct saturday see as i know one man who's leaving it's morgan stanley that is i'll let's get to dan nathan plan you can we remain this game laugh at her leave it seriously like it's laughable the parade of bowls you know the stocks just do nothing but go down every day and we have to hear about how everyone loves this group it's laughable you know if this group can't rally after see car it's it's look at that what could that by the way mister mister barone who else is shot you can heart just got smooch by the way and it wasn't by me that's you no know internal the option action dan so really interesting today the implied move between now and friday it's closed because of the c car in goldman in morgan in j p morgan citi and bank america's not two percent in either direction that's really hefty but in the exit laugh where they'll all of those are components of it large components the implied move between now and friday is about one and a half percent doesn't have that idiosyncratic risks today call volume was actually really hot in the xl laugh about two times that of put but the most interesting trade that i saw it was the largest trade of the day was an opening by of twentyone thousand of the july twenty seven calls in the xl paying forty one cents what's interesting to me about july is that not only do you get c car but you're also going to get nine of the top ten holdings in the app excellent we're going to report between now and then so you get to catalysts into my i the implied move in the excellent between now and july twentieth close there's about three and a half percent in either direction when you consider how badly these banks act and you consider the cat catalyst three and a half percent in either direction seems pretty fair for the next three and a half weeks so to me that could be the way to play it no matter what your directional view is being long options in the xl thanks dan danny downer short people people are was leaving him just check out the full show friday five thirty pm eastern time silla had energy signs of gone absolutely wild the.
"deutschebank" Discussed on Superinvestors and the Art of Worldly Wisdom
"So when you do you know just kind of by accident discovered the the leverage was being employed due to the firm's start to you know protect themselves against against the unwinding of leverage mean i or how did that work i think cut left i left around that time so it's kinda 97i think hard left i went to goldmansojudge inside set the whole thing but i did explains that the firm said listen you need to be super careful with what's going on here and then natwestkubota actually by bankerstrust and then deutschebank said will he is so i to come back also to the to the idea of a global macro investing because i know this is your specialty you talked about the the southafricantradecan you just you know for listeners explain what is global macro investing and for the for the don't earlier global backer vesting is essentially using macroeconomics which sounds complex but it's basically looking how economies in the world work and how they move asset prices jonah simple level if the colony's weak then you'll tend to find that the bottom marketing strong i yields a falling interest rates are probably falling and you'll probably finds that the equity market is falling the knockon effects maybe that's theories less housing being built so maybe the price of copper is falling maybe the funding markets drawing up so the price of credit is falling you might find because of the funding markets drying up that the price of agricultural commodities a falling because farmers are getting squeeze because they have to borrow money and so that is what global majko as but that's it's it's on a global basis so we have the most beautiful thing i think in the world which is the whole world's three d ever moving jigsaw puzzle that can never be solved you can resolve it the brief glimpses of time and then it dissolves again and you have to resolve the puzzle so this is why attract semi smart people because it is such a beautiful intellectual proceeds now it's incredibly infuriating you get it wrong screw it up but there's always that chance of getting that juckes jigsaw puzzle perfectly aligned and seeing the picture clearly when you see the picture clearly there's a whole world opportunities that laos with ahead of you so that's what bible macro as an his betting on economic shifts to generate returns in asset prices.
"deutschebank" Discussed on Superinvestors and the Art of Worldly Wisdom
"That's a fantastic point because there's the idea rate the can concept that comes to about okayi want to put this trade on and then there's how you execute that in its those are two different things and so yeahthat's that's that's fascinating so we're talking about global macro investing which is your specialty although under you i was also the time dealing with a lot of the relative value funds yolk month biggest customer probably outside of some of the big my global microphones was longterm capital so is dealing with i was at the epicentre of the longterm capital trades both putting alone and then taking them off again when the with the big unwind of that fun happened as well soi was at the epicentre of all of that as well soi mean what what was that leg because i you know i was operating in the markets as head trader of a hedge fund at the time andi remember the the mayhem you know in in the broader markets but what was what was it like from the inside well so tellingother stories that's great iwasonai was working for natwest my biggest client by long way was longtime capsule they sold so much equityindex volatility in every major market it was extraordinary and it was because of his this we'd structure now for example you'll see all of these a structured funds and pension fund selling volatilty at that time they will bind volatilty for the specific types of products and it was falsely creating high volatility so long term capsule came in and said we want to sell all of this long dateable associate because him so far away above its mean so every day you get these incredible orders several this huge amounts of stuff and as a salesman was incredibly lucrative for me so anyway cut to about a year later on a boat in on a stag weekend in islands at all my mates on the boats ruling financial markets and we're all chatting away said hey listen speaking to a friend of mine who was the head of putin trading at deutschebank is it who's your biggest client he set up longterm capital said by he goes i don't know we'd probably got about 10billion with them now bearing in mind that longterm capsule were about three billion dollar fund at the time.