Jun 12

See also:

The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


Is Deutsche Bank The Next Lehman? ( NotQuant, June 11, 2015):

Looking back at the Lehman Brothers collapse of 2008, it’s amazing how quickly it all happened.  In hindsight there were a few early-warning signs,  but the true scale of the disaster publicly unfolded only in the final moments before it became apparent that Lehman was doomed.

Lehman

First, for purposes of drawing a parallel, let’s re-cap the events of 2007-2008: Continue reading »

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Jun 10

From the article:

“So guy drives a car which costs more than most Americans will make in a decade (pretax), crashes in what may have been an improvised drag race, kills an innocent bystander, and promptly posts bail and is allowed to roam, and drive, in freedom.

Meanwhile Nav Sarao rots in the UK’s worst prison unable to pay his ridiculous $5 million bail, for the simple reason that he was a good trader and dared to expose the HFTs’ rigging to regulators. He faces a maximum sentence of 380 years in jail.”


–  Deutsche Bank Head Of Asia-Pac Equities Loses Control Of His $580,000 Ferrari, Kills Innocent Bystander (ZeroHedge, June 10, 2015):

Rob Ebert Deutsche Bank

Police said the arrested driver, whom it identified only as James, had said he lost control of his car. The police said a 53-year-old man, who was next to the barriers, died after suffering serious head and shoulder injuries. He was pronounced dead in the hospital early in the afternoon.

The Apple Daily newspaper also identified the driver as Ebert and said he was driving a black, HK$4.5 million ($580,502) Ferrari 458 Spider, which was in collision with a HK$2.4 million Maserati at the car park entrance before hitting a security guard. Continue reading »

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Jun 09

Deutsche Bank Offices Raided By Authorities (ZeroHedge, June 9, 2015):

Just two days after Deutsche Bank co-CEOs Anshu Jain and Jürgen Fitschen announced their resignations, the bank’s offices in Germany, France, and the UK have been searched by authorities.

  • DEUTSCHE BANK HQ SEARCHED BY AUTHORITIES THIS MORNING: CNBC
  • DEUTSCHE BANK SAYS SEARCH RELATED TO SECURITY DEALS BY CLIENTS
  • DEUTSCHE BANK SITES IN FRANKFURT, LONDON, PARIS SEARCHED: BILD

Deutsche says the searches are related to “security deals by clients” and apparently do not involve allegations of wrogndoing by the employees.

From Reuters: Continue reading »

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May 31

“The Fed Has Been Horribly Wrong” Deutsche Bank Admits, Dares To Ask If Yellen Is Planning A Housing Market Crash (ZeroHedge, May 31, 2015):

When the “very serious people” start to admit that the entire house of cards was held together with nothing but bullshit and propaganda, it may be a time to panic…

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May 05

DB teaser

SEC Commissioner Furious At Deutsche Bank’s “Decade Of Lying, Cheating, And Stealing” (ZeroHedge, May 5, 2015):

“Deutsche Bank’s illegal conduct involved nearly a decade of lying, cheating, and stealing. This criminal conduct was pervasive and widespread, involving dozens of employees from Deutsche Bank offices including New York, Frankfurt, Tokyo, and London. Deutsche Bank’s traders engaged in a brazen scheme to defraud Deutsche Bank’s counterparties and the worldwide financial marketplace by secretly manipulating LIBOR. The conduct is appalling. It was a complete criminal fraud upon the worldwide marketplace.” 

– SEC Commissioner Kara Stein

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Feb 24

From the article:

Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.”


Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging (ZeroHedge, Feb 23, 2015):

No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets. Continue reading »

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Feb 06

GReeCe 2015...

Greece: The Big Picture Update, And Why Deutsche Bank Thinks Europe Will Fold (ZeroHedge, Feb 5, 2015):

The Greek situation summaries Greece by Deutsche Bank’s George Saravelos have consistently been among the best in the entire sellside. His latest Greek update, which is a must read for anyone who hasn’t been following the fluid developments out of southeast Europe, which fluctuate not on an hourly but on a minute basis, does not disappoint.

But while his summary of events is great, what is of far greater significance is his conclusion, namely that ultimately Europe will fold: “we consider the most likely outcome to be a Eurogroup offer of a new Third program” and “given that the current program expires this February the offer to negotiate a new Third program may provide political room for the government to sit on the negotiating table. At the same time such an offer is very likely to be attached to strict conditions, with the willingness to accommodate t-bill issuance an open question. Developments overnight suggest that this has become less likely, imposing maximum pressure on the government to reach agreement within a matter of weeks.” Continue reading »

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Feb 04

S&P Downgrades Numerous European Banks, Warns Deutsche Bank May Be Next (ZeroHedge, Feb 3, 2015):

Just hours after apparently settling its suit with the USA (not at all retaliation for downgrading them), S&P has taken the big red marker out on a slew of European banks:

  • Downgrades: Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, and Ulster Bank
  • On Watch Negative: Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank

The driver of the shift in perspective is the apparent removal of the ‘bailout put’, as the prospect of “extraordinary government support” appeared less likely under recently passed bail-in legislation.

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Jan 16

–  Deutsche, Interactive Brokers, Barclays Lost Hundreds Of Millions Due To Swiss Franc Volatility (ZeroHedge, Jan 16, 2015):

Yesterday, in the aftermath of the Swiss shocker, we tweeted what was quite obvious to anyone who realized that speculators were most short the CHF since the summer of 2013:

We have yet to find out just which hedge funds were blown up yesterday, but we already do know that numerous retail FX brokers did get blown up and as reported earlier, the largest retail broker FXCM is trading down 90% in the pre-market.And now, thanks to Dow Jones, we start to learn just how much pain the bank themselves suffered: Continue reading »

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Nov 15

Switzerland’s Role in the Gold Market

Deutsche Bank Says “Yes” Vote Has “Narrow But Clear Lead” In Swiss Gold Referendum As 1M GOFO Hits Most Negative Since 2001 (ZeroHedge, Nov 14,  2014):

As we explained over the weekend, should the Swiss gold referendum pass successfully, the price of gold will surge. It was none other than JPM who warned that the “markets under appreciate this event”, explaing that “If the referendum is passed, the Swiss National Bank (SNB) will be forced to increase reserves by around 1,500 tonnes over five years, i.e. 300 tonnes per year. This 300 tonnes per year accounts for 7.5% of annual gold demand of 4,000 tonnes per year.

Well, even as the SNB has been scrambling to make the referendum seem like a non-event, with very little chance of passing, moments ago Deutsche Bank released a piece that roundly refuted everything the Swiss Central Bank has been peddling. To wit, here is a note just out from DB’s Robin Winkler: Continue reading »

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Oct 26

gambino pic

– Another Deutsche Banker And Former SEC Enforcement Attorney Commits Suicide (ZeroHedge, Oct 25, 2014):

Back on January 26, a 58-year-old former senior executive at German investment bank behemoth Deutsche Bank, William Broeksmit, was found dead after hanging himself at his London home, and with that, set off an unprecedented series of banker suicides throughout the year which included former Fed officials and numerous JPMorgan traders.

Following a brief late summer spell in which there was little if any news of bankers taking their lives, as reported previously, the banker suicides returned with a bang when none other than the hedge fund partner of infamous former IMF head Dominique Strauss-Khan, Thierry Leyne, a French-Israeli entrepreneur, was found dead after jumping off the 23rd floor of one of the Yoo towers, a prestigious residential complex in Tel Aviv.  Continue reading »

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Oct 18

Handelsblatt: “Four German Banks On The Brink” (ZeroHedge, Oct 17, 2014):

Several days ago we were confused why, out of the blue, a €1 billion loan BWIC appeared that was dumping German non-performing loans. After all, the whole point of the European “recovery” fable to date has been to deflect all the attention from the “pristine” German banks, up to an including world-record derivatives juggernaut Deutsche Bank,  and to focus on Greece and other insolvent peripheral European nation. Earlier today, German Handelsblatt provided an answer, when it reported that “four German banks are on the brink”, i.e., four banks of which three are known, HSH Nordbank, IKB and MunchenerHyp, will likely fail the ECB’s stress test whose results are due to be announced next Friday.

Keep in mind that this is a significant fraction of the 24 German banks that are undergoing the ECB’s Stress farce test. So one wonders: if one in six German banks is so unsafe even the ECB (which kept Cypriot banks going well past their insolvency) will give them a black stamp (because in Europe failing a bank stress test is first of all impossible since both Bankia and Dexia passed theirs with flying cololrs, but more importantly a death sentence), what does that leave for the rest of Europe’s banks, all of which are in far more dire shape than sleepy Germany?

In any case, here is Handlesblatt’s warning: Continue reading »

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Sep 11

–  Deutsche Bank: The Bubble Must Go On To Sustain The “Current Global Financial System” (ZeroHedge, Sep 10, 2014):

When all is said and done, it all basically boils down to this: from Deutsche Bank’s Jim Reid.

The bubble probably needs to continue in order to sustain the current global financial system and the necessary future deleveraging. However with yields moving ever lower in many parts of the world in recent times, partly due to weak growth, and with debt levels still moving higher, the chances are that most government bondholders are unlikely to achieve a positive real return over the medium to long-term from this starting point. Inflation or even the risk of sovereign restructuring will likely prevent this.

So there you have it: either the bubble goes on, or the “current global financial system” gets it. Continue reading »

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Aug 04

Deutsche Bank “Raises The Warning Flag”: What The Most Important Chart For The Market Reveals (ZeroHedge, Aug, 4, 2014):

“The risk sell-off we’ve seen in recent weeks frustrates us a little as the chart we’ve published most this year has pretty much predicted that tougher times would come around July. We’ve been paying it a lot of attention for over a year now but decided to wait until the autumn before we raised the warning flags. The chart in question (included in today’s pdf) is the one showing the Fed balance sheet and the S&P 500 (as a proxy for risk generally). As you can see, since the Fed balance sheet was used as an aggressive policy tool post-GFC, the graph suggests that the S&P 500 is well correlated with the size of the Fed balance sheet…  This is important as virtually all of the mega rally in the last 5 years has come in the Fed balance sheet expansion periods.” – Deutsche Bank

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Jul 23

Flashback:

This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied – THE SEQUEL


Frontrunning: July 23 (ZeroHedge, July 23, 2014):

  • Here come the gates which we predicted in 2010: SEC Is Set to Approve Money-Fund Rules (WSJ)
  • Dick’s cuts 400 jobs as golf now less popular (MW)
  • Kerry arrives in Israel, pushes for peace (Reuters) (Sure!)
  • Pay Penalty Haunts Recession Grads as U.S. Economy Mends (BBG)
  • Appeals Courts Issue Conflicting Rulings on Health-Law Subsidies (WSJ)
  • Rebel Stronghold Donetsk Holds Breath as Shellfire Mounts (BBG)
  • Business executive wins Georgia Republican runoff in U.S. Senate race (Reuters)
  • Five held in China food scandal probe, including head of Shanghai Husi Food (Reuters)
  • Jobs Hold Sway Over Yellen-Carney as Central Banks Splinter (BBG)

Overnight Media Digest

WSJ

* Two U.S. appeals courts issued conflicting rulings on subsidies for health coverage purchased on federal insurance exchanges, clouding a major part of Obama’s health law. (http://on.wsj.com/1pb81yo)

* The Federal Reserve Bank of New York found that Deutsche Bank AG’s U.S. operations suffer from a litany of serious financial reporting problems that the lender has known about for years but not fixed. (http://on.wsj.com/1jUoOXe) Continue reading »

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Jul 23

From the article:

“As for Deutsche Bank’s response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.”

Related info:

The Size Of The Derivatives Bubble Hanging Over The Global Economy Hits A Record High

The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


–  NY Fed Slams Deutsche Bank (And Its €55 Trillion In Derivatives): Accuses It Of “Significant Operational Risk” (ZeroHedge, July 22, 2014):

First it was French BNP that was punished with a $9 billion legal fee after France refused to cancel the Mistral warship shipment to Russia (which promptly led to French National Bank head Christian Noyer to warn that the days of the USD as a reserve currency are numbered), and now moments ago, none other than the 150x-levered NY Fed tapped Angela Merkel on the shoulder with a polite reminder to vote “Yes” on the next, “Level-3″ round of Russia sanctions when it revealed, via the WSJ, that “Deutsche Bank’s giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems.”

What could possibly go wrong? Well… this. Recall that as we have shown for two years in a row, Deutsche has a total derivative exposure that amounts to €55 trillion or just about $75 trillion. That’s a trillion with a T, and is about 100 times greater than the €522 billion in deposits the bank has. It is also 5x greater than the GDP of Europe and more or less the same as the GDP of… the world.

DB Derivs in context_0

More from WSJ:

In a letter to Deutsche Bank executives last December, a senior official with the New York Fed wrote that financial reports produced by some of the bank’s U.S. arms “are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm’s entire U.S. regulatory reporting structure requires wide-ranging remedial action.”

The criticism from the New York Fed represents a sharp rebuke to one of the world’s biggest banks, and it comes at a time when federal regulators say they are increasingly focused on the health of overseas lenders with substantial U.S. operations.

The Dec. 11 letter, excerpts of which were reviewed by the Journal, said Deutsche Bank had made “no progress” at fixing previously identified problems. It said examiners found “material errors and poor data integrity” in its U.S. entities’ public filings, which are used by regulators, economists and investors to evaluate its operations.

The shortcomings amount to a “systemic breakdown” and “expose the firm to significant operational risk and misstated regulatory reports,” said the letter from Daniel Muccia, a New York Fed senior vice president responsible for supervising Deutsche Bank.

Deutsche Bank’s external auditor, KPMG LLP, also identified “deficiencies” in the way the bank’s U.S. entities were reporting financial data in 2013, according to a Deutsche Bank email reviewed by the Journal.

Oh wait, so those €55 trillion in derivatives are actually completely fabricated? Well if that doesn’t send the S&P 500 limit up nothing will.

DB’s response is the generic one already attempted by that other permacriminal bank, Barclays, which hired a few hundred compliance people after it was revealed that the British firm was manipulating and rigging pretty much every product and market it was involved in.

“We have been working diligently to further strengthen our systems and controls and are committed to being best in class,” a Deutsche Bank spokesman said Tuesday. As part of this, he said, the bank is spending €1 billion globally and appointing 1,300 people, including about 500 compliance, risk and technology employees in the U.S. Mr. Muccia declined to comment.

Sadly for now what this latest Pandora’s box means is that confidence in Europe’s insolvent banks just crashed with a bang once again, not that it would be reflected in the stock’s rigged price of course: rigged most likely by Deutsche Bank among other of course.

The New York Fed’s concerns also pose a challenge for Deutsche Bank’s longtime finance chief, Stefan Krause, who is ultimately responsible for the company’s financial figures and has been spearheading efforts to improve the quality of the bank’s reporting.

The concerns from regulators strike at the heart of an issue plaguing many of the world’s big banks: Some investors lack confidence in the integrity of their numbers. Such fears have been especially prevalent in Europe.

Then again, none of DB’s numbers actually matter: if the banks needs a bailout the Fed will promptly step in, and today’s advisory has one simple end point, which happens to be the same as the recent BNP $9 billion fine – don’t even dare to side with Putin over the US. Because you sure have big bank over there Germany… It would be a pity if the NY Fed i) revealed just how insolvent it truly was and ii) decided not to bail it out subsequently.

* * *

As for Deutsche Bank’s response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.

 

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Jul 08

Twintowers_of_Deutsche_Bank_Headquarter_in_Frankfurt_a.M.

US Set To Alienate Angry Germany Next, As Crackdown Shifts From BNP To Commerzbank, Deutsche Bank (ZeroHedge, July 8, 2014):

As we reported over the weekend in “By “Punishing” France, The US Just Accelerated The Demise Of The Dollar“, following the record $9 billion fine against French BNP, the outcry has been fast and furious, with virtually everyone in the local chain of command, from the CEO of Total to the head of the Bank of France (and ECB member) Christian Noyer, all saying that the US is now clearly abusing the reserve power of the dollar and it is time to move away from a dollar-based reserve currency (how that jives with concurrent French demands for a lower EUR is a different, incomprehensible matter entirely).

It appears that having pushed France forcefully into the Russia-China Eurasian, and anti-US camp, the US will now do the same with Germany. Because after infuriating the German population by first refusing to return their gold contained (the legend goes) at the New York Fed, and then with scandal after spying scandal, most recently involving the CIA directly soliciting a German double agent, now the time has come to “punish” Germany’s largest banks for the same kind of money laundering that BNP was engaged in. As the NYT and Reuters report, the time has come to shift away from the BNP scandal and focus on what will soon be the Commerzbank and Deutsche Bank fallout.

According to the NYT, the money laundering crackdown is “bound for another European financial center: Germany. State and federal authorities have begun settlement talks with Commerzbank, Germany’s second-largest lender, over the bank’s dealings with Iran and other countries blacklisted by the United States, according to people briefed on the matter. The bank, which is suspected of transferring money through its American operations on behalf of companies in Iran and Sudan, could strike a settlement deal with the state and federal authorities as soon as this summer, said the people briefed on the matter, who were not authorized to speak publicly.

The contours of a settlement, which the authorities have only begun to sketch out, are expected to include at least $500 million in penalties for Commerzbank, the people added. Although prosecutors were still weighing punishments, the people briefed on the matter said that the bank would most likely face a so-called deferred prosecution agreement, which would suspend criminal charges in exchange for the financial penalty and other concessions.

It’s not just Commerzbank – a settlement with the smaller bank will merely pave the way for the punishment of the biggest bank of all (in terms of groiss derivative notional held): Deutsche Bank.

A potential deal with Commerzbank — which is expected to pave the way for a separate settlement with Deutsche Bank, Germany’s largest bank — would pale in comparison to the case announced last week against France’s biggest bank, BNP Paribas. The French bank agreed to pay a record $8.9 billion penalty and plead guilty to criminal charges for processing transactions on behalf of Sudan and other countries that America has hit with sanctions, a rare criminal action against a financial giant.

As NYT adds, correctly, “The Commerzbank investigation features an added twist: The bank is 17 percent owned by the German government. It is unclear whether — as in the BNP case, which led French authorities to intervene on the bank’s behalf — the settlement talks could inflame diplomatic tensions between Washington and Berlin.

Of course, since this is the ridiculous “scorched earth” diplomatic policy, if one may call it that, of the Obama administration, nobody is surprised any more that the US president is alienating one former ally after another.

As we first observed a few weeks ago when we revealed JPM’s involvement in all of this money laundering, “some critics have questioned why American authorities have set their eye on European banks. The answer, authorities say, is that American banks by and large avoided processing transactions for Iran and Sudan. But American banks are not immune from touching dirty money. Citigroup’s Banamex unit is under investigation for processing money linked to a drug cartel. And in January, JPMorgan Chase reached a roughly $2 billion deal with the authorities over ignoring signs of the Ponzi scheme orchestrated by Bernard L. Madoff, who held accounts at the bank for over two decades.”

Not only that but as we wrote over the weekend, the bank that was instrumental in facilitating BNP’s money laundering for nearly a decade was none other than JPM. One wonders if JPM also “unwittingly” was the bank that made German money laundering around the globe possible. Did we mention unwittingly?

BNP-Goldman

Still, while one can debate the idiocy of US foreign policy, eager to push European allies into the willing hands of Russia and China at the worst possible moment, when regional and civil wars and conflicts are suddenly breaking out across all key geopolitical hotspots, one wonders: in the case of BNP, the “fine” was as a result of French unwillingness to halt the Russian amphibious warship deal despite US demands. So it would be curious just what the US blackmail against German banks is for: one really does wonder just what punishment Angela Merkel deserves behind the scenes in the eyes of John Kerry et clueless al, to punish her and Germany so blatantly for the entire world to see.

One thing is clear: if the US thinks that Germany will continue to consider America its BFF and make zero contingency plans for when the alliance with the US finally crashes and burns, it will be truly surprised when the Eurasian alliance of Russia and China finally announces its final, all-important, missing link member: the manufacturing and export powerhouse that is Germany itself.

 

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Jun 14

12 Numbers About The Global Financial Ponzi Scheme That Should Be Burned Into Your Brain (Economic Collapse, June 11, 2014):

The numbers that you are about to see are likely to shock you.  They prove that the global financial Ponzi scheme is far more extensive than most people would ever dare to imagine.  As you will see below, the total amount of debt in the world is now more than three times greater than global GDP.  In other words, you could take every single good and service produced on the entire planet this year, next year and the year after that and it still would not be enough to pay off all the debt.  But even that number pales in comparison to the exposure that big global banks have to derivatives contracts.  It is hard to put into words how reckless they have been.  At the low end of the estimates, the total exposure that global banks have to derivatives contracts is 710 trillion dollars.  That is an amount of money that is almost unimaginable.  And the reality of the matter is that there is really not all that much actual “money” in circulation today.  In fact, as you will read about below, there is only a little bit more than a trillion dollars of U.S. currency that you can actually hold in your hands in existence.  If we all went out and tried to close our bank accounts and investment portfolios all at once, that would create a major league crisis.  The truth is that our financial system is little more than a giant pyramid scheme that is based on debt and paper promises.  It is literally a miracle that it has survived for so long without collapsing already. Continue reading »

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May 20

Related info:

The Elephant In The Room: Deutsche Bank’s $75 TRILLION In Derivatives Is 20 Times Greater Than German GDP


Deutsche Bank: “Perhaps The Fed And Other Central Banks Are Controlling The Market Too Much These Days” (ZeroHedge, May 20, 2014):

Perhaps the Fed and other central banks are controlling the market too much these days with their guidance. In the old days central banks used to like to create an element of surprise to ensure that markets didn’t become complacent. With the crisis fresh in people’s minds, with the stock of debt still huge and with the recovery still so uncertain they feel they cannot risk creating too much uncertainty at the moment. ” – Deutsche Bank

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May 14

Gold fix teaser_0

–  From Rothschild To Koch Industries: Meet The People Who “Fix” The Price Of Gold (ZeroHedge, May 14, 2014):

Earlier today many were stunned when the historic, 117-year old, London Silver Fix announced that in three months it would no longer exist. However, silver is only one half of the world’s two best known precious metals. Which is why we decided to take a long, hard look at that other fix: gold.

The reason for this particular inquiry is because in the aftermath of the rapid and dramatic departure of the world’s largest bank by outstanding notional derivatives, and Europe’s biggest bank by any metric, Deutsche Bank, from the precious metal fix, something felt out of place: almost as if the participants of the “fixing” process which for so many years took place in the office of none other than Rothschild on St. Swithin’s Lane in London, were suddenly scrambling to disappear without a trace.

In conducting our research we hope to not only memorialize just who are these particular individuals who “fix” gold using nothing but publicly available information of course – because after all it is not as if they have anything to hide or fear – but to connect some of the very peculiar dots behind the scenes of what to some, is the original, and most manipulated market in history – that of gold. Continue reading »

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