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Posts tagged ‘Deutsche Bank’

US Set To Alienate Angry Germany Next, As Crackdown Shifts From BNP To Commerzbank, Deutsche Bank

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.

full article at source: http://www.zerohedge.com/news/2014-07-08/us-set-alienate-angry-germany-next-crackdown-shifts-bnp-commerzbank-deutsche-bank

At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World (Hint: Not JPMorgan)

by Tyler Durden

Moments ago the market jeered the announcement of DB’s 10% equity dilution, promptly followed by cheering its early earnings announcement which was a “beat” on the topline, despite some weakness in sales and trading and an increase in bad debt provisions (which at €354MM on total loans of €399.9 BN net of a tiny €4.863 BN in loan loss allowance will have to go higher. Much higher). Ironically both events are complete noise in the grand scheme of things. Because something far more interesting can be found on page 87 of the company’s 2012 financial report.

The thing in question is the company’s self-reported total gross notional derivative exposure.

And while the vast majority of readers may be left with the impression that JPMorgan’s mindboggling $69.5 trillion in gross notional derivative exposure as of Q4 2012 may be the largest in the world, they would be surprised to learn that that is not the case. In fact, the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank.

The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000….  Or roughly $2 trillion more than JPMorgan’s.

German%20GDP%20vs%20DB%20Derivatives_1

full article at source:http://www.zerohedge.com/news/2013-04-29/728-trillion-presenting-bank-biggest-derivative-exposure-world-hint-not-jpmorgan

Ireland will enter a less invasive programme in 2014?????? (Bulls***)

A former deputy director of the IMF has warned that it’s unlikely Ireland will be in a fit state to exit it’s bailout programme next year.His comments completely contradict suggestions made by the Social Protection Minister Joan Burton who said yesterday that Ireland is well-placed to exit the programme sooner than expexted.Donal Donovan, now a member of the Fiscal Advisory Council, has said it’s highly unlikely that we’ll see the back of the Troika in such a short period of time.He says it’s much more likely that Ireland will enter a less invasive programme in 2014 to make the bailout exit smoother.

Comment:

This is of course a lode of bull. This country is the 2nd most indebted country in the world! We haven’t a hope in hell of ever paying back. The government is just winging it in the meantime in the hope of getting some crumbs that might fall from the table when the Greeks eventually Default!

We are all taped out Kenny ,not one red cent more will you get from me!

Our total national income is nowhere near enough to even pay the interest on the debts our government have taken on! With 35%of out tax take just going on interest payments this is just not sustainable. I have published this graph on a number of times on this blog and I would ask you all to copy it and send it to your local TD,s and ask them to justify why we are still trying to please our real masters in Berlin. We must stop believing the absolute crap Kenny and Noonan are spreading we will not get any relief from the Berlin mafia as we are paying our dues and that is all they want us to do .

We are been bullied and like all bullies we have fallen on our knees and we are begging for mercy and a few crumbs from our bullies table .We must get up off our knees and rid ourselves of our financial tormentors in the ECB and in Berlin. Enough is enough it s now payback time .we must fight back and first plan of action is to default. This will happen in the end in any case! These debts are not ours and we were not bailed out we bailed out the ECB and Deutsche Bank! We need patriots who will fight for the Irish Nations self interest and not puppets and collaborators like Kenny, Noonan, and Gilmore who have sold us out to the financial slave drivers in Europe!

Ireland stand up and fight back now!

To The People of Ireland : You are been lied to ,Bambeluzeled,and Hundwinked

By Thomás O Cléirigh

To The People of Ireland: You are been lied to, Bamboozled and hoodwinked into paying back private banking debts and private gambling debts of the insider friends of the Irish political élite. I am living over here in Germany, whilst I continuously here of a Greek crises and a Spanish financial crises I have yet to hear in the German news of an Irish financial crises! The Germans do not see I Ireland as having been unjustly forced to take on private bondholders debts or for that matter Deutsche Bank’s reckless lending to Angelo Irish Bank and the other toxic banks in the state! To Them the Irish Government were responsible for the financial meltdown of the Irish financial system as they were presiding over a lax monetary regulation policy.

The Irish Government were in fact driving the insane credit bubble in favour of their insider pals in the elitist circles that rule our country! These same insiders were and are still benefiting, as the rest of us wallow in forced Austerity. This Austerity is been justified by the lies by Kenny and Noonan of an eventual German adjustment or “relief” on this “Irish Bank Debt” .These two must be going to China or some other planet when they go to these meetings! These two Gobshites are nothing more that tea boys when they appear at meetings here in Germany .Nobody takes them seriously and they wouldn’t be missed if they didn’t  come for that matter.

Because of the mind boggling incompetence of these two Gombeens we are now forced to pay debts that rightly belong to Deutsche Bank and their subsidiaries and in turn their insider bondholder pals! The fact is our political stooges are no match for the shark infested waters of Berlin! Does any one of them speak German? Germans say one thing but mean something entirely different and you need to know the language that matters. Kenny and Noon have a good command of English and they are very well able to spin their way out of promises made to their own people, so why are they now so upset with the Germans?

They (The Germans) are only doing the same thing to Kenny and Noonan (lying of course!) Just to have something to say to the cameras for the six o clock news but everybody knows that the real deals are done when you have a real force behind you and these two puppets are just pissing in the wind!Telling more lies to the gullible Irish as they turn the austerity screw tighter each year as the imposed budget from Berlin is forced down our collective throats.

News Flash!!!

These two beauties, have totally misinterpreted the meeting in July and its consequences .These idiots allowed the Germans off the hook and places every Irish family in the meat grinder! We as a nation no longer exist! We are now financial slaves, debt servicing surfs and the Irish government is nothing more than an instrument in the service of the new Deutsche 4th Reich!

Kenny and Noonan are stringing us along with promises of eventual relief of these odious debts but of course this relief will never materialize and is never going to come about! The game plan is to slowly slash public spending and balance the Irish national budget no matter what the cost in order to please the new masters in Europe. The next step will be to further erode the independence of the Irish with a new treaty, effecitively bringing about a federal government in Europe along the lines of federal republic of Germany .We do not amount to a hill of beans and the Germans would sooner dump us as soon as they can .They have almost gotten everything they were looking for and our incompetent parish pump parasites in the Dail even bailed out their Deutsche Bank in the process!. Ireland didn’t get a bailout, Deutsche Bank and its insider pals got the bailout. If you don’t believe me why don’t you ask Noonan and Kenny where did the billions go we paid out to ???

To every Irish family wake up and smell the dung heap you are now sitting in. Kenny and Noonan are lying to you there is no relief on the way just more pain and more Austerity! .I am right here in Germany and I see how these chancres are viewed here by the Germans .Paddy can you go and make the tea? Remember you voted in these career parish pump, self enriching –self serving leaches! Stand up and get up off your knees and do something to day to get rid of these pests.

If you don’t, you deserve the next kick in the “proverbials”  you are going to get from these two puppets of Angelika !   Take a look at the following article and have a nice day Machholz .

Following Article  By DEREK SCALLY, in Berlin was sent in to us today

GERMAN OFFICIALS have said they are not responsible for “illusions” created in Ireland after last June’s summit that EU leaders would expedite the  resolution of its banking debt issue.

Senior advisers to  Chancellor Angela Merkel said yesterday that the two-day meeting of the  European People’s Party congress, beginning today, was an “important  lap” in discussing the eurozone crisis, but that no decisions were  likely to be made.

Dr Merkel will push for a wide-ranging  discussion on measures for further integration of economic and finance  policy. Germany is pushing for far-reaching measures, even those that  would require treaty change; many of Berlin’s neighbours would prefer to avoid this step.

One of Dr Merkel’s senior officials insisted  yesterday it was “perfectly clear” what the European council of EU  leaders agreed at their last summit in June, and insisted this did not  involve a deadline for Irish debt relief or even the nature of any  possible relief.

“If others interpret the [June statement]  differently, that is not our problem,” said the official. “The text says that the [European] commission will make suggestions, which the council will discuss as a matter of urgency. Nowhere does it say that the  council would agree anything by the end of the year.”

Germany’s  interpretation of the June agreement is that progress on Ireland’s bank  debt can only come after a European banking regulator is operating  effectively, and after EU leaders have agreed rules for banking  recapitalisation by the ESM bailout fund.

Germany has said it is  unlikely the regulator will be operational in 2013. Leaders were  unlikely to spend much time discussing this today, Berlin officials  said, with technical talks still continuing at the level of finance  ministers.

“With respect to Irish banks, the problems occurred in a time when they were overseen at national level and thus the  responsibility is at national level,” said a senior German official in  Berlin.

“It is simply not on that everyone tries to slip out of their responsibilities that they carried in the past.”

German officials said it was not their problem if Dublin had created  expectations regarding the speed at which the banking problem could be  resolved and they noted that the June agreement contained no deadline.

“There’s nothing in there about agreeing anything to the end of the year,” an  official said of the June statement. If anyone feels the need to read  this into the statement, they face the problem of explaining why they  have created illusions not contained in the text they signed.”

full article at source:http://www.irishtimes.com/newspaper/world/2012/1018/1224325411577.html

As usual, the real big boys in Germany are well hidden and will not be brought to justice. “The angel of debt” should concentrate in cleaning up her own nest of worms in Berlin and in Frankfurt (Deutsche Bank).Corruption at the centre of the EU surpasses anything we can imagine.A lot more rotten apples have to be taken out of this toxic barrel!

The Slog.

But Merkel’s security arrangements overshadow everything as she prepares to visit Athens

Long-suspected of having massively enriched himself at the Greek Ministry of Defence, Vlassis Kambouroglou has found dead in hotel room in Jakarta. Local medical authorities suggest that Kambouroglou committed suicide.

Kambouroglou was alleged to have been aware of – indeed an active participant in – the corrupt Defence Ministry under the PASOK government between 1997 and 2001. At the time, the Ministry was purchasing large consignments of German munitions, aeroplanes and

In addition, Vlassis Kambouroglou had in the best been in the spotlight concerning Russian arms deals under Boris Yeltsin, as well as earning huge profits in cooperation with Arab weapons merchandisers.

Principally, however, Kambouroglou was accused of being party to the bribery and money laundering network involving former Defence Minister Akis Tsochatzopoulos.  He was the managing director of Drumilan International, which was involved in the sale of…

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Market Brief 4th. September 2012

By  Christopher M Quigley

Market Divergence:

Labour Day is done, the holidays are over, schools and colleges are back: game on. Expect one wild ride in the markets between now and the November US presidential election results.

 

Internally the technicals are weakening. There is a significant divergence between the Dow 20 Transports and the Dow 30 Industrials. The Dow 20 is moving towards lower lows and a break below 4850 will be an indication that the overall market is going to move much lower, fast.

UK Crash Expected:

With the London Olympics now more or less over the absence of sporting construction and service dollars is beginning to be felt throughout the British economy. The UK is already in recession, as is most of Euroland, but the figures going forward for UK GDP data are going to be far worse than expected. This will not augur well for City institutions which are already reeling from numerous financial scandals.

 

Spanish Bank Runs and Struggling Deutsche Bank:

There is a fully fledge bank run ongoing in Spain that is not being adequately reported in the mainstream news media. In June $70 billion dollars left their system. In July it was $92 billion which is 4.7% of total banking deposits.  This means that from January to July of this year $368 billion or 17.7% of total banking deposits has fled Spanish institutions. Previously this money was heading for Switzerland and Germany but with the truth filtering out concerning the weakness of German and Swiss banks alternative destinations are now being chosen. The emerging weakness of Deutsche Bank is a particular worry for the ECB and the situation is being exacerbated by a sharply contracting German economy. As reported in Spiegel today:

 

Euro Crisis Starts to Bite. German Export Orders Fell Sharply in August.

 

Exports are a major pillar of the German economy, but now the sector is starting to feel the impact of the euro crisis and the global economic slowdown. German export orders fell in August by the highest rate in more than three years, the Markit financial information company announced Monday after conducting a survey of 500 industrial firms.

 

“Survey respondents commented on a general slowdown in global demand and particular weakness in new business inflows from Southern Europe,” the institute said. The firms hardest hit by declines are manufacturers of machinery and other investment goods as well as producers of intermediate goods such as chemicals.

 

In the first half of 2012, German exports had still grown thanks to demand from Japan, the United States and Russia. But it was already evident then that exports to crisis-hit countries were falling sharply, and that trend is now continuing.

Markit economist Tim Moore said the German industrial sector is going through its worst quarter — the three months to the end of September — in more than three years.

“The new orders figures are especially disappointing, with export work dropping at the fastest pace since April 2009 amid an ongoing deterioration in global demand,” he said in a statement.”

 

Mini Flash Crashes:

I have noted over the past few months that the “flash crash” syndrome, which nearly collapsed the market on May 6th. 2010, has not been sorted out by the powers that be. This ongoing problem has major implications and the fact that regulators have not fully solved this manipulation is very very serious. I list below two charts for your consideration. I fervently request my American colleagues to write to their elected representatives to implore them to use their influence to finally end this travesty. Its ongoing presence is undermining the integrity and future of the US stock market.

Example 1. Monster Beverage Company (MNST) 30th. April 2012.

Note: price moved from $65 to $83.96 and quickly back again, a total change of 18.9%.

 

Example 2. Dollar Tree Stores Inc. (DLTR). 16th. August 2012

Note: price moved from $38.40 to $49.11 and quickly back again, a total change of 27

(C) Christopher M. Quigley 4th. September 2012

 

 

 

Why the global political class lies in fear of the LIBOR scandal?

 By John Ward at the slog reports:

A couple of Torygraph journalists were exchanging tweets this morning about Bob Diamond’s cockup being “only the start” of the LIBOR scandal. It could well be that the time has come for some noisy skeletons to walk out of the Westminster cupboard.

An international investigation into the alleged 2008 Libor manipulation scandal has been necessary pretty much right from the start. Without wishing to seem too obvious here, that’s because what happened was internationally arranged. On April 12th 2011, The Slog reported that Vienna-based asset management concern FTC Capital GmbH – and two funds it operates in Luxembourg and Gibraltar – announced their intention to sue twelve major investment banks. FTC accused the banks of conspiring to artificially depress Libor, and limit trade in Libor-based derivatives from 2006 to 2009. The defendants as listed in the suit were Bank of America Corp, Barclays Plc, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings Plc, JPMorgan Chase & Co, Lloyds Banking Group Plc, Norinchukin Bank, Royal Bank of Scotland Group Plc, UBS AG and WestLB AG.

full article at source :http://hat4uk.wordpress.com/2012/06/28/exclusive-why-the-global-political-class-lies-in-fear-of-the-libor-scandal/

Libor stands for the London Inter-Bank Offered Rate and is the average cost of   borrowing for banks, calculated daily. That average is taken as official   Libor, which is used to price trillions of pounds of loans and financial   products across the world. The rate is worked out by asking banks to submit   their borrowing costs, discarding the top four and bottom four rates, and   taking the average of the rest. There are, in fact, several Libor rates   measuring the cost of borrowing for different lengths of time, of which   three-month Libor is seen as the benchmark. Just to complicate matters,   Libor is also calculated for different currencies of which Euribor, in   euros, is one.

Don’t I know Libor from somewhere?

You might remember the term from the Northern Rock crisis. Having effectively   matched the Bank of England’s base rate for years, Libor started creeping up   after the credit crunch struck. As a visible daily metric, it became the   instrument by which financial stress was measured – bringing the arcane   technical term into households a bit like “quantitative easing” today.   Stress could be seen in the cost of Libor over base rate, which peaked in   October 2008 after the collapse of Lehman Brothers at 1.68 percentage   points. In April this year, the spread was back down to just 0.56 points.

Comment:

So after almost 4 years of Bank clean ups we are still uncovering corruption and fraud coming from the banks .Irish government’s financial dealings through the equally questionable dealings at the Toxic Bank/property front is no better. a nod and a wink    seems to be the way business is done but for whose benefit? The Irish taxpayers are been forced to pay 1.5 billion Euros of the gambling debts, of faceless unsecured bondholders. Why??  With what we now know is it possible that there is a case for the Irish government to sue Barclays??

With the clueless and gutless Irish minister of Finance we are not likely to see any such action we will not even see an investigation into the possible effects of this uncovered fraud in the Libor Markets might have had on Irish mortgages and bank interest charges. As far as I can see we are still no better off the banks are still running the show!  Our own Bank fraud (Anglo Irish Bank) (and the attempt by Irish Life and Permanent to help doctor the books with a 7 billion dig out) investigation continues and to date not one person has been brought to justice! One law for the Banks and one law for the rest of us!

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