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Deutsche Bank Flew and Fell. Some Paid a High Price.
NYT's Landon Thomas gives this exceptional report on how Deutsche Bank changed from a lender to the German auto industry and safe banking practices to enter the derivatives business and other opaque financial products that led to taking on huge risks. Deutsche Bank has agreed on Dec. 22, 2016 to settle with the U.S. Justice Department paying a fine of $7.2 billion for practices relating to faulty mortgage securities. This report says the problems started in 1995 with Deutsche Bank's leadership hiring Edson Mitchell of Merrill Lynch to promote the investment banking business at Deutsche Bank. Mitchell hired two derivatives traders Broeksmit and Anshu Jain. Mr. Mitchell died in plane crash in 2000 when he was 47 years age, Mr. Broeksmit committed suicide in 2014, 58 years in age, Mr. Anshu Jain, 53 years old, is the only surviving person of the three. Under Mr. Jain Deutsche Bank assumed more and more risk, and was involved in complex and opaque financial products leading to the toxic mortgage crisis, and manipulation of the lending rate for London banks. It also lent $300 million to Donald Trump's businesses. Most of the profits generated from this venture have evaporated, with analysts estimating $15 billion in fines and penalties owed of the $20 billion that these ventures generated. Not counting the serious damage to the bank's reputation in Germany and the U.S. This report points out the role played by the CEO from 2002 to 2012 of Deutsche Bank, Josef Ackermann, in encouraging these ventures converting the bank from its original loan as a contintental lender to business to a bank selling opaque financial products for most of its profits. Landon Thomas also describes the events and days leading up to the suicide by Broeksmit, including a visit to a psychiatrist and Broeksmit's facing enormous stress about the investigations underway in Germany and the U.S. looking into the opaque financial products and practices of Deutsche Bank. This is also a cautionary tale about what happened in banking from the late 1990's leading to the collapse in 2008, leading to the problems of today- the need to rescue the economy in 2008-2009 and the low rate world that ensued damaging the savings of ordinary people, the infrastructure that was never built, the parallel crisis of the hollowing out in manufacturing as a false prosperity boomed in banking and finance. In a sense it is also a story of everyday lives that were damaged in the high flying boardrooms of finance in New York, London and Frankfurt. The revolving door between regulators and the banks made it harder to monitor and control banking risk letting this story unfold over decades, damaging the credibility of governments and the established political parties without clear alternatives from outside; as the dominance of Wall Street executives in the new outsider Trump administration shows.
Deutsche Bank management
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Deutsche Bank Flew and Fell. Some Paid a High Price.
The New York Times 12/30/2016
Josef Ackermann of Deutsche Bank
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Michael Coers' Bittersweet Exit from Deutsche Bank
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Deutsche Loss Underlines European Economy’s Dependence on Banks
New York Times 01/20/2014
Executive Who Committed Suicide Anxious Amid Deutsche Bank Probes
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Widow Confronts Zurich Insurance Executives Over Probe Into CFO's Suicide
Wall Street Journal 04/03/2014
Deutsche Bank financial share price performance
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Grouped Articles
Wall Street Journal 07/23/2014
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Deutsche Bank's image in Germany 2008-2015
01/02/2009
Deutsche Bank's image takes a hit in an alleged carbon credit value added tax fraud. Its headquarters in Frankfurt are raided by German police and investigators. Co-CEO Jurgen Fitschen's call to the Governor of Hesse protesting the raid is criticized in Germany as intervening in an ongoing investigation of the bank. Earlier Deutsche Bank's role in the 2008 financial crisis with its participation in the mortgage securities market in the U.S. came under criticism. This also raised the question whether a change in management with the two new co-CEO's made in mid 2012 has changed the culture at the bank.
Grouped Articles
Deutsche Bank Plans to Extend Contract of Co-CEO
New York Times 09/11/2013
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Wall Street Journal 06/07/2010
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New York Times 01/20/2014
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German Financial Watchdog Bites Back
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Deutsche Bank legal settlements and costs
10/30/2013
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Deutsche Bank to Pay $1.9 Billion Over Troubled Mortgage Securities
New York Times 12/20/2013
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New York Times 01/20/2014
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Wall Street Journal 02/20/2014
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Wall Street Journal 03/26/2014
German Financial Watchdog Bites Back
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Stress and senior management- Zurich Insurance and ex-Deutsche Bank executive
09/04/2013
The suicide note left by CFO Wauthier of Zurich Insurance saying the stress on the finance department and the tense exchanges with CEO Ackermann had led him to this choice. Wauthier committed suicide at his lake Zug home. He was known as a mild mannered manager and disagreed with Ackermann on how to present the firm's lagging performance to investors- Ackermann preferring a public show of dissatisfaction and Gauthier for the company to say it was working on reaching its goals. Ackermann is known for a results oriented managment. He resigned immediately. The tragic event leaves questions about how this could have happened.
Grouped Articles
Friction at Zurich Built in Months Before Suicide
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Widow Confronts Zurich Insurance Executives Over Probe Into CFO's Suicide
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The Story of the Self Destruction of Deutsche Bank - SPIEGEL ONLINE
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Grouped Articles
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Estimates of legal risk for Deutsche Bank in 2012 range from $3 billion to $4 billion.
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Deutsche Bank's decision to close its commodities business following the Volcker Rule in December 2013
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The Volcker Rule's strict limits on portfolio hedging and its other provisions are part of the reason behind this decision, say experts.
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Deutsche Bank to Scale Back Commodities Business
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Deutsche Bank Flew and Fell. Some Paid a High Price.
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NYT's Landon Thomas's report on opaque financial products traders at Deutsche Bank- Mr. Mitchell, Mr. Broeksmit, and Mr. Jain, and their cautionary tale
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Revolving door for officials in U.S. government and regulatory authorites, the S.E.C., the Federal Reserve, and the large banks.
01/28/2009
Orszag, budget director in the Obama administration, joins Citigroup. A senior official at the New York Fed's regulatory department joins Goldman Sachs. Another Fed official joins Morgan Stanley as chief economist. S.E.C. enforcement chief leaves Deutsche Bank for the S.E.C. and leaves the S.E.C. for a position in the financial industry. The nominee for S.E.C. chief in 2013, Jo White, represented JP Morgan Chase in her work at a law firm. The nominee for Treasury Secretary Jacob Lew, worked at Citigroup for a short period. A similiar situation exists in the UK and in other EU countries.
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German Financial Watchdog Bites Back
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German Federal Financial Supervisory Authority, BaFin, once soft on Deutsche Bank takes a tougher stance in 2014
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As the time approaches when regulatory authority passes on to the ECB, BaFin is taking an active regulatory stance. This WSJ report says the stance is partly because BaFin does not want to be seen as having been lax when the ECB takes over supervision.
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German Financial Watchdog Bites Back
Wall Street Journal 03/28/2014
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Five Reasons the NY Fed Isn't Happy
Wall Street Journal 07/23/2014
Wall Street Journal 07/23/2014
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In addition to the $1 billion, prime minister Cameron says 227 million pounds in fines paid by Deutsche Bank in April 2015 will be used to finance 50,000 apprenticeships in Britain
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England’s Bank Fines Are a Boon for a Happy Few
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Deutsche Bank Flew and Fell. Some Paid a High Price.
The New York Times 12/30/2016
Deutsche Bank- German public opinion
01/01/2017
Linked Articles
Wall Street Journal 12/18/2012
Deutsche Bank Flew and Fell. Some Paid a High Price.
The New York Times 12/30/2016
Deutsche Bank- the continuing tale at Zurich Insurance
01/01/2017
Linked Articles
Friction at Zurich Built in Months Before Suicide
Wall Street Journal 09/04/2013
Deutsche Bank Flew and Fell. Some Paid a High Price.
The New York Times 12/30/2016
Deutsche Bank- the road to dire straits
01/01/2017
Linked Articles
Opinion: Deutsche Bank in dire straits | Opinion | DW.COM | 27.09.2016
DW.COM 09/27/2016
Deutsche Bank Flew and Fell. Some Paid a High Price.
The New York Times 12/30/2016
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