Wow!!! Michael Moore on Deutsche Bank 7 billion loss

[still_one]

"Deutsche Bank AG expects to report a third-quarter loss of €6.2-billion ($7-billion U.S.) and may eliminate its dividend for the year after writing down the value of its two biggest divisions and boosting its reserve for legal costs.

The estimates, announced in a statement Wednesday, are part of a strategy that co-chief executive officer John Cryan will present Oct. 29 as he looks to shore up capital and boost profitability at Europe’s biggest investment bank. Deutsche Bank’s American depositary receipts tumbled 6.4 per cent after the disclosure to $26.96 at 4:22 p.m. in extended trading in New York."

http://www.theglobeandmail.com/report-on-business/international-business/european-business/deutsche-bank-sees-7-billion-quarterly-loss-on-writedowns/article26709499/

Nope, its not the Michael Moore you may be thinking about......

I couldn't resist

[tonyt53]

1. Deutsche Bank was the largest single recipient of bailout funds. They didn't learn much.

[Exilednight]

2. They learned that when they screw up someone else will cover the cost.

[dixiegrrrrl]

5. Like all the big bailed out banks, Deutsche has massive debt.

As in more debt that the GDP of most countries.
Its current situation is scaring the hell out of governments and banking interests, cause when it goes down, it will drag the other banks down with it, just as Lehman did.

[kentuck]

7. Answer me this, grasshopper?

Who's gonna bail them out?

[dixiegrrrrl]

8. Wrong question.

Who's gonna bail them IN is the right question.

After what Greece famously did after 2008, with bail ins, other banks took a look and planned their own.

They just insisted on kicking the ball as far as they could, but now the cracks are showing in the BS. People are dumping bank stock.

[Blue_Tires]

9. Which is weird, because

The financial culture in Germany is traditionally conservative, isn't it?

[OnlinePoker]

3. Financial guy was on the radio the other day

He says Deutsche Bank holds somewhere around $70 TRILLION in derivatives and if they collapse, it would make 2008 look like a cake walk.

[kentuck]

4. That the Donald's bank!

They should have known better.

[Buckeye_Democrat]

6. Yep! That alone shows it's mismanaged! n/t

[uponit7771]

10. Didn't tRump get money from them?!!?!