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After Staunchly Supporting Greek Bailout, DB CEO Ackerman Now "Doubts Greece Can Repay Loans"
Today's 1,000,000% RDA of Vitamin H2 (Hypocrisy, not to be confused with H1 for Hopium) comes from soon to be criminally investigated according to market rumors Deutsche Bank CEO Josef Ackerman. From Reuters:
Deutsche Bank Chief Executive Josef Ackermann cast doubt on Greece's ability to repay its debt and said a $1 trillion euro zone rescue package will help stabilise Italy and Spain, while matters are "difficult" with Portugal. Ackermann, one of Europe's top bankers who has has helped to put together a private-sector bailout package for Greece, questioned the country's ability to turn itself around according to a transcript of the Maybrit Illner talkshow, which is set to be broadcast on German television ZDF on Thursday evening. "Whether Greece over this time period is really in a position, to bring up the strength, I have my doubts," Ackermann said.
Compare this with Ackerman's scrambling on May 3 to not only put together a rescue package which would prevent his bank from failing prematurely, but considering ways to (wink wink) convince the market of the destruction that would follow should Deutsche Bank, pardon, the euro not be saved:
IIF president and Deutsche Bank chief Josef Ackerman said the rescue package would "significantly enhance economic and financial prospects for Greece and should help to dispel uncertainties that have roiled global financial markets in recent months."
At the IIF Board of Directors meeting, representatives of major banks of more than 70 countries said they were "prepared to assist the determined efforts of the Greek authorities, the Greek people, and the international official community."
Odd, maybe Josef could have brought up his concerns about the Greek debt repayment chances before he blew up the market... pardon, before he lobbied tooth and nail to get Europe bailed out post haste and throw away $1 trillion in European and US taxpayer money.
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Alright, so they take down DB in the US. Who cares? They can shift assets to Germany lickity split. The SEC... I am sure that they are just shaking in their boots. There's so much case law in favor of them. What exactly is the SEC supposed to do? Send the putt-putt brigade of halfway competent DHS Eisenstatzgruppen types to round up a bunch of bankers, their ornamental wives, and private school kids?
Dream on, DC.
My suggestion to the filthy Kraut bastards: load up container ships, grease the right palms, send 'em to Greece, and smuggle the stuff back to the Fatherland.
Ja vol :P
Bah...
The first distributions of the bailout got the (biggest of the big) DB all paid out in full on their exposure, so they don't give a shit anymore.
Start looking for the European "AIG conduit".
No matter the continent, the banksters all run the same scam...I thought germans could be more creative the just Wall Street 2.0
Why be creative when Wall Street already had such a perfect business model? The Germans bought a GS greed franchise and went to work.
And it's not as if German greed is somehow more or less ruthlessly cunning than American greed. Or maybe I haven't been paying attention; the Inuit have something like 20 different names for "snow" in their vocabulary, maybe there are 20 different kinds of greed and us simple folk are just not up on things.
Frak. Listen to me, trying to make sense of this crap. Just let me know when I get to watch someone hang.
One of many malaka banksters...NEXT!
The arrogance of these fuckers is truly astounding. As if we are all just helpless boobs with no memory or attention spans. Wait a second....
Oh look a shiny thing ... I'm sorry, you were saying?
Banker + Private Sector Bailout = Conflict of Interest
Some things seem more basic than others....
You forgot to show us the rest of the elements involved.. C1H1H2 (Changium,Hopium,Hyprocrisy) or CHOPICRITE. Soft and Brown and has a similar smell to bullshit.
Nice one.
This is good news, isn't it? If my fantasy theory comes together, he now has a gun to his head by the governments with the subpoena power to nail DD and all banks to the wall for past crimes. Gov says, "ok....you go on TV to say "I doubt Greece can repay these debts", then a week later you say all lenders must restructure". Then, we go easier on you, you see because you just made our lives easier and you can keep your jobs and steal 25% less than usual"
The logic of default and non-payment must be digested before they restructure. Is DB calling out PNB and Society General or lenders all, I don't know enough detail, but these comments seem timely to a restructuring objective.
Anyone study these French banks to know how much restructuring would affect their forecasts going forward? Or how much DB has at stake in Greece?
Smart move. Have your FX desk short the EUR all week, wait until the only bid you havent destroyed is the BIS, then go on national TV in the largest EUR nation, as the most senior banker in the country, and say
"This EUR thing... you know the one we tried to save... its probably not going to work...."
Now thats what I call prop trading. Hats off to the man.
Funny.
Hal 9000: "Nothing really matters to... me."
New trade is on (steps)
a) Repeat the EU market performance with the corr 1
b) Take a break for 20 min after EU is closed.
c) Start gunning market up or realize the Profit if the dead cat (EU) bounced hard .
d) Get out by 3:40
"Mama, i ve killed a (retail investor) man"
Repay loans? Who cares?! Not Barry! Who wants to bet he tells us he wants banks to hand out loans to "small business" like cupcakes? The doelarr is dead!!!!!
http://www.cnbc.com/id/24596546
Who wants to see a drunk President?
OH MOTHA FUCKAS!!!!! BARRY IS GOING TO HAND OUT LOANS LIKE CUPCAKES! YALL BETTER GET READY! THAT EURO CROSS IS NOW GOING TO HEAD UP!!!!!!
EURO TO STAY AT 1.277777 FOR ANOTHER WEEK, AND THEN IT WILL MOVE BACK UP. THE DOELARR IS DEAD, BITCHES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Got one here man:
http://gawker.com/5035885/bush-looking-drunk-at-the-olympics
Ackermann: another gent who has mastered talking from both end of his alimentary canal.
Reporterette: Herr Ackermann, why did you facilitate the bailout?
Ackermann: I did it for zee lulz.
FTW!
HOGAN'S ZEROES:
http://williambanzai7.blogspot.com/2010/05/hogans-zeroes.html
Thanks for bringing this to our attention, Tyler. I just shorted the hell out of the DAX futures at 6252.
This fucking market is being set up for the mother of all crashes. Maybe this will be the catalyst, if it does air in Deutschland tonight.
The more of this I read the more I want to pull what I have left in the market out and buy a house (and citizenship) in St. Kitts and watch the carnage on the satellite TV with some form of rum concoction in my hand.
Are any of the founding fathers not spinning in their graves? (Maybe Hamilton is looking down fondly, but Jefferson and Washington would be sick.)
I'm with ya.
St. Kitts >> Hurricane Alley, but I agree with the ex-CONUS sentiment.
So is the financial hurricane helicopter Ben is working on more or less damaging than the weather related ones that head west into the Caribbean from the coast of Africa?
I feel at least I have a chance against the weather (given enough time and plywood).
It's rather obvious from your comment that you've never experienced a hurricane from an island. Be careful what you wish for.
Hamilton was actually born in Nevis / St. Kitts. He is the architect of our modern financial world, but he did advocate responsible management of debt not like to worthless members of congress we have no that thinks money comes out of thin air.
It seems like they are hinting for more bailout
... or setting up for failure despite the large amounts committed. Failure was probably always in the cards, this guy is looking down the road 18 months to his moment under oath giving sworn testimony, and he wants to be able say "well see here, I was on record saying this was a bad deal."
It's an end-game. Everyone is now talking to the historians 20 years hence. Because this bitch is going down in flames and every sticky-fingered banker on the planet knows it, and knows how bad it's going down, and has a good idea of the date it's going down. The rest is history, mo'fo. The rest is just flames and riots and other peoples' useless fucking history.
Maybe they will run another 60 minutes special encouraging countries and not just homeowners to walk away from their debt, because it is just too hard to be responsible.
Yeah right. No, they'll run a 60 Minutes special on how people who are walking away from debts and mortgages are being open-heart-raped by undead vampires from Uranus.
Or something. So don't get any smart ideas, Sparky. Back to the millstone with you.
do you think man will ever land on uranus?
Not a chance. And it seems less likely with every passing year that any woman will, either.
Sorry ladies, we're just joking around here. Crude male humor. At least our avatars are wholesome.
I really couldn't pass up the chance to use a line from Beavis and Butthead. And yes, I love my pawn avatar.
Saying one thing to get money, then doing another very soon after they get it. Haven't we seen this before? Oh yeah, does the ex-Vampire Squid Goldman Sachs guy by the name Hanky Panky Paulson ring a bell with anyone?
How stupid is Merkel? I would trust a three card Monte dealer with my money over a Grecian Banker (can you put those words together and mean anything?)
If the RAF (Baader Meinhof Gang) had any juice left in them they'd take out Ackerman right now, absolutely no doubt about it. They took out Deutsche Bank's Herrhausen in the 80s with a roadside bomb.
Godfather, have you ever heard of Operation Gladio, synthetic terror and false flag operations? Look it up, and then you will understand who exactly pulled the strings of the RAF and the Brigate Rossi. Just a clue, Kissinger warned Aldo Moro that a coalition with the communists might be "bad for his health".
Herrnhausen and Rohwedder had an unhealthy nationalistic bent.
Maybe the Germans really are going to bail on the Euro and go to DM's. Nothing says the Germans have to pay into the bailout....they can bail out of the agreement....well it's what they should do.
Well DUH!!!!
It does not and did not take an astrophysicist to come to the conclusion that a flat broke entity will not be able to pay back the money they borrow just to pay the interest on their debt.
Who knew?
How does one say "Hypocrite" in German?
Generally Heuchler, Hypocrit, Scheinheilige. In Ackermanns case, also Schwerverbrecher.
Danke schoen. Pwerhaps just schweinhund conveys the same message a bit more tartly. Or scheisskopf for that matter. Thanks again.
Greek military spending criticised
Al Jazeera, May 13
Despite a deep budget deficit crisis, Greece is being encouraged by Paris and Berlin, from whom it buys many of its weapons, to continue spending billions of dollars on defence.
It spends just over three per cent of its gross domestic product on military hardware - more than any other nation in the EU - included those involved in international conflicts, such as Britain, France and Germany.
Athens' military budget even eclipses Pakistan - a nation at war on several fronts.
Of course they have to spend so much on their military; heavily militarized border with fellow NATO member Turkey.