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merely a ploy to get Germany to play ball on Euro issues....
I agree, just like using Toyota braking issue last year when negotiating the Okinawa base leases, even though the Toyota issue was known for 2 years.
Lloyd & Jaime are probably enroute to Ben's drive up window for a big bundle of US taxpayer cash to buy every politician in the Eurozone, because Timmy in leather chaps with no anal bum cover at the next G-7 meeting will be an invitation for retaliation. Hopefully the leaches can suck some blood out of the squids.
No big deal. If the US wins the lawsuit the US citizens just pay for it anyway through backdoor bailouts.
Billion shmillion. Two of their divisions got that much from the Fed alone.
Feels like we're in one of those StarTrek time bubble thingies. Repeating last year only with different names. Market tops in two days. Flash crash in three weeks.
A billion is closer to a million than a trillion.
In other words, pfeh. That'll be one day's profit in future dollars.
I am Chumbawamba.
Their violations of HUD rules were egregious...
So we only sue those that were egregious and not those that we only blatant?
Seriously, why only DB? Couldn't they just file it as [Investment Bank] and have an appendix of 40 or 50 institutions? Or maybe they got confused trying to figure out if they sue BofA, or BofA and Merrill, or BofA and Merrill and Countrywide?
I am absolutely sure this has to do nothing at all with DB being a non-US institution.
The entire business of modern banking is fraudulent. There is no way for the banks to make money other than fraud, either subtle or blatant. Now governments can cherry pick the frauds and use lawsuits to skim some extra revenue from the banks at will. It's a great system. Banks defraud customers and taxpayers. Governments use the corrupt courts to steal some of the loot back. Lawyers skim millions.
This is especially true in mortgage origination - it is very tough to really make money originating mortgages honestly, whether you are a broker or a bank.
So I have A question of any of you techies out there?
Just now Im at the Drudge, and I click on the headline "WH release Bin Laden Photo"
WHile that page is loading, in the bottom left of my screen(where it shows the files loading, a file called citi.bridgetrack.com is loading.
Separetly, in the past I have noticed several other files with funny or odd names loalinging when at the Drudge, like one called rubicon-project optomized, or something.
Any ideas ??
If you run windows you need to load peerguardian. And simply IP ban anyone you don't want to talk to.
I run Firefox plus Noscript and Adblock Plus. Not only does trash script like citi.bridgetrack.com not get through to me, but I also rarely see a web ad.
Odd the suit is against a foreign bank, no criminals at home??
I think it has to do with campaign contributions......
Ding Ding!! We have a winner.
DB is the continuation of the old Bankers' Trust, so it's very much a domestic matter.
BTW, some may recall that BT achieved infamy by allegedly defrauding corporate customers P&G and Gibson Greetings on complex derivatives in 1994 and then bragging about it on recorded lines. Apparently it's hard to eradicate corporate DNA.
The Feds settled with a number of megabanks a few weeks ago, the terms were rather vague as the news reported that there may or may not be fines and if so they will be determined in the future.
I hate to sound cynical but has Bharara decided he wants to run for Governor of New York?
NEVER -- I repeat, NEVER -- get excited about civil lawsuits.
Has there ever been, in the history of the world, a lawsuit that has not been contested? And dragged out?
Nearly 100% of lawsuits settle, after much sturm und drang, and lots and lots of legal fees. But the settlement is something that can be comfortably be paid. And things go back to normal.
I suppose this sets a good precedent for Greece to sue GS for fraudolent consultancy on balance issue, or for many Italian Munis "stuffed" with derivatives by courtesy of GS consultants... Not that I have something special against GS, I'm sure there are many examples possible for all investment banks, be they American, German, Italian or whatever...
And they are not suing US banks because.....
Reminds me of a story where the police found a drug dealer selling fake cocaine to a buyer who was paying for it with counterfeit money.
That seems to be about the size of it when you have the US government going after the banks.
Well, the bailout bucket has to be filled somehow...
In last years Goldman case, it was estimated a fine of about USD 3bn.
We know how that ended....a cash settlement of USD 550 million / or about 3,4% of Goldmans bonus pool..
This is most likely heading the same way.
Only a billion? Pfft-- chump change..
All these lawsuits have tidbits of the real fraud. This stuff is just the tip of the iceberg.
The Feds will take down all the competition for the biggest banksters. They will never touch the big guys.
lawsuit FAIL....take a face plant
US Government: Now, pay 0.003% of your profits in fines and admit no guilt... Next.
but pretend like it hurts so we can feel good about 'getting' you
Yeah.. notice all these suits are civil suits (cause the courts have no other jurisdiction). What should be done here is 1) bring to light what everyone already knows, that every lawyer involved in a closing and 2) every insider in every megabank et. al. involved in securitizing thereby commiting theft, sedition, fraud on a massive scale, identity theft, and treason just to name a few things should be brought before a military court because they DO have the only criminal jurisdiction available. Military justice to be doled out forthwith.
Even 3X $1 billion doesn't even seem like that much.
Reviewing the City of Bell CA finances and bond debts I noticed Deutsch bank had their greasy hands all over it< i bet if one review the actual Bell homeowners bond holders we'd find the same people and they probably bought insurance from AIG too.
The government still hasn't figured out that with fines from laws like FCA they could fix the deficit quickly.
A billion just isn't going to make a dent, lmk if it gets to a trillion and I'll pay attention.
The only way this gets any play is if, in the process of prosecuting this case it a) dovetails into a much larger fraud issue or 2) if someone breaks down and implicates someone big.
...or 3) provides a basis for a foreclosure defense by individual mortgagors in state foreclosure cases.
the FED bought 300 billion of MBS from Deutsche, probably worth ten billion, so one billion will really hurt them
somehow looking at this i see it as a templet for other actions....kinda like stuxnet virus..now out just copy and paste a few different names/targets to it and BLAMO. focused force projected, with gains to the members of the American BAR..and pretty much exclusively to. well see if they settle with claim of no wrong doing, then case sealed with gag orders. But the templet is now out...
Funny how OB wants a billion bucks for re-election funds...
This has to be true. The government said so. God knows BAC, Wells, Jamie's shop etc. didn't do anything wrong. DB was the only one.
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