This page has been archived and commenting is disabled.

Hawk Capture: Bundesbank's Buba Weber Will Not Replace Trichet, To Go To Deutsche Bank

Tyler Durden's picture





 

One of the bigger news this morning is the so far unconfirmed report that Bundesbank President Axel Weber, who has been in the running to replace Jean Claude Trichet, has decided against an ECB future, and instead wants to make money at Deutsche Bank. The sudden about turn in the process has left many wondering why so late in the process, and just what about the ECB is it that makes Weber leery of affixing his fate to the central bank without a unified bond printing facility. From BusinessWeek: "Deutsche Bundesbank President Axel Weber will step down and wants to
join Deutsche Bank AG, Deutsche Presse-Agentur reported today, without
saying where it obtained the information."

There is always of course the chance that the news is a red herring. Reuters reports:

There is no agreement in place for German central bank chief Axel Weber to switch to Deutsche Bank (DBKGn.DE), a senior banking source familiar with the matter told Reuters on Wednesday.

Deutsche Bank declined to comment on whether Weber could join Germany's biggest lender.

"We don't comment on rumours," a spokesman for Deutsche Bank said.

European sources had told Reuters on Wednesday that Weber will not be a candidate to replace European Central Bank President Jean-Claude Trichet.

Despite being favourite to succeed Trichet, Weber has also been reported previously to be a possible candidate to succeed Deutsche Bank Chief Executive Josef Ackermann.

"It is very unlikely that Ackermann will be succeeded by an external candidate," the senior banking source also said.

Judging by the EURUSD reaction, which dropped by 50 pips on the news, and has since recovered, this latest piece of (non) news is now fully "priced in."

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 02/09/2011 - 08:26 | Link to Comment working class dog
working class dog's picture

 Perhaps he is passing on the job due to high inflation in Eurozone and no way to solve the problem without crashing some of the weaker members, and dragging the strong members into the sewer of putting lipstick on a pig. it is still a pig.

Wed, 02/09/2011 - 08:38 | Link to Comment Michael
Michael's picture

Who cares. We have snatched victory from the jaws of defeat. The Tweets are ringing off the wall, dating myself there.

Top Twitter Trends  Previous tweets for trend: Patriot Act

http://toptwittertrends.com/trends/Patriot%20Act

The people who voted for this need to get an earful from you. Keep the pressure on. The momentem is on our side now.

By a vote of 277-148, the House failed to pass the extension, needed 290(2/3) Yea votes to pass- click here for the roll call vote to see how your representative voted!  See list of traitors of our nation here.    http://clerk.house.gov/evs/2011/roll026.xml

Thanks again for all you've done, but remember, we can't let up pressure now. This won't be the last we've heard of the PATRIOT Act renewal in the House.

FINAL VOTE RESULTS FOR ROLL CALL 26

      H R 514      2/3 YEA-AND-NAY      8-Feb-2011      7:04 PM
      QUESTION:  On Motion to Suspend the Rules and Pass
      BILL TITLE: To extend expiring provisions of the USA PATRIOT Improvement and Reauthorization Act of 2005 and Intelligence Reform and Terrorism Prevention Act of 2004 relating to access to business records, individual terrorists as agents of foreign powers, and roving wiretaps until December 8, 2011

                  Yeas Nays NV
Republican 210  26        5
Democratic 67   122       4
Independent        

 

 

Wed, 02/09/2011 - 08:29 | Link to Comment dcb
dcb's picture

the bankers aren't going to allow someone there who won't be another bernanke. meaning endless money , full backstop, etc.

once more the banks win over the people

Wed, 02/09/2011 - 08:35 | Link to Comment Azannoth
Azannoth's picture

He does not think ECB is a good investment in the future

Wed, 02/09/2011 - 08:36 | Link to Comment cossack55
cossack55's picture

IMO, Herr Weber realized that he will be able to pocket Mubarak-like profits derived from FED bailout monies to infinity.  Also, easier to buy Greek islands and fortify with Krupp artillery and gut German bier with no whining about insider island buying.

Wed, 02/09/2011 - 08:58 | Link to Comment Bob the Horse
Bob the Horse's picture

The irony is he'll probably print money at Deutsche Bank.

Wed, 02/09/2011 - 09:03 | Link to Comment gwar5
gwar5's picture

There's no glory to be found in the ECB job now.

Make money. Pick up the pieces, look good later.

Be the bankster.

Wed, 02/09/2011 - 09:11 | Link to Comment chinaguy
chinaguy's picture

TPTB will not let a monetary hawk preside over the ECB. Period.

Notice how quickly Volker was marginalized by this Admin (only brought in to give the illusion of blanace) & then booted out as soon as it was politically possible.

Wed, 02/09/2011 - 20:25 | Link to Comment Buck Johnson
Buck Johnson's picture

I know what you mean, Volker gave the impression that the administraton was serious about the banks and the markets and then he was relegated to being seen and not heard.  They know that a monetary hawk would literally destroy their ability to make money, so they shot down Volker and they pushed this guy away.  When this whole thing comes apart, it will take alot of countries with it.

Do NOT follow this link or you will be banned from the site!