Department of Justice

A Crashing Deutsche Bank Scrambles To Assure Markets That It Is "Fine"

 "I don’t buy at all what’s coming out of Germany in terms of Germany not wanting to step in ultimately if Deutsche Bank was really in trouble" said Andreas Utermann, Allianz Global Investors’ chief investment officer. "Deutsche Bank is “too important for the German economy.”

Deutsche Bank Extends Losses Near Record Lows: "Significantly Undercapitalzied... Even Without Bad Outcomes"

Things are going from worse to worst once again for Deutsche Bank as equity and credit markets deteriorate further as analysts warn Germany's biggest (and the world's most systemically dangerous) bank would be "significantly undercapitalized" even if an eventual settlement with the DoJ can be covered by the bank's reserves. Despite multiple capital raises over the past few years, as Bloomberg notes, any likely settlement would imply a capital increase - just to pay the fine.

What’s The FBI Hiding That Triggered A Congressional Subpoena?

Earlier this week, Republican leaders in both houses of Congress took the FBI to task for its failure to be transparent. In the House, it was apparently necessary to serve a subpoena on an FBI agent to obtain what members of Congress want to see; and in the Senate, the chairman of the Judiciary Committee accused the FBI itself of lawbreaking.

Frontrunning: September 16

  • Deutsche Bank to fight $14 billion demand from U.S. authorities (Reuters)
  • Exxon’s Accounting Practices Are Investigated (WSJ)
  • European leaders seek elusive 'road map' after Brexit shock (Reuters)
  • Johnson Said to Tell Italy Exit Talks Likely to Start Early 2017 (BBG)
  • Brexit Bulletin: Merkel Sings the Bratislava Blues (BBG)