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NY Fed Slams Deutsche Bank (And Its €55 Trillion In Derivatives): Accuses It Of "Significant Operational Risk"

Tyler Durden's picture


First it was French BNP that was punished with a $9 billion legal fee after France refused to cancel the Mistral warship shipment to Russia (which promptly led to French National Bank head Christian Noyer to warn that the days of the USD as a reserve currency are numbered), and now moments ago, none other than the 150x-levered NY Fed tapped Angela Merkel on the shoulder with a polite reminder to vote "Yes" on the next, "Level-3" round of Russia sanctions when it revealed, via the WSJ, that "Deutsche Bank's giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems."

What could possibly go wrong? Well... this. Recall that as we have shown for two years in a row, Deutsche has a total derivative exposure that amounts to €55 trillion or just about $75 trillion. That's a trillion with a T, and is about 100 times greater than the €522 billion in deposits the bank has. It is also 5x greater than the GDP of Europe and more or less the same as the GDP of... the world.


More from WSJ:

In a letter to Deutsche Bank executives last December, a senior official with the New York Fed wrote that financial reports produced by some of the bank's U.S. arms "are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm's entire U.S. regulatory reporting structure requires wide-ranging remedial action."


The criticism from the New York Fed represents a sharp rebuke to one of the world's biggest banks, and it comes at a time when federal regulators say they are increasingly focused on the health of overseas lenders with substantial U.S. operations.


The Dec. 11 letter, excerpts of which were reviewed by the Journal, said Deutsche Bank had made "no progress" at fixing previously identified problems. It said examiners found "material errors and poor data integrity" in its U.S. entities' public filings, which are used by regulators, economists and investors to evaluate its operations.


The shortcomings amount to a "systemic breakdown" and "expose the firm to significant operational risk and misstated regulatory reports," said the letter from Daniel Muccia, a New York Fed senior vice president responsible for supervising Deutsche Bank.




Deutsche Bank's external auditor, KPMG LLP, also identified "deficiencies" in the way the bank's U.S. entities were reporting financial data in 2013, according to a Deutsche Bank email reviewed by the Journal.

Oh wait, so those €55 trillion in derivatives are actually completely fabricated? Well if that doesn't send the S&P 500 limit up nothing will.

DB's response is the generic one already attempted by that other permacriminal bank, Barclays, which hired a few hundred compliance people after it was revealed that the British firm was manipulating and rigging pretty much every product and market it was involved in.

"We have been working diligently to further strengthen our systems and controls and are committed to being best in class," a Deutsche Bank spokesman said Tuesday. As part of this, he said, the bank is spending €1 billion globally and appointing 1,300 people, including about 500 compliance, risk and technology employees in the U.S. Mr. Muccia declined to comment.

Sadly for now what this latest Pandora's box means is that confidence in Europe's insolvent banks just crashed with a bang once again, not that it would be reflected in the stock's rigged price of course: rigged most likely by Deutsche Bank among other of course.

The New York Fed's concerns also pose a challenge for Deutsche Bank's longtime finance chief, Stefan Krause, who is ultimately responsible for the company's financial figures and has been spearheading efforts to improve the quality of the bank's reporting.


The concerns from regulators strike at the heart of an issue plaguing many of the world's big banks: Some investors lack confidence in the integrity of their numbers. Such fears have been especially prevalent in Europe.

Then again, none of DB's numbers actually matter: if the banks needs a bailout the Fed will promptly step in, and today's advisory has one simple end point, which happens to be the same as the recent BNP $9 billion fine - don't even dare to side with Putin over the US. Because you sure have big bank over there Germany... It would be a pity if the NY Fed i) revealed just how insolvent it truly was and ii) decided not to bail it out subsequently.

* * *

As for Deutsche Bank's response perhaps the simplest and most effective one would be for the Frankfurt megabank to tell the NY Fed that perhaps its own 150x leverage is just a little more worthy of attention.


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Tue, 07/22/2014 - 15:42 | 4989567 blabam
blabam's picture

So we can all agree.... Germany and Russia are the targets. 

Tue, 07/22/2014 - 15:44 | 4989578 Pladizow
Pladizow's picture

While they turn a blind eye to JPM's book?

Tue, 07/22/2014 - 15:45 | 4989586 Manthong
Manthong's picture

..almost went into simultaneous explosive diarrhea and projectile vomiting on this headline.

Tue, 07/22/2014 - 15:50 | 4989625 Pladizow
Tue, 07/22/2014 - 15:53 | 4989642 negative rates
negative rates's picture

But he's sure our derivatives have a clean bill of health.

Tue, 07/22/2014 - 15:57 | 4989661 wallstreetapost...
wallstreetaposteriori's picture

Well atleast if DB blows up, we will never have to see that uber-permabull Chief econmissss Joe Lavorgna.


I mean really, whats up with afro?...  1980 called Joe and it wants it hair back.

Tue, 07/22/2014 - 16:01 | 4989681 espirit
espirit's picture

Hot fuckin' potato game.

You in or out?

Tue, 07/22/2014 - 16:09 | 4989708 pods
pods's picture

This is the Fed's backdoor way of trying to validate that these are actual bets that will have to be paid out if things go boom.

Seeing this sort of thing reminds me of South Park, or Force Majeure.

Let's be honest, the world is a ponzi, and the New York Fed is knee deep in bullshit.


Tue, 07/22/2014 - 16:12 | 4989728 sodbuster
sodbuster's picture

Hypocrisy reigns supreme in the USSA. This is almost as bad as Obummer accusing the Russians of providing the Ukaine separatists with arms. We've never done that, have we??

Tue, 07/22/2014 - 16:18 | 4989748 BaBaBouy
BaBaBouy's picture


Know Where Your PHYS GOLD Is, GERMANY ???????????????

Tue, 07/22/2014 - 16:20 | 4989759 Pinto Currency
Tue, 07/22/2014 - 16:23 | 4989780 Keyser
Keyser's picture

Too funny, JPM has over $75 trillion USD on their derivatives books and you don't see the NY Fed slapping their wrist... 


Tue, 07/22/2014 - 16:34 | 4989798 BaBaBouy
BaBaBouy's picture

Good Ole US Dollars Reserve Currency... At It Again.................

""Resistance Is Futile, You Will Be DOLLAR-WHIPPED Into Assimilation""

Tue, 07/22/2014 - 16:50 | 4989949 CClarity
CClarity's picture

Buh buh butttt I thought the Fed is apolitical ....

/sarc off

Or if needing to use more Russian in these times "Sarkoff!"

Tue, 07/22/2014 - 17:49 | 4990267 Stackers
Stackers's picture

Put in other words, DB only has to take a 1% loss on its derivatives book to wipeout all depositor equity.

Tue, 07/22/2014 - 18:13 | 4990399 DaveyJones
DaveyJones's picture

pot calling the tar heroin kettle black

Tue, 07/22/2014 - 18:39 | 4990509 Keyser
Keyser's picture

Let's see how how quickly this accelerates the signing of bilateral currency swaps with Yuan and how quickly Germany abandons the USD...


Tue, 07/22/2014 - 20:52 | 4991064 Elvis the Pelvis
Elvis the Pelvis's picture

Germany won't abandon the USD.  Those Nazis are very much our bitches.  Bitchez.

Tue, 07/22/2014 - 21:24 | 4991177 lasvegaspersona
lasvegaspersona's picture


can't agree..zee Germans are part of a competing system...the Euro...they will support the dollar until they don't.

They will smile at us until they see we are done, then they will smile a little sympathetically....then we are on our own...with no real friends.

Tue, 07/22/2014 - 19:36 | 4990745 Panafrican Funk...
Panafrican Funktron Robot's picture

DB goes under if the 10 year UST note is above 3% yield for more than about a month or so.  Their IR swap risk is through the damn roof.  And we're talking, the roof of the motherfucking sky.

Tue, 07/22/2014 - 19:51 | 4990633 kill switch
kill switch's picture

BRICS Hve another idea!!!muhahahahahahahaha

Tue, 07/22/2014 - 16:29 | 4989783 BaBaBouy
BaBaBouy's picture


Tue, 07/22/2014 - 16:26 | 4989784 dontgoforit
dontgoforit's picture

Isn't that like napalm calling kerosene explosive?

Tue, 07/22/2014 - 18:09 | 4990381 Blankenstein
Blankenstein's picture

Don't forget BofA with $75 trillion. (2011)

Bank of America’s holding company -- the parent of both the retail bank and the Merrill Lynch securities unit -- held almost $75 trillion of derivatives at the end of June, according to data compiled by the OCC. About $53 trillion, or 71 percent, were within Bank of America NA, according to the data, which represent the notional values of the trades.

That compares with JPMorgan’s deposit-taking entity, JPMorgan Chase Bank NA, which contained 99 percent of the New York-based firm’s $79 trillion of notional derivatives, the OCC data show.


Tue, 07/22/2014 - 22:27 | 4991400 Hal n back
Hal n back's picture

JPM has cleaned up its act--it only has 68 trillion of derivatives. But I guess that's  like being a little pregnant

Tue, 07/22/2014 - 18:01 | 4990336 SilverDOG
SilverDOG's picture




Dead on.

I can see da FED, and it is saying "Are you talking to me?"

"I said, are yoouu talking to ME?"

Ponzi guilt leveraging. Easy for the ONE who has the largest military and world currency 

jammed in its pistol belt. 


Tue, 07/22/2014 - 18:03 | 4990345 Shad_ow
Shad_ow's picture

"Let's be honest, the world is a ponzi, and the New York Fed is knee deep in bullshit."

So on it was worth repeating.

Tue, 07/22/2014 - 22:05 | 4991327 Keyser
Keyser's picture

Yeah, but are they stupid enough to knock the legs out from under the DB derivatives book for political reasons? Oh wait, never mind... 


Tue, 07/22/2014 - 16:10 | 4989717 Killer the Buzzard
Killer the Buzzard's picture

Someone is seriously pissed about Merkel's pivot to the east.

Tue, 07/22/2014 - 16:23 | 4989790 Carpenter1
Carpenter1's picture

Just another false narrative. The FED board pretends to have internal debate to create the illusion of accountability, CB's and big banks play the same games.

If it's said and done publicly, it's part of the script.

Wed, 07/23/2014 - 04:13 | 4991896 Tall Tom
Tall Tom's picture

Listening to David Morgan?




He is right about that.

Tue, 07/22/2014 - 16:23 | 4989791 strannick
strannick's picture

Europe can choose economic growth with Russia or financial collapse with America.

Tue, 07/22/2014 - 18:53 | 4990567 IndyPat
IndyPat's picture

No shit, brother.
You know the gig is wearing thin when the NY FED thugs are trying to blow a raft of shit Germany's way over this.

Wow. We really know how to make friends, Not good.

If I were Merkel, I'd tell the NY Fed to suck my balls and go drink vodka and ride tigers with Vlad.

Tue, 07/22/2014 - 19:34 | 4990735 Bay of Pigs
Bay of Pigs's picture

The William Dudley appears to be doing his best to speed up the USD implosion.

Wed, 07/23/2014 - 04:24 | 4991901 Tall Tom
Tall Tom's picture

Merkel is not endowed with balls. To hell with the tigers.


She may go, drink Vodka, and ride on Vlad instead. Hopefully she gets off.




I agree that the shit is coming down and the assholes at the NY Fed are pretty damned pissed off that Germany was audacious enough to attempt to claim her Aurium...GOLD.


That is demonstrative that TRUST is wearing very THIN if it exists at all.


Without trust there can be NO CONFIDENCE. And when there is a complete LACK OF CONFIDENCE then...this is TRULY THE BEST PART...NO SARCASM...THE FUCKED UP GAME ENDS.


Hedge accordingly and all of my best wishes towards you.

Tue, 07/22/2014 - 16:24 | 4989796 Keyser
Keyser's picture

Next they will be deemed the newest member of the axis of evil...

Tue, 07/22/2014 - 17:25 | 4990125 Dugald
Dugald's picture

Next they will be deemed the newest member of the axis of evil...

That's odd I can hear a heavy droning loud explosions..what? oh yes its 1940...


Tue, 07/22/2014 - 19:23 | 4990686 Scarlett
Scarlett's picture

you can see the propaganda against germany already; they even put german-speaking bad guys in videogames these days

Tue, 07/22/2014 - 16:10 | 4989718 nope-1004
nope-1004's picture

.... and Commerzbank?  lol.

The USSA must have phone tapped recordings of the Germany / Russia meetings.


Tue, 07/22/2014 - 16:15 | 4989741 Tao 4 the Show
Tao 4 the Show's picture

Now Merky wishes she had bailed already.

Tue, 07/22/2014 - 16:11 | 4989722 ebworthen
ebworthen's picture

Joe would say that 100X leverage was healthy and a sign of the strong economy.

Tue, 07/22/2014 - 16:16 | 4989743 Zero Govt
Zero Govt's picture

yeah but it's 150x

Tue, 07/22/2014 - 16:24 | 4989778 ebworthen
ebworthen's picture


If interest rates go up it's even more bullish!

This economy cannot be stopped!  We're all gonna' get laid!

Tue, 07/22/2014 - 16:01 | 4989684 Bankster Kibble
Bankster Kibble's picture

Yeah, because OUR gambling debts are better than THEIR gambling debts.

Tue, 07/22/2014 - 16:15 | 4989742 sodbuster
sodbuster's picture

Reminds me of this joke......

A husband and wife were having dinner at a very fine restaurant when this absolutely stunning young woman comes over to their table, gives the husband a big open-mouthed kiss, then says she'll see him later and walks away.
The wife glares at her husband and says "Who was that?" "Oh" replies the husband "she's my mistress".
"Well, that's the last straw" says the wife. "I've had enough, I want a divorce!"
"I can understand that" replies her husband "but remember, if we get a divorce it will mean no more shopping trips to Paris, no more wintering in Barbados, no more summers in Tuscany, no more Jaguar in the garage and no more yacht club. No more credit card and large Bank accounts. But.... The decision is all yours".
Just then, a mutual friend enters the restaurant with a gorgeous babe on his arm.
"Who's that woman with Tony?" asks the wife. "That's his mistress" says her husband. "Ours is prettier" she replies.

Tue, 07/22/2014 - 17:39 | 4990194 MidwestJester
MidwestJester's picture

Cause when its their stuff, its shit. But when it's your shit, its stuff!

Tue, 07/22/2014 - 19:40 | 4990759 sonoftx
sonoftx's picture

Thanks for the informative links Pladizow.

Tue, 07/22/2014 - 16:26 | 4989803 Escrava Isaura
Escrava Isaura's picture

The US will print, print, and print, then go to war. Marc Faber

Tue, 07/22/2014 - 16:32 | 4989840 Postal
Postal's picture

"go to war"? When did we stop?

Tue, 07/22/2014 - 16:48 | 4989941 Alea Iactaest
Alea Iactaest's picture

Only print 3 times?

Wed, 07/23/2014 - 04:39 | 4991912 Tall Tom
Tall Tom's picture









Now off to war...

Tue, 07/22/2014 - 17:45 | 4990232 ThirteenthFloor
ThirteenthFloor's picture

Eventually leaving the US all alone standing in a pile of Federal Reserve Notes shit.

Tue, 07/22/2014 - 15:45 | 4989590 gh0atrider
gh0atrider's picture

Looks like the rats are really starting to turn on one another.

Let's bring this mf'er down already!

Tue, 07/22/2014 - 15:55 | 4989659 espirit
espirit's picture

Here I am actually concurring with gh0atrider, it's a small world afterall.

Tue, 07/22/2014 - 16:27 | 4989811 dontgoforit
dontgoforit's picture

Yeah, me to, kind of.  But this cannot end well for any of us.  Greedy bastards.

Tue, 07/22/2014 - 17:36 | 4990189 TungstenBars
TungstenBars's picture

It will end worse for them. I don't think they can even imagine..

Tue, 07/22/2014 - 18:58 | 4990593 IndyPat
IndyPat's picture

Compare Germany's Free Shit Army with ours and tell me you still feel that way.

Wed, 07/23/2014 - 04:45 | 4991915 Tall Tom
Tall Tom's picture

The whole German Society is a Free Shit Army. It is a socialist state. The citizens are heavily taxed.


They are Cradle to Grave. When they go down it will impact their citizens more as the Nanny State will no longer be ther to plan for their needs.


Here it is not as endemic...yet.

Tue, 07/22/2014 - 17:47 | 4990256 ThirteenthFloor
ThirteenthFloor's picture

Rainman -> There is more to this story here large chunk Derivs. booking came from the Deutsche Bank's assorption of Banker's Trust.  Banker's Trust was a building demolished across the street from the WTC.

The web corrupt bankers weave.

Tue, 07/22/2014 - 15:46 | 4989599 NOTW777
NOTW777's picture

whats next - flight embargo?

Tue, 07/22/2014 - 18:16 | 4989768 Zero Govt
Zero Govt's picture

the morons in Govt think nothing of shuttering other peoples international trade with sanctions ...but never a budget cut to Govt revenues

John Kerry just threw $2bn at Iran after the US Govt fined foreign banks billions for dealing with Iran in US Dollars

the US Govt has got serious senile dementia ...they don't know their arses from their elbows anymore

Tue, 07/22/2014 - 19:32 | 4990727 oudinot
oudinot's picture

I agree wholeheatedly.  Then hypocrisy is breathtaking.

Further, Europeans, Europe always took shit from the States beecause for over 60 years she was the golden goose.


Now she's taking from Europe-billion dollar fines on banks and now America is the ugly duckling.  Europe will move East and Far East because that is where the golden goose is now.


Americans, most Americans don't understand this.

Tue, 07/22/2014 - 19:21 | 4990677 firstdivision
firstdivision's picture

Exposing DB and causing their positions to sour will bring the US economy to a total halt, and even Yellen couldn't wallpaper over it. To me, it's Yellen holding a gun to her own head treating to pull the trigger.

Tue, 07/22/2014 - 16:14 | 4989735 TheReplacement
TheReplacement's picture

From the western perspective, Russia is the target.  TPTB are doing everything they can to peel away Russian vassals and close in around her border.  Considering Russia has nukes, not a great idea.

From the Russian perspective, Europe is the target.  Russia is playing cool while preparing to swoop in and scoop up Europe once the implosion begins.  Considering Europe is dependent on Russian fuels and the west is bankrupt, not a bad idea.



Tue, 07/22/2014 - 18:45 | 4990533 Keyser
Keyser's picture

Vlad hit the nail on the head today when he called out the globalists and their dream of a new world order... The human race is not ready for 100% integration of the races / species... We are not that far removed from swinging in the trees, are too territorial and have a natural instinct to kill anything that we do not understand or fear... If we have to reduce population, let the fucking culling begin... Perhaps that is the logical outcome anyway, irregardless of motive or reason... 


Tue, 07/22/2014 - 16:25 | 4989797 AnAnonymous
AnAnonymous's picture

Today, this is 'americans' vs 'americans'.

There is no German miracle other than being connected to a part of the world that has not been engulfed in the 'american' consumption pattern yet, due to the protection given by big poppa commie.

Neither Russia or Germany are the targets: 'americans' think in terms of groups and for 'americans', the group is all.

Tue, 07/22/2014 - 16:37 | 4989871 pods
pods's picture

Wow, for opining about how much americans can only think in terms of groups you certainly paint with a broad brush.


Tue, 07/22/2014 - 16:50 | 4989952 TheFourthStooge-ing
TheFourthStooge-ing's picture

Projection is definitively a nasty thing for 'AnAnonymystical' guros. In such perceptations, a thing can be and can not be.

Powder to the eyes, a mystery to us all.

Tue, 07/22/2014 - 20:12 | 4990876 Yen Cross
Yen Cross's picture

 Chinism + 250% debt to gdp = AnAnonymous getting his "river pig" rations increased by one testicle, this month.

 AnAnonymous....Village idiot party puppet


AnAnonymous Relationships
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Member for
4 years 18 weeks

Follow this user's comments

Tue, 07/22/2014 - 21:31 | 4991211 lasvegaspersona
lasvegaspersona's picture

Is there a way to automatically down vote AA's comments? all of em?

Tue, 07/22/2014 - 21:43 | 4991254 r00t61
r00t61's picture

I miss the days of ZH when a posting that received -50 arrows would automatically be "nuked into oblivion" and hidden from view.

I also miss the arithmetic CAPTCHAs.

Tue, 07/22/2014 - 17:17 | 4990090 sgt_doom
sgt_doom's picture

Saaaay....wasn't Ghadaffi, just before he was ousted then killed, trying to form an African Union to switch to only trading their oil for gold, especially to America, and to stop tradining US dollars?

Curious. . .

Tue, 07/22/2014 - 18:49 | 4990546 Keyser
Keyser's picture

Yep, same as Saddam in Iraq and also Iran... Funny how a country becomes a terrorist nation when they decide to ditch the petrodollar... Was quite unhealthy for Saddam Hussein and Ghadaffi...

Tue, 07/22/2014 - 19:22 | 4990683 IndyPat
IndyPat's picture

Saddam and Ghaddafi ain't Vlad.

Now that China and Russia are getting cozy, all they need to do is sooth Angela a bit and it won't be long until the rest of EUR....and the world follows...leaving us with our dicks in our hands.

Tue, 07/22/2014 - 17:25 | 4990092 TeethVillage88s
TeethVillage88s's picture

More Cynical than you I guess.

I think Bankers are probably like Politicians with these public actions even if they cost a lot of money & business.

The bankers might actually be mad at each other, but would think it is just a game to them. They probably eat lunch together, tell jokes, and even visit the same clubs together.

Looks more like they are setting up a Divide between the USA & Europe. Maybe to set up the exit from the US Dollar.

But BASEL III is coming up and it is a good time to Clean up the Corruption, increase Reserves.

As for Russia, the Oil Business & the Oil is the Target, plus if we suck a country into NATO then we get Military Strategic Positioning.

Tue, 07/22/2014 - 17:21 | 4990103 Max Damage
Max Damage's picture

Merkel should tell the USA to fuck off until all its gold is returned to it

Tue, 07/22/2014 - 19:06 | 4990618 effendi
effendi's picture

blabam, I don't agree that Germany and Russia are the targets.

Might not the American sheeple be the targets? The overleveraged FED is carrying trillions in toxic debt and they have engaged in illegal practices. If (when) the FED blows up then the sheeple will want their heads on pikes and politicians (to cover their own corrupt arses) will feed them to the corrupt legal system to do 150 years with Bernie Madoff.

If the FED can get some big European banks to collapse first however then they can blame the foreign banks for collapsing the world economy (we tried so hard to stop the mess but the Krauts, the Frogs and the Ruskies are to blame). Then the US executives of foreign banks can do the perp walk to satiate the publics blood lust, not FED banksters.


Tue, 07/22/2014 - 19:30 | 4990710 IndyPat
IndyPat's picture

Don't sell me short.

My burning lust for the blood of Bankers, Corp Execs and most definitely Politicians knows NO bounds.

Or boarders.

I'm a Minister of Revenge praying for a red tide of retribution and I am legion.

Tue, 07/22/2014 - 22:32 | 4991415 PGR88
PGR88's picture

Just trying to "encourage" Germany to get on board with Russia sanctions....

Tue, 07/22/2014 - 15:45 | 4989581 jubber
jubber's picture

Gold reacts and falls further, S&P hits new record high LOL

Tue, 07/22/2014 - 16:21 | 4989769 what's that smell
what's that smell's picture

divide and conquer as played by two-year-old dirty-in-the-diaper psychopaths.

dudes! this is a serious mental breakdown.

if you value yourself and your family and your friends, EXIT NOW.

Tue, 07/22/2014 - 17:41 | 4990214 TungstenBars
TungstenBars's picture

who is gonna et to man the guillotines?

Many including TPTB seem to think this will all end in a huge climax; however, as always, it will end in a huge build up until the plebs have had enough and the heads start rolling. No world climax.

Tue, 07/22/2014 - 18:50 | 4990550 Keyser
Keyser's picture

Yeah, the guy behind the curtian is fucking with the levers on derivatives again... 

Tue, 07/22/2014 - 21:38 | 4991230 lasvegaspersona
lasvegaspersona's picture


the paper gold price (and yes for now it is the only price) fell.

Gold in todays market is just like paper. it is fractionally reserved and as long as it works your physical is held down too.

Think of physical gold as a call option on tomorrows is.

When the dollar collapses the last thing you will want is an even bigger pile of dollars.

Tue, 07/22/2014 - 15:44 | 4989583 Pheonyte
Pheonyte's picture

Gee, I wonder what a similar scrunity of the Fed's balance sheet would reveal?

Tue, 07/22/2014 - 16:00 | 4989677 wallstreetapost...
wallstreetaposteriori's picture

That Ja-YO has a penis and Big Ben has a vagina.

Tue, 07/22/2014 - 16:10 | 4989695 Urban Redneck
Urban Redneck's picture

Which Balance Sheet?

The FED also has a longstanding little gimmick where equity/ownership of certain SPVs (often named "Maiden Lane XXX") gets offloaded/diluted to member banks, which could yield some interesting avalanche flows if they ever stop marking-to-myth...

Tue, 07/22/2014 - 15:45 | 4989587 falak pema
falak pema's picture

when thieves fall out.

Tue, 07/22/2014 - 15:45 | 4989589 JohnG
JohnG's picture

Pot - meet kettle.

Tue, 07/22/2014 - 15:48 | 4989595 Dr. Engali
Dr. Engali's picture

So I guess the fact that BofA moved 53 trillion in derivatives over to the bank holding side means nothing...... Got it:

Tue, 07/22/2014 - 16:53 | 4989977 Space Animatoltipap
Space Animatoltipap's picture

Indeed, when you properly report there is no problem whatsoever. It's about proces not content. Like in any communistic country ...

Tue, 07/22/2014 - 19:12 | 4990653 Ban KKiller
Ban KKiller's picture

BofA, known world wide for having idiots as attorneys, are always up to some sort of massive mistake based on greed and the "I won't be here when this shit unwinds" syndrome. 

I fight them in court all the time. Here is the deal....their attorneys are idiots, they can only attack and are beaten back....then they hide or make motions to withdraw, their writings are by high schoolers, at best, and EVERYTHING THEY PUT IN A MOTION IS A LIE AS WELL AS ALL THEIR AFFIDAVITS. So, knowing that, it is fun to fuck them over. They don't care....just billable hours.  The judges are seeing the truth and they are getting pissed....great times!

Tue, 07/22/2014 - 15:46 | 4989598 Perfecthedge
Perfecthedge's picture

I have not even read the (no doubt) excellent article from the Tylers, but seeing the title I can help you out.  This is what they mean:


Not sanctioning Russia? Here, stick this up your ass Germany!

Tue, 07/22/2014 - 16:03 | 4989690 Spitzer
Spitzer's picture

I read the article and yeah, you are entirely correct.

They need to make a new Team America movie. "There you go Germany, hedge that you fucking pricks !"

Tue, 07/22/2014 - 16:54 | 4989980 MsCreant
MsCreant's picture

But is it not M.A.D.? How can you do this without spinning breathlessly in the derivative unwind until you puke, yourself? Everything is too interwoven in a financial hypertexted n-dimensional matrix. The Fed can't hedge for that event. This threat is a bluff.

Do you remember that scene in "Blazing Saddles" where the black cowboy puts the gun to his own head and says "Don't move or the nigger gets it?"  This is the same situation. Funny in a comedy, suicidal in real life.

Tue, 07/22/2014 - 18:01 | 4990338 ThroxxOfVron
ThroxxOfVron's picture

"But is it not M.A.D.? How can you do this without spinning breathlessly in the derivative unwind until you puke, yourself? Everything is too interwoven in a financial hypertexted n-dimensional matrix. The Fed can't hedge for that event. This threat is a bluff."


What IF The FED has hedged the FED Member Banks?  

What IF The FED has sold derivatives to the FED Memeber Banks that would pay out in the event of a systemic shock suck as an interest rate spike or an interbank liability default on other derivatives exposure?  

Think AIG/Maiden Lane within the Primary Dealer/Treasury Complex...

Tue, 07/22/2014 - 18:52 | 4990560 MsCreant
MsCreant's picture

What of counter party risk? How do you hedge that? If everyone is in unwind, how can you know you will get paid?

I hear what you are saying, it sure as shit looks like they are marching all us lemmings to the cliff, but all prior bailouts depended on the dollar being something that everyone believed in. The bailouts work if dollars are real. If the dollar itself fails, you can't print the bailout.

I know I am missing something...

Tue, 07/22/2014 - 19:45 | 4990779 IndyPat
IndyPat's picture

You are dead on. It's M.A.D. and if the Fed thinks it has a hedge bunker to hide under, they would be idiots and they are not. Evil and greedy, yes. Idiots, no.
They know that any fire they set in Europe will burn their shit down, too.

This is a laughable bluff.

Tue, 07/22/2014 - 19:56 | 4990829 ThroxxOfVron
ThroxxOfVron's picture

1. The Taxes owed to the United States Gov't are denominated in U.S. Dollars; but, Federal Reserve Notes denominated in the U.S. Dollar unit of account are also presently accepted.  

There are actually very few U.S. Dollars in existence. 


2. Then there are the U.S. Treasury Notes and Bonds: not FRN. Some might argue that these are simply rather large denomination notes with associated coupon...  

WHO has gathered around one third of all these outstanding?  -The FED.  Member Banks hold even more.


3. Forget Individuals and Small Businesses for a moment: there is a huge incentive for Large Corporations to maintain timely payments of quarterly W2 remittances.  

It keeps the IRS from walking in with guns and lock-smiths...

As long as the I.R.S. accepts Dollars/FRN *& NOTHING ELSE* I don't see how the currency can be destroyed -at least domestically.


Tue, 07/22/2014 - 20:42 | 4991027 IndyPat
IndyPat's picture

...There are actually very few U.S. Dollars in existence...

There are shipping palettes of paper stocked in every major country.

...I don't see how the currency can be destroyed -at least domestically...

Well, it's a global thing, ya dig? As in world reserve currency.
But if you want to consider the domestic angle, how long do you think a hyper inflated circle jerk will last?

Tue, 07/22/2014 - 21:20 | 4991161 ThroxxOfVron
ThroxxOfVron's picture

"There are shipping palettes of paper stocked in every major country."


Naked Emission/Greenbacks?    MMT cum-shot/Titanium puck ploy?   FED balance sheet/off balance sheet expansion?


"Well, it's a global thing, ya dig? As in world reserve currency.
But if you want to consider the domestic angle, how long do you think a hyper inflated circle jerk will last?"


The Corporations WILL pay the W2 earnings cut to Treasury or the IRS WILL be knocking.  

You think BofA or Walmart is gonna stop paying the W2 cut to the I.R.S. ??

How about the City of New York or Chicago?  


Wage-price spiral my ass.  Domestic hyper-inflation cannot happen without a Tax Mutiny of the Big Corporations.  

-& guess what; the Corporations are being gifted with cheap labor and even cheaper credit presently, fantasy accounting rules, hiding from taxation via offshore entities and derivatives fraud, to say nothing of the captured/subsidized/shielded markets of Education and Health Care and the MIC, etc...

Wed, 07/23/2014 - 05:28 | 4991934 Tall Tom
Tall Tom's picture

There are $12 Trillion Dollars outstanding sitting in Foreign Central Bank vaults.


That amounts to rougly 70% of US GDP.


Foreign Central Banks WILL abandon the USD in Rapid Succession when the USD loses World Reserve Currency status. (Nobody wants to get caught holding the Old Maid) Then they will spend them in the USA and buy up everything that is not bolted down. They will be seeking HARD Goods as something is better than nothing. They will not be caring about price as they will be seeking VALUE.


(A fool knows the PRICE of EVERYTHING and the VALUE of NOTHING. The wise man knows about the VALUE of things and PRICE is a SECONDARY CONSIDERATION. VALUE means UTILITY. Do not be a fool.)


That massive influx of Currency, DOMESTICALLY, will spike Monetary Velocity.  That is all that is needed.


(Yes currently Monetary Velocity is declining. I know. I agree. But it cannot decrease forever.  A Monetary Velocity of ZERO means that there IS NO ECONOMY as nobody is trading. Yes Monetary Velocity is approaching ZERO. But that rate will REGRESS to the Historical Norm.) 


Price Inflation in the USA takes off as a result and it becomes a Daisy Chain, a cascade, as everybody attempts to divest of their Dollars, Foreign and Domestic, coincidentally, all at once..


WHEN the USA loses World Reserve Currency status that will be the net result. The ONLY REASON that the US Dollar has DEMAND is that it is used to acquire OIL. But that is being eroded RAPIDLY.




With the loss of World Reserve Currency status that lack of confidence will have been wrote.


The Fuel for a Hyperinflationary Inferno of apopcalyptic proportions ALREADY EXISTS. They do not have to print another Dollar and it still will happen.


All that it will take is a LACK OF CONFIDENCE to spark off that inferno.


It is like the Brush that has not been burned up for the past Six of Seven Years here in San Diego County. The stored Potential Energy is there. It already exists. On a Santa Ana day one carelessly lit cigarette butt thrown from a Car window will set it off. It is not a question of IF. It is just a question of WHEN.


The longer that it takes for this to happen just makes the event even more certain with worse results. Like more deadwood and undergrowth in the San Diego County Chapparell Country accumulates, more Currency will be created to provide more fuel for the Hyperinflationary Inferno. Thus there will be even more desruction as it is delayed.


I am sorry. I really and truly am sorry. But I cannot change the underlying truths.


Hedge accordingly. Buy some Gold as insurance and do not get totally wiped out.

Tue, 07/22/2014 - 22:42 | 4991446 Hulk
Hulk's picture

What you are missing MsC is that this shit all nets out to zero, one need only look at the  AIG example  in 08 to see how this process works !!!


Wed, 07/23/2014 - 01:29 | 4991733 MsCreant
MsCreant's picture

Took me a while, but I think you have it. Here I go with a story line:

The Fed fight with DB is theater. DB lies down and plays zombie conduit for "insurance" payoffs to go to the rest of the system. I joked on the other page "can they use Torrent to print." They save the system for another round of Ponzi. We do this shit again for another 7 years unless other things fail and the demolition can't be controlled. With each successive failure, we get used to the consolidation (or never notice because we don't pay attention, or worse, we get innured to it). 

The only thing that will stop this thing is resource depletion, natural disasters, or manmade disasters (war, nuke plant goes up, pollution).

HOLY SHIT. We are so fucked.

Edit: Add this lil tidbit someone else posted earlier to the mix and it shapes up more...

U.S. Said Poised to Label MetLife Systemically Important

Wed, 07/23/2014 - 02:56 | 4991823 ThroxxOfVron
ThroxxOfVron's picture

"this shit all nets out to zero, one need only look at the  AIG example  in 08 to see how this process works !!!"

I strongly disagree.  

Insurance and Deriviatives are both rather random contracts or conracts of perspective/speculation in the sense that any one random person is unlikely to ascribe the same value as another.

So, Goldman Sachs claimed that the MBS crap it had created -and was shorting- was deficient by a certain amount and AIGFP disagreed...  At the point that AIGFP foolishly began yielding monies to Goldman those securities were practically untradeable.  

There was no price discovery.  

...& what did AIG's credit rating have to do with the MBS hedges?

The fact is Goldman's demands vacillated wildly -up and down- by literally Billions of Dollars!

"Things quieted between Goldman and A.I.G. Financial Products until Sept. 11, when Goldman asked for another $1.5 billion in collateral based on its marks. This was the beginning of the end. On Nov. 2, Cassano said, Sherwood gave him a “heads up” that Goldman was increasing its collateral call to $2.8 billion, in addition to the $450 million it already had. “We’re not going to pay that amount,” Cassano said he told Sherwood, and that the latter replied, “Yea, I didn’t think you would.” And, according to the crisis commission report, Cassano soon faced other problems: by Nov. 14, both Société Générale, a large French bank, and Merrill Lynch had asked the A.I.G. subsidiary to post collateral to them as well, in the amounts of $1.7 billion and $610 million, respectively, based largely on the Goldman precedent."

Tue, 07/22/2014 - 15:48 | 4989609 maneco
maneco's picture

Pot calling the kettle black!

Tue, 07/22/2014 - 16:16 | 4989751 TheReplacement
TheReplacement's picture

No.  That is the pot telling the kettle to get back in line and sanction Russia.  Black has nothing to do with it.  They only see red (blood) and green (money).  Once Germany does it's duty against Russia they will be in line to get their redgreen (blood money).

Tue, 07/22/2014 - 15:47 | 4989610 SmittyinLA
SmittyinLA's picture

I thought Deutsche Bank 

passed all their bad paper to the US treasury? 

Tue, 07/22/2014 - 15:49 | 4989620 ekm1
ekm1's picture

This has got nothing to do with sanctions on Russia, nada, nicht, zero, zilch.


This is civil war between primary dealers as to who is going to die as sacrificial lamb.

Tue, 07/22/2014 - 16:46 | 4989926 Al Huxley
Al Huxley's picture

I think the market will have to show some signs of fracture before they have that civil war - right now everybody is 'dancing' like its 2006.  Planning for the great reckoning would be premature (and way more foresightful than these fuckers are capable of).

Tue, 07/22/2014 - 15:49 | 4989621 oudinot
oudinot's picture

The US is broke.   They need to discover revenues so they  fine everything that moves.

They fined the American banks for their CMO/mortgage fraud, the American banking  brass cried in their beer complaining so the US govt. fines Europen banks for whatever reason that is convenient..

Its that simple.

Other than it seems the French bank, BNP's  $8.9 Billion fine, was related to the Russian purchase of a French Mistral ship.

Tue, 07/22/2014 - 15:53 | 4989645 Perfecthedge
Perfecthedge's picture

Turns out the US is nowadays like that corrupt cop in Mexico that stops you for a little "help".  Understood.  Makes perfect sense.

Oudinot: Don't forget to mention that they will also fine their own customers (confiscating) or in fine English: Bail ins.


Tue, 07/22/2014 - 16:24 | 4989801 what's that smell
what's that smell's picture

note to zionists and cockroaches everywhere (in case ya didn't get the memo):


get underground now.

Tue, 07/22/2014 - 18:40 | 4990512 RaceToTheBottom
RaceToTheBottom's picture

I am expecting a dinner invitation from Jamie Dimon for my expected bail in.

Do you think New Years is too pushy?

Tue, 07/22/2014 - 15:54 | 4989656 QQQBall
QQQBall's picture

those weren't fines - those were payola

Tue, 07/22/2014 - 16:31 | 4989830 AnAnonymous
AnAnonymous's picture

The US is broke.

And the countries in Europe where 'americans' reside are not broke?

As it goes, 'americans' have consumed the world far beyond the point of sustainability, they have consumed the future in a way they can not substitute for it, the promised technological get away (to the stars and beyond) is failing to materialize. In this regard, being broke does not matter, on the contrary. The more broke, the better as it means you've consumed when consumption was still possible.

'Americans' keep doing what they've been doing since 1776, July, 4th: running a business of farming the poor, extorting the weak.
This business will be run as long as 'americans' are able to run it.

'Americans' made a miscalculation though, or prefer to hide themselves from reality: they thought that the sheer number of people outside 'americans' was enough to preserve themselves from feeding the 'american' machine.

They were wrong but the temptation of concentring wealth was stronger so they jumped in.

Result: as people outside of 'americans' are saturated, now, 'americans' must feed the machine.

Tue, 07/22/2014 - 17:05 | 4990029 Utah_Get_Me_2
Utah_Get_Me_2's picture

Are you remotely capable of thinking outside the collectivist, anarcho-socialist box you've firmly placed yourself?  

Tue, 07/22/2014 - 20:13 | 4990896 Yen Cross
Yen Cross's picture

" An anon a clown"

has taken the last (4) years and hires a few party puppets.


AnAnonymous Relationships
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Tue, 07/22/2014 - 20:11 | 4990889 oudinot
oudinot's picture

Yeah , you are right all western countries are broke but China, Russia are not.  Russia has only a 9% Debt to GDP-thanks to their going tits in 98, but there it is.

Not everyone's broke.

Tue, 07/22/2014 - 20:53 | 4991067 IndyPat
IndyPat's picture

....running a business of farming the poor, extorting the weak....

Not sure if you get the news over there in your technocratic utopia, but people find pleas for help written in Chinese sown into garments and other cheap shit made over there in slave factories.
Better own your end of the con.

When Levi's were made here, they didn't have to handcuff people to the sowing machines or install suicide prevention nets at the factory.

You really need to get your shit straight.

Tue, 07/22/2014 - 15:51 | 4989628 undercover brother
undercover brother's picture

Hey NY Fed:  I double dog dare you not to bail them out!!!

Tue, 07/22/2014 - 15:52 | 4989632 Duc888
Duc888's picture






The fed had dined on shit sandwhiches since 2008.  What was it again that they underwote?

Open YOUR books you Fed fucks.

Tue, 07/22/2014 - 15:52 | 4989639 Nehweh Gahnin
Nehweh Gahnin's picture

DO it, NY Fed, DO IT!  I dare ya...  ~ Angie

It would be really nice to see that storm cloud start to dump.

Tue, 07/22/2014 - 15:53 | 4989640 NOTaREALmerican
NOTaREALmerican's picture

Ya know,  just like there's two DIFFERENT Wall Street Journals: the editorial section and the "reporter" section, there's also two different Feds.    The Regulatory part of the Fed is just a bunch of bureaucrats attempting to make the bank's cubical drones (like me) follow the rules written by other bureaucrats.   If it wasn't for the Fed (and OCC) auditors half (or more) of the people "working" at the TBTF banks wouldn't have jobs.  

Tue, 07/22/2014 - 15:54 | 4989644 passenger_pidgin
passenger_pidgin's picture

How does Germany complete the switch to the other axis with all of the US bases over there? Please help me visualize this, folks.

Tue, 07/22/2014 - 15:54 | 4989658 NOTaREALmerican
NOTaREALmerican's picture

Very slowly.

Tue, 07/22/2014 - 15:56 | 4989660 Perfecthedge
Perfecthedge's picture

Asking Putin to send military aid? Oh no...

Tue, 07/22/2014 - 16:28 | 4989816 NoTTD
NoTTD's picture

US out of Germany, Europe, NATO.

Tue, 07/22/2014 - 16:28 | 4989818 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

Well, it is said that the up-scaling of Homeland Security and the militarization of the US police force has been done primarily to be able to handle returning veterans from abroad. That suggests that there is an actual expectation that they will be called home at some point. It also suggests that they may be angry, when they do come home - hence the perceived need for counter force capability.

Since the idea that home-coming Veterans and Patriots would be working actively against some government agencies is strange to say the least under the current official information paradigm, I am wondering, if the trigger could be some kind of broad msm revelation that their work and sacrifices have been made on an entirely false foundation and that the same false foundation is severe enough for other countries to diplomatically expel US military personnel and presence from said countries, despite old treaties etc.

Something like 9/11 or maybe an even worse event, that has not yet occured. Maybe they will be called home simply because there is no more money left in the public coffers to sustain 8-hundred something bases abroad. Just pondering. 

Tue, 07/22/2014 - 16:38 | 4989879 AnAnonymous
AnAnonymous's picture

Well, it is said that the up-scaling of Homeland Security and the militarization of the US police force has been done primarily to be able to handle returning veterans from abroad.

Since when? The rise for demand on security comes from the failure in maintaining the expansion ponzi scheme 'american' economics are based on.

When the expansion scheme was rolling on, the urge to securize was lower because it was offset by the constant inputs to the economy.

As those inputs are destined to go down, the urge to securize everything that was looted previously surges.

When a thief keeps thieving and that every new day brings some new loot, securizing the loot of the previous day is not an emergency, any loss will be compensated on the next day.
When the thief witnesses that every next day, the loot get lower, suddenly, it means that any loss in the past loot will not be that easily compensated. Therefore a higher needs for security.

Veterans are not involved here. Veterans are 'american' and they wont go against 'americanism'.

Tue, 07/22/2014 - 16:48 | 4989939 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

I don't remember where I read that the purpose of the up-scaling was to control veterans. When? Since the expansion began, I suppose. There are many mentions of purchases of military style equipment for Homeland Security and the Police, but I don't remember exactly when this tendency began. It is ongoing. The rest of what you write I largely agree with. It is certainly a part of the picture of a declining system. As for the last bit that veterans are not involved. I just say "yet".  

Tue, 07/22/2014 - 17:10 | 4990063 Utah_Get_Me_2
Utah_Get_Me_2's picture

Just search 'DHS' 'Returning Veterans' 'militarized police'. You'll find out.

Here's one link for you.

Tue, 07/22/2014 - 17:43 | 4990225 TeethVillage88s
TeethVillage88s's picture

Democrats (or most Congress) were afraid of Returning Vietnam Veterans in the 1970s. So they shut down the best Training Centers for things like Jungle Warfare and counter insurgency. But in those days the Democrats didn't have an unlimited federal budget to work with and didn't have a big Federal Police Force like DHS.

Guys like Kissinger & Zbignew Zbrinski probably though of Trigger Pullers as peasants anyway.

Congress doesn't have a use for Soldiers if it doesn't have a war or if they retire/disability (hence the scandalous treatment of VA Medical Centers)

But what else could DHS Up-Scaling be for:

1) Property Seizure (Debt Reasons)
2) Vagrants (Unemployment Reasons)
3) Disease Quarantine
4) State Efforts to Secede (Federal Politics)
5) Currency Crash OR Massive Inflation
6) Foreign Ownership of US Businesses, Apartments, Houses, Farmland, Capital, Beach Fronts, Nicer Gated Communities
7) Bail-ins
8) Massive Economic Shock and New Imposed rules like in 1933

"Faced with a severe crisis, governments can slap on wage and price controls, freeze currency exchanges, impose rationing, raise trade barriers, default on their debts, nationalize whole industries, issue new currencies, allocate goods and services by fiat, and impose martial law to make sure the new economic rules are followed to the letter, if necessary, at gunpoint. Again, these aren’t theoretical possibilities; every one of them has actually been used by more than one government faced by a major economic crisis in the last century and a half."

Tue, 07/22/2014 - 21:53 | 4991281 Conan the Barbarian
Conan the Barbarian's picture

9) FEMA camps

Tue, 07/22/2014 - 22:20 | 4991370 lasvegaspersona
lasvegaspersona's picture


the currency becomes rapdily worthless and poverty engulfs the USA and other countries as well and the entire world finally has to cooperate AND... the biggie...the USA can no  longer be the boss due to the currency collapse...could happen.

Tue, 07/22/2014 - 16:29 | 4989819 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

Dub - damned mouse!

Tue, 07/22/2014 - 17:43 | 4990227 Blackfox
Blackfox's picture

Hey is that Radio Birdman as your avatar?

Saw them live in Byron Bay years ago :)

Tue, 07/22/2014 - 18:07 | 4990363 passenger_pidgin
passenger_pidgin's picture

sho nuff is.  IMO, they are all that rock n' roll was supposed to be - and a little bit more. :) Have never seen them live.  Cheers to you, blackfox!

Tue, 07/22/2014 - 19:16 | 4990666 effendi
effendi's picture

The US bases in Germany are not that powerful. The Germans have more troops (and police) than there are yanks on the bases. Cut the power, turn off the water and point the way to the border (with police escort)

If the Philipines can kick the yanks out of Subic Bay etc  then the Germans can do the same (or does America want war with every other nation on earth?)

Tue, 07/22/2014 - 15:54 | 4989648 Bastiat
Bastiat's picture

Gee, I wonder if any US TBTF banks have exposure to DB?

Tue, 07/22/2014 - 16:13 | 4989731 TruthTalker
TruthTalker's picture

I highly doubt it - they are so above board and well managed

Tue, 07/22/2014 - 17:00 | 4990010 MsCreant
MsCreant's picture

I made this point in a comment above, we'd die in the unwind, it's a stupid bluff.

Tue, 07/22/2014 - 18:46 | 4990538 espirit
espirit's picture

So true.

Moar smoke and mirrors.

Tue, 07/22/2014 - 17:23 | 4990114 Bernoulli
Bernoulli's picture

No, no. Me thinks DB and Eurozone banks are pretty well isolated.

Nothing to fear for Team America.

Tue, 07/22/2014 - 15:55 | 4989649 khakuda
khakuda's picture

How's that Macroprudential oversight working for ya Janet?

Tue, 07/22/2014 - 15:55 | 4989650 trader1
trader1's picture

if the BuBa/ECB/EU wants to bailout DB, it will.

if not, then that will mean the current financial system owners/planners/operators will be looking for new opportunities.  

Tue, 07/22/2014 - 16:12 | 4989723 trader1
trader1's picture

fresh off the press.


googlers will soon learn how many friends they can count on in the us adminstration: 


The European Commission is likely to revise some terms of a settlement announced in February, aimed at dealing with concerns that the company abuses its dominance of online searches in Europe, a person with knowledge of the situation said Tuesday. That means a final decision on the case may be taken by the successor to the EU's current competition chief, who is expected to leave office in November, the person said.

The antitrust probes are only one element of a number of challenges faced by the U.S. search giant in Europe, where it has faced allegations over issues ranging from corporate taxes to copyright issues to data privacy.

Tue, 07/22/2014 - 15:54 | 4989651 shanearthur
shanearthur's picture

This reminds me of playing the board game Risk as a young adult. At the end after everyone has amassed their assets, they begin to fight and the whole thing unravels quite quickly.

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