Germany Goes There: "You Can't Compare Deutsche Bank To Lehman"

Tyler Durden's picture

"When it's important, you have to lie," is the now well-known mantra from European leaders when the crisis hit. So when a German politician proclaims "you can’t compare Deutsche Bank with Lehman. The bank is in a position to get out of this situation on its own," it's time to panic. Just a week after the 8th anniversary of Lehman's collapse, the multi-trillion dollar derivative book of Deutsche Bank dwarfs that of Lehman... and the credit markets are starting to wake up again.

 

Following government exclamations that there will be no bailout for Deutsche Bank, Hans Michelbeck - from Merkel’s Christian Democrat-led bloc and a member of German lower house’s finance committee - confirms it is "unimaginable" that the German government would support Deutsche Bank AG with taxpayers’ money.

“It would lead to a public outcry.”

 

“You can’t compare Deutsche Bank with Lehman. The bank is in a position to get out of this situation on its own”

 

German govt “would lose credibility if it jumped in” after “it was always said in the past that Deutsche Bank isn’t affected by the financial crisis”

It appears the CDS market is starting to wake up to the reality of the situation...

 

and Germany CDS is starting to show signs of concern...

 

This seemed to sum it all up rather well...

And then Draghi did not help:

 

*DRAGHI SAYS WON'T COMMENT ON DEUTSCHE BANK SITUATION

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Looney's picture

 

I’ve been wondering WHY Deutsche Bank’s penalty is $14 Billion, and not $13B or $15B…

Remember the 300 tons of gold Germany wanted to repatriate from the US? Well… they’ve brought home only 5(five) tons, but…

Strangely enough, the value of the remaining 295 tons, at today’s price of Gold at $1,345.50, is exactly $14 Billion!

Looney

Disclosure: My abacus was missing some beads, so I replaced’em with a few pieces of dried-up dog shit. Works like a charm!   ;-)

stinkhammer's picture

this is a different kind of complete shit

tmosley's picture

"Germany isn't Germany (Weimar)."

NoDebt's picture

"it is "unimaginable" that the German government would support Deutsche Bank AG with taxpayers’ money."

Oh, don't be so pessimistic.  Just try a little harder, you'll be able to imagine it.

Ghost of PartysOver's picture

And the category is" "Who said this" for $500 Alex.   "When it gets serious you have to lie"

pods's picture

Of course it's not Lehman.  It will be much worse than Lehman.

pods

The Blank Stare's picture

Sad seeing how the Germans stood and defeated The Roman Empire only to be taken over by CBker's and moosies.

JackT's picture

pretty sure everyting is fine. NASDAQ Risk Assessment doesn't even hit dark orange 

http://www.nasdaq.com/symbol/db/risk

 

BandGap's picture

My thoughts exactly. Lehman was no worse than quite a few of the other players at the time.

DouchBank is in a class of it's own this time around. A rock around everyone's neck.

BetaGap's picture

Germany supports the whole world with taxpayers money. But if something that is really relevant for Germany and perhaps the world, well then...

Dr. Dooms-a-lot's picture

I like a good pithy comment as much as the next guy but if you think about it: it is unimaginable because it is impossible. There are not enough tax payers in the entire world to cover DB's exposure to the derivatives market.

Doomed I tell you!

hedgeless_horseman's picture

 

DB is in this position to get out of this situation on its own.

-What is a FRBNY swap, Alex?

-Correct!

-I'll take secret bailouts for half-a-trillion. Alex.

rlouis's picture

Bernanke looks like a little child caught taking cookies out of the cookie jar without permission, and yet this is truly epic criminal action.

Dame Ednas Possum's picture

Is that Timmy G. diligently paying attention in the back row over Shalom's right shoulder?

Note: observe Shalom's arrogant, dismissive demeanour. I doubt the human species has ever witnessed a miserable sack of shit who is a more deserving recipient of grievous bodily harm than him.

ArgentoFisico's picture

No, they are obtaining their gold, even if veeeery slowly .. see on bullionstar for example

bigkahuna's picture

Everyone who is a decision maker for these banks know the fit is gonna hit the shan. They have been working to get ahead of it so they can keep their stuff together while transferring all of the hurt to the citizens (tax paying AND otherwise) of their countries via their central banks - thanks-a-lot unfederal reserve assholes---tell me where that is in your "mandate" fuckers.

The citizens largely have not the slightest idea of the tidal wave right in their faces.

stocktivity's picture

Ha Ha ...300 tons of gold in the vault. There may not be 300 pounds.

ersatz007's picture

You should try wrapping the dog shit in cat shit if you really want your abacus to perform!

ersatz007's picture

there are at least two people here who haven't seen the big short

bofs's picture

Also suspiciously close to the fine levied on Apple by the EU commission amounting to $14.5bn.

Retaliation? - According to Occam, so it seems.

kliguy38's picture

Hmmmmm....i beg your pardon....but it looks like the boyz are gonna take you to Lehman...

Bay of Pigs's picture

Yeah, keep bullshitting everyone while the stock drops to all time lows.

11.99-0.76 (-5.99%)

Bill of Rights's picture

Thats your double secret probation cue to get the hell out.

wholy1's picture

"Douche" Bank[ster]

ANestIOS's picture

typical lack of imagination on display

Cluster_Frak's picture

Lehman did not pose a systemic risk. Deutsche goes and the shit show of empic proportions begins: good bye frau merkel, good bye euro, good bye socialism may you burn in hell.

Fanakapan's picture

Which of course is precisely why it aint going to happen.

SubjectivObject's picture

Yes, and how will they prevent it from happening?

Secret is the only way, while supplies of confidence last.

bigkahuna's picture

it aint happenin' till it is...

itburnswhenitheta's picture

If it looks, walks, and quacks like a duck...

ReallySparky's picture

Looks Like they are starting to PANIC.

SillySalesmanQuestion's picture

DB is not like Lehman at all, it's way much yuuuger and has many trillions of worthless, rehypothecated deriviatives.

HenryKissingerChurchill's picture

DB is not like Lehman at all, it's way much yuuuger and has many trillions of worthless, rehypothecated deriviatives.

I was about to write exactly the same...

stocktivity's picture

"Rehypothecated" is the key word here. How do they unwind this shit?

aliens is here's picture

German govt “would lose credibility if it jumped in” after “it was always said in the past that Deutsche Bank isn’t affected by the financial crisis”

They never have any to begin with.

Kilgore Trout's picture

Most denials since Lehman.

Cautiously Pessimistic's picture

Yeah, Deutsche Bank is the entree; Lehman was the hors d'oeuvre.

wholy1's picture

"Douche" Bank[ster]

carbonmutant's picture

Sounds like an Official denial to me... lol

Vageling's picture

Wir haben es nicht gewusst. Not like we never heard that before.

buzzsaw99's picture

clearly a lie because clearly I CAN COMPARE THE TWO.

it's not like comparing apples to lizards. try harder asshole.

falak pema's picture

Merkel must feel like Thelma and must be praying that Louise May of Brexit would join her...

gregga777's picture

The political parasites are employees of the Bankers. The Bankers don't ask for help. It's the other way around, they tell the political parasites exactly what it is that they are going to do.

DEATH
TO THE
BANKERS

ejmoosa's picture

Someone always has to be the scapegoat...

Looks like we have identified who it is going to be this time.

We will see if they try to fight that or just cave in and take like others in the past have.  If they go along, I am sure the key players will be rewarded nicely.