What’s Going On at The ‘Deutsche Bank Haus’? Video
Posted by Larry Doyle on July 24, 2014 10:42 AM |
I am hard pressed to little more than chuckle at the recently released report by the New York Federal Reserve concerning the regulatory failures at Deutsche Bank. Why so amused?
The Financial Times informs us the regulators at the NY Fed are so ‘steamed’ due to “Deutsche’s perceived failure to act on similar problems raised by regulators since 2002.” Yes, 2002. That is not a misprint. What does that tell us?
Not unlike a bunch of frat boys having their way with an administration that is little more than comical and totally ineffective in maintaining order on campus, is it any real surprise that the crowd at the “Deutsche Haus” has little meaningful oversight of its own operations when its chief regulators at the New York Fed are either asleep and/or complicit in facilitating the party and mayhem?
In all seriousness, I view this current indictment of Deutsche Bank to be even more an indictment of the New York Fed specifically and the regulatory system at large.
But let’s keep it a little light and add a bit of humor to the mix. To seriously critique DB now in 2014 when they have not been held to proper account for ‘taking liberties’ since 2002, if not before, evokes comparisons to this 3-minute all-time classic scene:
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