Free Republic

Deutsche Bank Has A Super-Bullish Take On The Latest Economic Data Simone Foxman Nov. 18, 2011, 12:12 PM Image: babblingdweeb / Flickr Deutsche Bank economists Joseph LaVorgna and Carl Riccadona wax hugely positive about the U.S. economic outlook in a new note out this morning. Particularly convincing is that they made a prediction for today's release of leading economic indicators that came in right on the mark for a 0.9% increase. In fact, with LEI gains for 16 out of the last 17 months, nothing here suggests a recession: There have never been false upswings in the LEI from which...

Yesterday, Deutsche Bank Economist Jim Ma and his team came up with a report, turning somewhat more bearish on China after the Hong Kong/Chinese markets got really killed. They are now expecting GDP growth to slow to or below 7%, and are worried about the exports picture (and among other things). On the real estate market, Jun Ma and associates told an interesting story on the latest development. In recent weeks, the number of phone calls received by an author of this report from China-based property agents has increased several fold, indicating a significant rise in the urgency for developers...

Josef Ackermann, chief executive of Deutsche Bank, Germany's biggest bank, has warned that "numerous" European lenders would collapse if they were forced to book their losses on stricken sovereign bonds.Mr Ackermann said that the value of billions of euros of loans has plunged to a level that could overwhelm smaller banks. "Numerous European banks would not survive having to revalue sovereign debt held on the banking book at market levels." "We should resign ourselves to the fact that the 'new normality' is characterised by volatility and uncertainty," he said. "All this reminds one of the autumn of 2008." Deutsche Bank...

Dear Banks, Remember all of that bailout money you received? Sure hope you saved some of it. US authorities are preparing to sue more than a dozen big banks over claims they misrepresented the quality of mortgages sold during the 2006-7 housing bubble.The US Federal Housing Finance Agency (FHFA), which is overseeing the remains of failed mortgage giants Fannie Mae and Freddie Mac, is reportedly planning to argue that America’s biggest banks failed to check the health of mortgages before they sold them on to investors. The collapse of hundreds of thousands of sub-prime mortgages triggered the 2008 credit crisis...

Bank of America, JPMorgan Chase, Deutsche Bank and Goldman Sachs are among those expected to be named in the lawsuit. The agency that oversees U.S. mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresenting the quality of mortgages they packaged and sold during the housing bubble, The New York Times reported on Thursday. The Federal Housing Finance Agency, which oversees mortgage giants Fannie Mae and Freddie Mac, is expected to file suit against Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among other banks, the Times reported, citing three...

U.S. Set To Sue Big Banks Over Bad Mortgages Agency says B of A, JPMorgan Chase, Goldman Sachs, others misrepresented securities By NELSON D. SCHWARTZ The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation. The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank...

Germany's Deutsche Bank was aware of fraud being committed by a US subsidiary that issued thousands of bad mortgages before the 2008 financial crisis, US prosecutors have alleged. The US Department of Justice detailed the allegations in an amended lawsuit filed this week with a New York court, hitting back at Deutsche Bank's claim that it was not responsible for the actions of MortgageIT, a home finance business it took over in January 2007. "Following the merger, MortgageIT continued its wrongful conduct. And, it did so with the knowledge and/or participation of Deutsche Bank," the department said. The department is...

The bank now trying to foreclose on Marjorie Gunter has produced a troubled paper trail. OneWest submitted a document signed this February to prove that the original lender for her mortgage, a company called MortgageIT, had signed over ownership to OneWest. But MortgageIT, owned by Deutsche Bank, wasn't in business in February. It had ceased operations three years earlier, in 2008. A Deutsche Bank spokesman declined to comment. Even if the February document were authentic, it wasn't recorded until nearly 10 months after OneWest had launched its foreclosure action, which began in May 2010. Real estate law throughout the United...

The city attorney of Los Angeles filed a civil complaint Wednesday against Deutsche Bank AG, alleging it allowed hundreds of foreclosed residential properties to fall into such disrepair as to become public nuisances. The lawsuit in state court here also alleged that the bank was involved in illegally evicting hundreds of tenants who were renting the residences. The city attorney's office, in a news release, said Deutsche Bank's liability for repairs and payments to former tenants "is potentially in the hundreds of millions of dollars." Deutsche Bank, in a statement, said "the Los Angeles City Attorney's Office has filed this...

David H Relkin, Esq. is out to make his name by bringing an action against George Soros and Donald Trump, Deutsche Bank and more than a dozen others claiming USD4.2 milliard in damages based on a civil court case alleging "Money Laundering, Bankruptcy Fraud, and Bid Rigging (sic)" arising out of a deal relating to "The General Motors Building in New York City." In a long press release published in the USA yesterday, Relkin says he acts for plaintiff Leslie Dick Worldwide Ltd. The release purports to quote from filed Court papers in which the plaintiff claims that the actions...

NEW YORK (AP) - Federal authorities say Deutsche Bank has agreed to pay more than $550 million to resolve a federal tax shelter fraud investigation. Authorities announced Tuesday that the bank also admitted criminal wrongdoing in connection with its participation in financial transactions that aided tax shelters. The government says the transactions generated billions of dollars in U.S. tax losses.

NEW YORK -- The Federal Reserve on Wednesday reluctantly opened the books on its monumental campaign to save the financial system in the midst of the recent crisis, revealing how it distributed some $3.3 trillion in relief. The data revealed that the Fed's aid was scattered much more widely than previously understood. Two European megabanks -- Deutsche Bank and Credit Suisse -- were the largest beneficiaries of the Fed's purchase of mortgage-backed securities. The Fed's dollars also flowed to major American companies that are not financial players, including McDonald's and Harley-Davidson, through unsecured short-term loans. The measure, initiated in Jan....

Raising $100 billion a year of climate finance by 2020 is challenging, but possible through mechanisms including carbon markets, domestic carbon taxes and a variety of international transportation taxes, a United Nations advisory group said in a report Friday. Earlier this year, the UN's Ban established the panel, which includes U.S. National Economic Council Director Larry Summers, billionaire financier George Soros and Deutsche Bank vice-chairman Caio Koch-Weser. The financing will be used to support mitigation and adaptation efforts in developing countries--in particular, for the poorest and most vulnerable communities.

Deutsche Bank: Actually, We See A Rebound In Housing Gregory White Oct. 28, 2010, 9:42 AM Deutsche Bank have dismissed all the talk of a housing double-dip and, instead, suggest we're going to see stability, or even a rise in prices in the near term. Their argument is that housing has already fallen to its lowest share of GDP, so it can't fall much further From Deutsche Bank, emphasis ours: One, the residential share of GDP is 2.5%, just 0.1% higher than its all-time record low set in Q2 2009. To put this into perspective, the current ratio is about...

Deutsche Bank Just Sliced Q2 GDP By More Than Half Gregory White Aug. 11, 2010, 2:57 PM Deutsche Bank has revised their Q2 GDP projections downward to 1.1%, from 2.4%. That's a massive 1.3% GDP cut for the quarter. Why? The ugly trade data (emphasis theirs): Following Tuesday’s extremely dovish FOMC statement in addition to news that Q2 real GDP growth appears to be sharply lower than what was initially reported, we are lowering our second half growth forecast and pushing out the anticipated timing of Fed hikes. Regarding the latest data, the June international trade figures were much weaker...

Deutsche Bank: The Fed Is Going To Deliver A Giant Goose-Egg To The Market This Week Joe Weisenthal Aug. 9, 2010, 2:28 PM | Add Deutsche Bank to the chorus of folks who think the Fed is NOT about to make some major dovish shift. Here's the latest: History strongly suggests we are on the cusp of a dramatic slowdown in productivity growth. Over the four quarters ending Q1 2010, productivity grew 6.1%, the largest gain in six decades. In the past, productivity has almost always slowed quite dramatically at this point in the economic cycle. Our forecast of a...

The head of the UN's climate change panel - Dr Rajendra Pachauri - is accused of making a fortune from his links with 'carbon trading' companies, Christopher Booker and Richard North write. No one in the world exercised more influence on the events leading up to the Copenhagen conference on global warming than Dr Rajendra Pachauri, chairman of the UN’s Intergovernmental Panel on Climate Change (IPCC) and mastermind of its latest report in 2007. Although Dr Pachauri is often presented as a scientist (he was even once described by the BBC as “the world’s top climate scientist”), as a former...

report put out by Deutsche Bank is creating all sorts of business buzz. That's because the report predicts that 48% of all mortgages will be "underwater" by the end of the first quarter of 2011. A mortgage that is "underwater" is one where the mortgage is larger than the value of the house. These sorts of mortgages have a significantly higher incident of defaults. Currently, the number of properties that are underwater is estimated to be at 26% by Deutche Bank. That's bad enough but their estimation is just down right scary at 48%. All mortgage types will see increases...

A report put out by Deutsche Bank is creating all sorts of business buzz. That's because the report predicts that 48% of all mortgages will be "underwater" by the end of 2011. A mortgage that is "underwater" is one where the mortgage is larger than the value of the house. These sorts of mortgages have a significantly higher incident of defaults. Currently, the number of properties that are underwater is estimated to be at 26% by Deutche Bank. That's bad enough but their estimation is just down right scary.

Interesting piece from Deutsche Bank on rapidly deteriorating Construction loans. DB predicts that “construction loans will be the epicenter of bank loan problems” • By far the riskiest type of loan product in bank portfolios; • Substantial portion represents loans to homebuilders; • Market currently penalizing properties with vacancy issues extremely severely; • Newly constructed (or only partially constructed) properties are the poster children for vacancy problems in CRE; • Values of most newly constructed properties are down massively; • Expect extremely high default rates and extremely high loss severity rates, both likely to be in excess of 50%; •...

(Reuters) – Goldman Sachs Group Inc (GS.N) and Deutsche Bank AG (DBKGn.DE) were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. The paper said the focus of the investigation is on whether internal communications show executives at the banks had private doubts on the soundness of the mortgage-related securities they were putting together. The people told the paper Washington Mutual Inc, which is now mostly owned by JP Morgan Chase & Co (JPM.N), was also issued a subpoena by the...

Goldman Sachs Group Inc and Deutsche Bank AG were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. The paper said the focus of the investigation is on whether internal communications show executives at the banks had private doubts on the soundness of the mortgage-related securities they were putting together. The people told the paper Washington Mutual Inc, which is now mostly owned by JP Morgan Chase & Co, was also issued a subpoena by the U.S. Senate Permanent Subcommittee on...

The National Debt Clock has been ticking the amount of the U.S. government’s debt since 1989 to show just how much money the taxpayers are in for. But now, global warming activists have seized upon the concept. According to CNBC “Closing Bell” host Maria Bartiromo, Deutsche Bank (NYSE:DB) has launched its Carbon Counter to track the amount of greenhouse gases emitted into the earth’s atmosphere outside Madison Square Garden and Pennsylvania Station, near the Empire State Building. “A couple of blocks away from the National Debt counter in New York’s Time Square lies a new display,” Bartiromo said on her...

The modern bank robber calmly hands a note to the teller, asking for money and making a moderately specific scary threat.  The robber, of course, expects the teller to hand over unmarked bills without a fuss. This morning’s “research” note from a major international bank is entitled, “Falling Short: The government needs to buy toxic assets,” and the heart of their one page argument is, with the emphasis as in the original,One main stumbling block to the purchasing of troubled assets has been pricing, specifically how does the government price a diverse set of assets in a way that does not...

Deutsche Bank loses nearly 5.0 bln euros in fourth quarter by William Ickes Wed Jan 14, 8:32 am ET FRANKFURT (AFP) – Deutsche Bank, Germany's largest bank, said on Wednesday it expected to incur a massive loss of nearly 5.0 billion euros in the fourth quarter after market conditions "severely impacted" its sales and trading operations. The loss of 4.8 billion euros (6.37 billion dollars) over the final three months would result in an annual loss of around 3.9 billion euros, wiping out profits made earlier in 2008. Its shares plunged by 8.22 percent to 22.27 euros in midday Frankfurt...

Deutsche Bank faces buyer strike over bond move By Paul J Davies in London and James Wilson in Frankfurt Published: December 18 2008 23:31 | Last updated: December 18 2008 23:31 Deutsche Bank is facing the prospect of a buyers’ strike against its own debt and even debt it tries to sell on behalf of others as investors protest against the bank’s decision not to redeem a bond deal this week. The German bank shocked bond and equity investors – and raised fears about its own capital strength – on Wednesday when it became the first big bank to say...

Deutsche Bank likely to reveal losses of $1 billion Fri, Dec 12, 2008 Deutsche Bank AG, shaken last quarter by a $1.68 billion loss trading or the firm’ account, is reeling again, this time from about $1 billion of bad bets in a unit led by credit-trader Boaz Weinstein in New York, people familiar with the matter said. The magnitude of the group’s loss, and its impact on the firm’s fourth-quarter results, remain uncertain as the value of some stakes gyrate with the markets and the Frankfurt-based bank seeks to unwind positions, according to the people, who declined to be...

NEW YORK (Reuters) - A Deutsche Bank executive is suing a son [R. Hunter Biden] and a brother of Delaware Sen. Joe Biden for at least $10 million over a deal they had to buy into a hedge fund, according to court documents…. [Hedge Fund??? Senate Judicary Committee held SEC oversight hearing on Hedge Fund when this was going on back in 2006] http://www.freerepublic.com/tag/biden/index?more=6201367

Even experienced banker friends tell me that they think the worst of the US banking troubles are over and that things are slowly getting back to normal. What is lacking in their rosy optimism is the realization of the scale of the ongoing deterioration in credit markets globally, centered in the American asset-backed securities market, and especially in the market for CDOs—Collateralized Debt Obligations and CMOs—Collateralized Mortgage Obligations. By now every serious reader has heard the term “It’s a crisis in Sub-Prime US home mortgage debt.” What almost no one I know understands is that the Sub-Prime problem is but...

TOUR Insider: Deutsche Bank Championship  Aug. 27, 2007 By Dave Shedloski PGATOUR.com Senior Correspondent The beauty of the PGA TOUR Playoffs for the FedExCup this week is manifested in South Africa's Retief Goosen. Retief Goosen lost ground despite making the cut at The Barclays last week. (WireImage) While there are still three weeks left to decide the inaugural winner of the FedExCup, there is real urgency at this week's Deutsche Bank Championship for a number of players, including, most notably, the two-time U.S. Open champion. Goosen, 38, is the only TOUR member in the top 20 in the Official World...

More than a week after two New York City firefighters died in a smoky fire at the former Deutsche Bank building, city officials relieved three senior fire officers of their posts yesterday, asserting they had failed to inspect the building or to draw up a specific plan on how to fight a fire inside the contaminated tower. At a City Hall news conference yesterday, Mayor Michael R. Bloomberg said the local firehouse had not performed any of the required inspections of the building on the edge of ground zero since 2006, even though the 41-story building, damaged in the Sept....

What the Deutsche Bank building tells us about what's wrong with America. Even in these times, an August dimmed with miners trapped in Utah and China, Mexico's hurricane and the final body pulled from below the Minnesota bridge, the story of two New York firemen dying in a dead building was just too much. Since September 11, when so many died across the street from the Deutsche Bank building in lower Manhattan, a great deal of effort has been made to ensure that no more people die in the U.S. from anything remotely connected to that day. Nearly six years...

NEW YORK - Mayor Michael Bloomberg says preliminary air quality tests showed no danger Sunday morning in the area around the Deutsche Bank building, which burned for almost seven hours Saturday. The seven-alarm blaze brought back all too painful memories for the New York City Fire Department as the burning building, abandoned after 9/11, claimed two more lives. Robert Beddia, 54, had been on the job 23 years and was assigned to Engine 24. Joseph Graffagnino, 33, joined the FDNY eight years ago and was assigned to Ladder 5. "There were two men who were dedicated to helping this city...

Firefighters die in blaze by ground zero By VERENA DOBNIK, Associated Press Writer 22 minutes ago NEW YORK - A seven-alarm fire ripped through an abandoned skyscraper next to ground zero in Lower Manhattan Saturday, killing two firefighters who were responding to the blaze. ADVERTISEMENT Officers at the scene were preventing nearby residents from returning to their homes, telling them that authorities were concerned the former Deutsche Bank office building, vacant since the 2001 terrorist attacks turned it into a toxic nightmare, could fall. Mayor Michael Bloomberg said that fear turned out to be unfounded. The plume of gray smoke...

A German fund set up to compensate forced laborers during the Holocaust has completed paying victims. The Remembrance, Responsibility and Future Foundation, set up in 2000, paid $5.8 billion to 1.7 million people, mostly non-Jews who were forced to work in concentration camps and participate in sadistic medical experiments, the German broadcaster Deutsche Welle reported.. The German government and German corporations that utilized forced labor during World War II contributed equally to the fund, which will see its remaining money go toward reconciliation projects. Volkswagen, DaimlerChrysler, Bayer and Deutsche Bank were among the companies that made tax-deducible donations to the...

The Justice Department has issued subpoenas to at least four Wall Street investment banks as part of a widening investigation into the multibillion-dollar online gambling industry, according to people briefed on the investigation. The subpoenas were issued to firms that had underwritten the initial public offerings of some of the most popular online gambling sites that operate abroad. The banks involved in the inquiry include HSBC, Credit Suisse, Deutsche Bank and Dresdner Kleinwort, these people said. While online gaming sites like PartyGaming and 888 Holdings operate from Gibraltar and their initial public offerings were held on the London Stock Exchange,...

MILAN (Reuters) - A Milan judge has formally charged Parmalat founder Calisto Tanzi, 15 other executives and three financial institutions over their role in the scandal that plunged one of Italy's best-known brands into insolvency. ADVERTISEMENT Judge Cesare Tacconi sent the executives to trial on Saturday, after eight months of preliminary hearings, on charges including market-rigging, false auditing and of hindering the work of regulators. The Italian offices of Bank of America, auditors Deloitte & Touche and the former Italian affiliate of Grant Thornton were also charged with helping dairy group Parmalat mislead investors. Under Italian law, companies can stand...

May 11, 2005 Hedge Fund Rumors Rattle Markets By RIVA D. ATLAS Long-simmering worries about the growing influence of hedge funds erupted yesterday in a wave of nervous selling on world stock markets after talk that hedge funds had suffered large losses tied to the debt of General Motors. Shares of banks with connections to hedge funds fell sharply, even though the rumors could not be substantiated. Hedge funds, lightly regulated investment pools for the wealthy and institutions like pension funds, have been a source of concern for some investors because the recent flood of money into the funds appears...

A office tower at the edge of Ground Zero that was badly damaged in the Sept. 11 attacks will be demolished because of mold infestation, the Daily News has learned. The steel and glass tower, owned by Deutsche Bank, has been vacant since debris from the twin towers tore a 24-story gash into its facade. The black fungus apparently grew rapidly because of dark and damp conditions in the abandoned tower. Sources told The News yesterday that Deutsche Bank is expected to raze the 40-story building in the next few months. A Deutsche Bank spokeswoman would only say that bank...

A top investment bank has warned ExxonMobil that being tarred with the label of "environmental enemy number one" is a risk to its business. Deutsche Bank says investors should be worried about the Greenpeace-backed StopEsso campaign. The research note, published by Deutsche's Edinburgh-based energy team, has been seized on by Greenpeace as evidence that its campaign against the world's number one oil company is having a serious impact. Greenpeace has claimed that one million motorists are boycotting Esso petrol stations in Britain as a protest against Exxon's apparent unwillingness to take global warming seriously. In Deutsche's view Exxon's shares remain...

Victims' Remains Found Near Ground Zero By ERIC LIPTON and JAMES GLANZ n the week since a ceremony marked the end of the recovery effort at ground zero, Fire Department and construction crews have found the remains of about a dozen victims in nearby buildings damaged in the Sept. 11 attack. City officials had long suspected they might find additional human remains in these adjacent structures, including 90 West Street and 130 Cedar Street, office buildings that were struck and punctured by plane parts and sections of the twin towers. But they had put off the task of thoroughly sifting...