During the financial meltdown of 2008, Deutsche Bank received at least $11.8 billion in US taxpayer-funded bailout money. The banking giant had made some bad credit decisions and took on some enormous risks – but the gamble failed miserably. So what did Deutsche Bank do with the funds provided by the American taxpayers? The Financial Times has the pathetic story:
Deutsche Bank has apparently gambled in the world capital of gambling and it looks like they may lose: Deutsche Bank has risked a total of $4.9 billion, the institute, a newspaper reported in a luxury casinos in Las Vegas – a significant portion of the money will probably never be seen again.
German bank: no luck with casino
The German bank has put, according to a report in the “Financial Times” a total of nearly five billion dollars into casinos in Las Vegas – and because the world capital of gambling is suffering from the consequences of the American economic crisis, the Bank will probably have to write off a large part of the sum.Last December, in the entertainment capital of Nevada, it opened the giant Cosmopolitan Hotel and casino, which is part of Deutsche Bank. $3.9 billion is reported to have been spent by the bank for the construction of the luxury casino – a number that has been rumored at the opening.
Deutsche Bank would most likely have had a better outcome and "return on capital" if it had used the bailout funds to play the slots and crap tables.
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God this is just infuriating.