How Deutsche Bank Destroyed Milwaukee

by David VIckrey
Published: Last Updated on 0 comment 6 views

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"Germans built Milwaukee, now a German Bank is destroying it!" is the
unwelcome message Common Ground representatives are bringing to the
Deutsche Bank meeting tomorrow.

Common Ground is a citizen's group in Wisconsin that is outraged at Deutsche Bank's policy of foreclosing and abandoning properties in Milwaukee, making large swaths of the city unlivable

On a summer Saturday afternoon, more than 50 Common Ground volunteers
conducted a neighborhood walk around one of its member churches on
Milwaukee's West Side. In a 10-block area, they counted 60 abandoned
houses. More walks in other neighborhoods revealed similar results:
foreclosed and abandoned houses that were not mere eyesores, but also
havens for drug dealing and other criminal activity. According to the
Milwaukee Assessor's Office, the subprime-foreclosure crisis has
depressed total property values by about $1.11 billion dollars. Even
for Deutsche Bank, that's not petty cash.

So a delegation from Common Ground are traveling to Germany to confront CEO Joseph Ackermann at the DB annual shareholder's meeting. Up to now, DB has refused to meet with the citizens in the US:

But Deutsche Bank has not only refused to meet with Common Ground; it
has snubbed high ranking state and local officials. Murphy, the city
leader who has become a Common Ground champion, is pressing federal
officials to get involved. In a recent letter to the Treasury
Department's Assistant Secretary for Financial Institutions, Michael S.
Barr, Murphy deplored Deutsche Bank's intransigence and said that a
meeting with Deutsche Bank was a "critical matter" for the city.

For more, see also Telepolis: Zerstört die Deutsche Bank Stadtteile von Milwaukee?

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0 comment

Hattie May 28, 2010 - 12:33 pm

Catching up to you here after a long absence. So much going on!
Thanks for keeping me informed. You are the only source I know of for gathering these items together and explaining their significance.

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