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According to a report this morning in the Wall Street Journal, a US Senate panel is investigating Deutsche Bank's role in the mortgage-market meltdown:
The congressional investigation appears to focus on whether internal
communications, such as email, show bankers had private doubts about
whether mortgage-related securities they were putting together were as
financially sound as their public pronouncements suggested. Collapsing
values for many of those securities played a big role in precipitating
last year's financial crisis.
communications, such as email, show bankers had private doubts about
whether mortgage-related securities they were putting together were as
financially sound as their public pronouncements suggested. Collapsing
values for many of those securities played a big role in precipitating
last year's financial crisis.
Seeking Alpha adds:
Anyone want to take a guess on what they will find? I am
sure there are plenty of emails and other electronic messages floating
around to get someone in trouble. I never understand how people have
not realized that email is forever. Regardless, they will clearly find
something, but they should look at the trading in their accounts versus
what was being sold to their clients, that is the real evidence.
sure there are plenty of emails and other electronic messages floating
around to get someone in trouble. I never understand how people have
not realized that email is forever. Regardless, they will clearly find
something, but they should look at the trading in their accounts versus
what was being sold to their clients, that is the real evidence.
Maybe we'll see Josef Ackermann doing the "perp walk" on his way to join Bernie Madoff for an extended "vacation."
Meanwhile this was the scene yesterday outside Deutsche Bank's US headquarters at 60 Wall Street:
