Is Deutsche Bank About To Blow Up On Derivatives?
The co-CEOs of Deutsche Bank unexpectedly stepped down. Recall that Deutsche Bank is now the largest holder of derivatives in the world. LINK
The ONLY reason these resignations would have been unexpectedly coerced like this is if Deutsche Bank was have a potentially uncontrollable problem in its OTC derivatives holdings. Because of accounting rules, we have no possible way of knowing what DB’s OTC derivatives book looks like. Although Jain oversaw the build-up of the book, it’s likely that not only does he not know where all the bodies are buried, he has lied to the board of directors and shareholders about the riskiness of the bank’s holdings.
I know Jain from personal experience with him right after Deutsche Bank acquired Bankers Trust for BT’s derivatives capabilities. It instantly put Deutsche Bank in the forefront of the fraud-based OTC derivatives business. Jain has lost money wherever he worked . He was brought over to DB from Merrill when Edson Mitchell assumed the reigns at Deutsche Bank’s US unit.
I just remember thinking Jain was about as sleazy as they come. His sole charge was to build Deutsche’s derivatives book of business into the biggest in the world. From there he sleazed his way into the CEO position, a few years after Mitchell went down in plane accident. He then proceeded to climb to the top of Deutsche Bank by conspiring to “shoot” then-CEO Josef Ackerman in the back.
Please click here to read the rest of this: Investment Research Dynamics
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