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Tag: financial crisis

  • Deutsche Bank could receive record $14 billion fine in the United States

    Deutsche Bank AG, the biggest German bank could receive a $14 billion fine from the US Justice Department in a dispute related to toxic real estate loans sold before the 2007-2008 economic crisis.

    According to AFP, if the figure is maintained, it will be the highest fine ever given to a foreign bank in the United States, surpassing the previous record of 8.9 billion dollars, a penalty received by the French group BNP Paribas in 2014 for violation of US embargoes.

    Deutsche Bank AG headquarter in Frankfurt am Main (© Raimond Spekking / CC BY-SA 4.0 (via Wikimedia Commons)
    Deutsche Bank AG headquarter in Frankfurt am Main (© Raimond Spekking / CC BY-SA 4.0 (via Wikimedia Commons)
    Deutsche Bank said in a statement:
    “We confirm market’s speculation that the US Department of Justice began negotiations with a request for an amount of $ 14 billion. In the next step, the Justice Department asked the bank to submit a counteroffer”.

    However, according to various sources, the final fine could fall significantly below $14 billion.
    According to Deutsche Bank, negotiations are just in their beginnings, and the final fine could be similar to those received by other large banks for similar charges.
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    As with other financial groups, Deutsche Bank is accused of selling real estate loans packaged into complex financial products, named RMBS, to investors, even though it knew the loans were toxic assets.
    US bank Goldman Sachs got a $ 5.06 billion fine for similar offenses in April 2014.

    After the announcement by the German bank, Deutsche Bank shares lost more than 8% in early trading at the Frankfurt Stock Exchange on Friday.

    Several voices speculate the Deutsche Bank fine comes as a US retaliation for European Commission’s decision to make Apple Inc. pay up to 13 billion Euro in back taxes to Ireland.

  • Germany, hidden debt of 5,000 billion Euro?

    Germany allegedly revealed extra 5000 billion euro debt. Photo:realitatea.net
    In addition to a debt of 2,000 billion euro, Germany seems to have other financial obligations of extra 5,000 billion because of shortages of social funds insurances and pensions, according to Professor Bernd Raffelhueschen.

    Germany apparently has a hidden debt of 5,000 billion euros, therefore the public debt is much higher than that officially announced, according to German newspaper Handelsblatt, citing the estimates of a professor of economics at Freiburg University.

    According to IMF records,Germany’s debt accounted last year for 74% of GDP. IMF expects German economy to feature a 2.7% growth in 2011 and an 1.3% in 2012.

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    History: Germany should keep in mind that it was the largest debtor of the twentieth century

    Historian Albrecht Ritschl, a business expert and professor at the London School of Economics, said that Germany is yet to remain the undisputed champion of public debt in the 20th century. It has already three “penalties”. All forgiven, but not entirely forgotten. Germany’s current financial stability is due to Americans, who gave up huge amounts of money after both world wars mainly for the reconstruction of Europe and Germany. “It’s just that people forget too often these issues,” said historian Ritschl.