Bill Black says that the managers at Deutsche Bank were happy to deal with Trump even if he did run the risk of destroying their bank because they would have made off with massive bonuses by then. They also probably thought the German government would bail them out no matter what as they were TBTF. But now they are trying to merge with another large bank to become even bigger.
BILL BLACK: It is possible, but it’s certainly not possible under Trump. So it isn’t so much the rules, it’s the people that enforce the rules. And Trump is not simply a fraud and a corrupt fraud, he is running a government of crooks. His cabinet level, his sub-cabinet levels and such, these are disproportionate… Look, the easiest prediction I ever made as a criminologist was that the Trump administration will be the most corrupt administration in the history of the United States. So we can put all the rules in place, but as long as Trump puts these. Clowns and thieves in charge, they are not going to enforce the rules. So again, they simply have to be defeated at the polls.
BILL BLACK: Yeah. I mean, the folks who actually provide capital have tended to be associate kleptocrats and the worst of the Middle Eastern states where they have their investment funds put money in to these massive banks. So this is not good on multi dimensions for the world. But what it’s meant, as I said, is because of Germany’s political power and because Deutsche Bank is so weak, it has frustrated efforts across all of Europe to increase capital. And now, again, even as we speak, the Trump administration, by the way with the aid of chosen by Democrats, which is to say Schumer, is voting to cut capital requirements for even huge banks. Now, they desperately need higher capital requirements and they’re doing exactly the opposite.
BILL BLACK: That means that your salary depends on how many loans you make at what interest rates and such. And so, Donald Trump, you could make large amounts of loans. Now, those loans are going to default eventually, but the bank doesn’t recapture, we call it clawback, the bonuses it paid to you. So as an officer, you’re making a ton of money. And this wasn’t one division of Deutsche Bank, this was three different divisions of Deutsche Bank that Trump ripped off. So one was the commercial real estate, another was the investment banking outfit, and the third is private banking, which is a euphemism for handling the money of the super-duper wealthy type. And the greatest act of chutzpah is he actually went to one of these units and said, “Give me a loan and I’ll use it to pay off my debts to your other unit.”.
No comments:
Post a Comment