It wasn’t just Deutsche Bank that was grappling with big questions about the future at the International Monetary Fund meetings in Washington last week.
The German bank is scrambling to overhaul its operations as it faces a multi-billion dollar fine for selling toxic mortgage-backed securities in the United States.
Read the Full Article: Source – ReutersRead More
Time For Truth: (Reuters) – Banks ponder the meaning of life as Deutsche agonizes
Deutsche Bank has been scrambling to reassure investors it has enough cash to pay a multibillion-dollar fine for alleged wrongdoing a decade ago as its shares crumbled to new lows and knocked sentiment across the banking sector.
Shares in Germany’s biggest bank lost more than 7.5% to €10.55 on Monday despite attempts by its senior executives to insist the bank would not need help from Angela Merkel’s government with the potential fine for mis-selling mortgage bonds.
Read the Full Article: Source – The GuardianRead More
Time For Truth: (The Guardian) – Deutsche Bank shares fall to lowest level since mid-1980s
Blowback? Just a few weeks after the EU slapped Apple with a $14 billion bill for “back taxes,” the U.S. has apparently responded with a $14 billion fine of their own to Deutsche Bank to settle an outstanding probe into the company’s trading of mortgage-backed securities during the financial crisis.
According to the Wall Street Journal, the proposed settlement would be largest fine paid by any of the banks related to similar charges. Unfortunately for DB, the fine is roughly equal to it’s entire market cap and the stock is plunging nearly 8% in after hours trading.
Read the Full Article: Source – Zero HedgeRead More
Time For Truth: (Zero Hedge) – Deutsche Bank Slapped With $14 Billion Fine By DOJ Over Mortgage Probe
Total debt from car loans has surpassed the $1 trillion mark as loan delinquency rates continue to steadily climb. Some believe the heavy presence of subprime and deep prime loans could be shades of the 2007-10 subprime mortgage crisis.
Read the Full Article: Source – Russia TodayRead More
Time For Truth: (Russia Today) – US car loan debt hits $1.027 trillion as subprime loans increase
One in seven U.S. households has a negative net worth, as student loans and credit cards plunge a diverse group of people—including those with good jobs—into the red.
There are really two ways to be poor. Some people just don’t earn much money. Almost 15 percent of Americans, or 47 million people, live below the poverty line1, according to the U.S. Census Bureau.
Then there are the people loaded up with debt. Even people with good jobs can owe so much on credit cards, student loans, or mortgages that, on paper, they’re worth less than zero.
Read the Full Article: Source – BloombergRead More
Time For Truth: (Bloomberg) – You May Be Broke and Not Know It