BILDERBERG BANKS ARE DOING RATHER WELL OUT OF CREDIT CRUNCH
Deutsche Bank, run by Bilderberger Josef Ackermann, has just reported a profit of over 1 billion euros in the second quarter alone! Most of that profit came from its corporate and investment banking division, which implies to me that someone knew what sort of things to invest in.
The following article tries to suggest that 'stable' markets and better conditions are the cause of such a massive profit. If so, why are only a few select banks reaping vast rewards from everyone else's misery and concern?
Deutsche Bank profits soar on 'stable' markets
Better conditions in the financial markets boosted profits at Deutsche Bank by 67 per cent in the second quarter to €1.1 billion (£950 million).
The German bank earned net revenue of €7.9 billion, up 46 per cent on the same period in 2008.
Revenue at the bank's corporate and investment banking division accounted for two thirds of this income and were up 84 per cent to €5.3 billion on a year ago.
The results were ahead of analysts' expectations of a profit of €985 million.
Josef Ackermann, chairman of Deutsche Bank, described the second quarter figures as "very satisfactory". He said that while there was still uncertainty in the global economy: "We have witnessed stabilisation of the world's banking industry and financial markets. Increased liquidity and lower volatility in financial markets are both supportive for our business".