Deutsche Bank is run by Josef Ackermann, a senior Bilderberger, and one of the major profiteers from the financial crisis. Germany recently banned its banks from shorting any Euro-denominated European government debt. But for whatever reason Deutsche Bank under Ackermann is giving its own government the middle finger.
But why?
=======================
From http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/7817200/Deutsche-Bank-shorts-2bn-eurozone-sovereign-debt.html
Deutsche Bank shorts €2bn eurozone sovereign debt
Germany’s largest bank has revealed it is currently shorting Spanish and Portuguese government bonds, despite the country’s ban on holding short positions in the debt of other European governments.
By Harry Wilson, Financial Services Correspondent
Published: 11:46AM BST 10 Jun 2010
Deutsche Bank said today that it has a net £900m short position on Spanish government debt and a £660m short on the Portuguese sovereign, as the German government attempts to ban all short sales in European sovereign debt.
The position will be doubly embarrassing for the German government, as Deutsche Bank's own shares are currently the subject of a short trading ban imposed by the country’s authorities at the same time as sovereign ban.
Details of Deutsche Bank’s shorting came in a presentation given in at the Goldman Sachs European financials conference in Madrid today by the company’s chief risk officer Dr Hugo Banzinger.
Dr Banziger described the bank’s overall exposure to Southern European government debt as “relatively small, except Italy”. Deutsche Bank’s net sovereign exposure to Italy is £2.6bn, based on a gross position of about £23bn.
Germany’s unilateral ban last month on the short selling of euro-denominated government bonds, credit default swaps based on those bonds, and shares in the country’s 10 leading financial institutions initially surprised other Eurozone governments, but has since gained support.
1 comment:
because it stops wallstreet from ruining the euro.
Post a Comment