Opinion: Witnessing Deutsche Bank’s tailspin

No matter how dodgy the deal, profits are everything. That was clearly the motto at Deutsche Bank and attempts to justify the wrongdoing uncovered by the FinCEN scandal seems pointless, writes DW’s Henrik Böhme.

a large tall tower with a cloudy sky: Provided by Deutsche Welle

© picture alliance/dpa/A. Dedert
Provided by Deutsche Welle

“Everything starts with trust.” That’s how Deutsche Bank wooed clients in the mid-1990s. This slogan, however, has long been history, as the bank completely gambled away the confidence of its customers in the years that followed. The moneylender wanted to play in the financial premier league, so principles were thrown overboard, presumably because it was the only way to increase the bottom line. Returns were everything because the Deutsche bankers’ profit machine had to be lubricated, by all means necessary.


Load Error

From interest rate manipulation and money laundering to poorly secured mortgages and business relationships with questionable customers — such as the convicted sex offender Jeffrey Epstein

Read More

CSPAN Caller Breaks Down Sharing Heart-Wrenching Story

A 57-year-old woman from Hardeeville, South Carolina down during a Friday call to CSPAN’s Washington Journal in which she described facing homelessness after losing her job as a nurse in the coronavirus pandemic.

“Due to Covid-19, I couldn’t work, because I have underlying diseases. I have Sarcoidosis, I have Sickle Cell, and at that time, my sugar diabetes was a 10,” said the woman, who went by “Thea.” “And my doctor thought — and my insurance — thought it was time for me to leave that job for a little while.”

The woman explained that she had been a health-care worker for 33 years. “I’ve tried unemployment, tried to file for unemployment — at this point, I don’t even have insurance to take care of myself. I lived in my house for 25 years, and I don’t even have the money to take care of myself,” she said, before breaking

Read More

Volvo, HDFC Bank announce up to 100% finance on ex-showroom price, extended warranty & more

a car parked in a parking lot

© Provided by The Financial Express

Volvo Car India today introduced Volvo Car Financial Services in collaboration with HDFC Bank to make the acquisition of Volvo cars easier for its customers through flexible finance options. Under this collaboration, Volvo now offers finance of up to 100 percent of the ex-showroom price of the car which offering convenient repayment options, with no foreclosure charges under specific conditions. Loans can be availed for up to seven years.

There is also an option to finance insurance, extended warranty, service package and accessories. Volvo Car Financial Services allows a faster loan approval and a uniform processing fee.

Volvo Car Financial Services is an extension of the company’s people-centric approach that allows customers the ease of owning its cars. Volvo is confident that this partnership would certainly instill customer confidence in the brand even more, Volvo Car India Managing Director, Charles Frump said.

HDFC aims

Read More

Business and personal bankruptcy filings in the US slowed in August

The pace of business bankruptcy filings in the U.S. slowed significantly in August from previous months, though chapter 11 filings were up from last year as the coronavirus pandemic continued to roil the economy.

A total of 525 businesses filed for chapter 11 protection from creditors in August, down 18% from 642 businesses in July but up 17% from August 2019, according to legal-services firm Epiq Systems Inc.


The numbers reflect continued distress in retail, energy, entertainment, and travel and leisure, Epiq said, based on data from its Aacer business unit.

In the first eight months of this year, chapter 11 filings rose 28% to about 4,800.

“Large corporations are benefiting from robust capital market activity which is providing access to capital at an attractive cost,” said Deirdre

Read More