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Dark Towers: Deutsche Bank, Donald Trump,…
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Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction (edició 2021)

de David Enrich (Autor)

MembresRessenyesPopularitatValoració mitjanaMencions
15112139,617 (3.93)2
"A searing exposé by an award-winning journalist of the most scandalous bank in the world, including its shadowy ties to Donald Trump's business empire"--
Títol:Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction
Autors:David Enrich (Autor)
Informació:Custom House (2021), Edition: Reprint, 432 pages
Col·leccions:La teva biblioteca
Etiquetes:No n'hi ha cap

Detalls de l'obra

Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction de David Enrich

  1. 00
    Moneyland: Why Thieves And Crooks Now Rule The World And How To Take It Back de Oliver Bullough (M_Clark)
    M_Clark: Moneyland puts the story of Deutsche Bank into a broader context.
No n'hi ha cap
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» Mira també 2 mencions

Es mostren 1-5 de 12 (següent | mostra-les totes)
Probably like a 3.5. Some swings and misses, but overall a fast, enlightening and infuriating read ( )
  JeremyBrashaw | May 30, 2021 |
A rambling hatchet piece on the big bad bank Deutsche and its nefarious deeds and criminal minds that masquerade as our banking system. And actually there probably is a lot of truth here. Deutsche might be the poster boy for bad bank behavior but let's face many banks do the same things. And the thing is they get away with it usually. Or at least no one goes to prison.

So the book is a never ending compilation of the misdeeds and mayhem that was instrumental in several deaths amongst the bank officials. Not to mention the billions taken down in bad play derivatives they concocted and pedaled to the unsuspecting.

Then of course there is the Trump tie in. So they go hand in hand supposedly the corrupt leading the corrupt, except it appears Trump got the better of it; so far at least. It will be interesting if the Southern District of New York hands down indictments in the near future, stay tuned. ( )
  knightlight777 | Apr 19, 2021 |
Interesting read covering all things Deutsche Bank from its inception to approximately 2019. The chapters were short and punchy, and overall it was far more readable than I expected. It can be pretty depressing, though--the bank has always been rife with criminality, and it undoubtedly still is. ( )
  whatsmacksaid | Jan 25, 2021 |
This is the book Trump should have tried to ban. Forget Bolton et al. It reveals the incestuous relationship between a bank, Russia, money laundering, and its most famous client. The bank that Donald Trump came to rely on to subsidize his shrinking empire after banks in the US refused to loan him money, having been stiffed by him too often. He had a habit of just not repaying the loans.(A running joke is that Donald had written many books on making deals and business, but they all ended with Chapter 11.)

The bank itself, after having been taken over by US traders, was getting into trouble by emphasizing short-term profits through ever-increasing levels of risk. Traders were paid by the estimated return on a bet, usually using derivatives which formerly had been better used to lower risk. They would often over-estimate the return knowing that their compensation would not be adjusted downward if the bet failed to return their estimate. Many were earning millions every year in bonuses.

Steve Bannon, quoted in Fire and Fury, noted that the Trump family was all about cash. Eric Trump had been quoted as saying they could get all the money they needed from Russia, and Bannon (who himself has been charged with stealing money from Wall donors) saw the insatiable appetite for money that the Trump family had. Bannon"s story was interesting in itself. He had been a trader at Goldman Sachs, but his father had suffered financial collapse in 2008 and that turned Bannon into a flaming revenge artist vowing to get the eastern bankers, i.e. a standard economic populist. He allied himself with Trump's populist rhetoric.

It gets even messier as Enrich lays out the connections between Justin Kennedy to the Trump family. In case anyone has forgotten, Brett Kavanaugh clerked for Anthony Kennedy, Justin's father, who interceded with Trump on Kavanaugh’s behalf. The banks affairs became so entangled that there were several suicides of bank officers and lawyers who despaired of unethical and illegal machinations. Greed and money laundering would appear to be at the heart of much modern finance and Trump was right in the middle.

The all consuming emphasis on profit meant that traders would go anywhere, to any country, that needed hard currency. Since most of the world's trades were conducted in US dollars, much of those transactions occurred through New York. And since Deutsche was trading with rogue countries under US sanction, like Iran, Syria, and Russia, interest was aroused in intelligence and legal quarters. When it became apparent that US soldiers were being killed in Iraq by weapons used by terrorists being supported by Iran, the families of the dead soldiers filed suit against Deutsche. Following the fall of the Soviet Union, money laundering became endemic and an audit revealed that Russian mafia money was pouring into the US through Deutsche's Eastern Europe connections, most of it being washed in New York's lucrative luxury real estate market. Guess who was a big player in that market?

After the crash of 2008, caused in large part by the risky bets using unusual financial instruments of big banks, especially Deutsche, country leaders looked to those bank leaders for advice. In Germany, Merkle went to Ackerman, head of Deutsche whose advice profited no one more than Deutsche itself.

Without going into too much detail and having no desire to spoil a great story, thousands of emails from a Deutsche banker who had committed suicide fell into the hands of reporters. They revealed that the loans Trump had personally guaranteed (meaning the bank could go after his personal wealth should he default on the huge number of loans he had with them) had been layered off to a Russian bank, meaning that the loans were actually coming from the Russians. (Remember that Eric Trump had bragged his family could get all the money they wanted from the Russians.) So you had a situation where a new American president owed millions of dollars to a Russian bank that was controlled by the KGB.

A fascinating, if disturbing, read. Stay tuned, the story continues. ( )
  ecw0647 | Sep 9, 2020 |
Outstanding book by David Enrich the Finance Editor of The New York Times. He describes the long history of corruption by the German Deutsche Bank headquartered in Frankfort, Germany. American bankers were hired to work in Germany. The German bank set up opertations in the United States and other countries all over the world. When Donald Trump could no longer borrow money from other banks Deutsche Bank continued to loan him millions of dollars on terms very favorable to Trump. The Kushner family also borrowed money for their over-priced purchase of the 666 building in New York City from this bank. Justin Kennedy, son of Supreme Court Justice Kennedy worked for the bank and had personal and business relationships with the Trump family. I read an Audiobook version from the library and at times followed along in the hardback version. ( )
  MrDickie | Sep 2, 2020 |
Es mostren 1-5 de 12 (següent | mostra-les totes)
What is inarguable, by Enrich’s account, is that Deutsche suffered through a clash of corporate cultures by which one side strived to comply with such things as financial stress tests while worrying that a newly elected Trump would default, leaving it “the ugly choice between seizing the president’s personal assets or not enforcing the loan terms,” even as the other continued corrupt practices for nearly two decades.

Following the money becomes easier in this thoroughly researched, if dispiriting, work of investigative journalism.
afegit per 2wonderY | editaKirkus Reviews (Dec 22, 2019)
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