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Loading... Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destructionby David Enrich
  
Corruption (8) No current Talk conversations about this book.   ) wolfe.myles | Feb 28, 2023 |  As I was reading of the corruption, bad judgements, poor management and greed at the Bank, I wondered how it has survived. Their technology and banking systems were described as antiquated. Employees were using Lotus Notes and Excel spreadsheets to track data. Sounds like one could not trust the accuracy of the financial reports of the corporation. So many suicides, divorces, drugs and aberrant behavior by executives of the bank! The author has detailed the “behind the scenes” behaviors at the bank. If you are a shareholder of the bank, this book is a horror story. Very well written. Entertaining. (  ) writemoves | Oct 26, 2021 | It's briskly written and doesn't get caught up in technical details of derivatives, credit-default swaps, and the Libor. Instead, Enrich structures the book around personalities: Broeksmit; his Merrill Lynch colleague and friend Edson Mitchell, who helped build the trading section of DB; Anshu Jain, a colleague and later DB's chair; Josef Ackermann, who became the leading figure (then CEO) at DB and pushed the bank into increasingly risky practices. His demand for short term profit above all else drove traders into creative strategies to hide debt. Trump's story, meanwhile, is partly largely known: he managed to get Deutsche Bank to loan him money when no one else would, even after he defaulted on loans with them. And in return, when he was elected, investigations into their behavior went away. There's also a hint that the Trump/Kushner connections with the Kennedy family (Justice Kennedy's son Justin worked for Deutsche Bank) may have played a part in the justice's decision to retire, though this is not explicitly stated. This book will not give you confidence in bank governance, our own watchdogs, or the finance industry. ( ) arosoff | Jul 11, 2021 |  ) JeremyBrashaw | May 30, 2021 | 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 |
 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.
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HTML: #1 WALL STREET JOURNAL BESTSELLER * NEW YORK TIMES BESTSELLER New York Times finance editor David Enrich's explosive exposé of the most scandalous bank in the world, revealing its shadowy ties to Donald Trump, Putin's Russia, and Nazi Germany "A jaw-dropping financial thriller" ??Philadelphia Inquirer On a rainy Sunday in 2014, a senior executive at Deutsche Bank was found hanging in his London apartment. Bill Broeksmit had helped build the 150-year-old financial institution into a global colossus, and his sudden death was a mystery, made more so by the bank's efforts to deter investigation. Broeksmit, it turned out, was a man who knew too much. In Dark Towers, award-winning journalist David Enrich reveals the truth about Deutsche Bank and its epic path of devastation. Tracing the bank's history back to its propping up of a default-prone American developer in the 1880s, helping the Nazis build Auschwitz, and wooing Eastern Bloc authoritarians, he shows how in the 1990s, via a succession of hard-charging executives, Deutsche made a fateful decision to pursue Wall Street riches, often at the expense of ethics and the law. Soon, the bank was manipulating markets, violating international sanctions to aid terrorist regimes, scamming investors, defrauding regulators, and laundering money for Russian oligarchs. Ever desperate for an American foothold, Deutsche also started doing business with a self-promoting real estate magnate nearly every other bank in the world deemed too dangerous to touch: Donald Trump. Over the next twenty years, Deutsche executives loaned billions to Trump, the Kushner family, and an array of scandal-tarred clients, including convicted sex offender Jeffrey Epstein. Dark Towers is the never-before-told saga of how Deutsche Bank became the global face of financial recklessness and criminality??the corporate equivalent of a weapon of mass destruction. It is also the story of a man who was consumed by fear of what he'd seen at the bank??and his son's obsessive search for the secrets he No library descriptions found. |
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