Deutsche Bank has long been a criminal franchise. But it is also emblematic of a financial sector that has generally run amuck, globally. Allowing our financial infrastructure to be ruled and directed by lawless greed has undermined stability and our sustainability worldwide. We must not repeat the mistake of 2008, and miss the opportunity in the present financial crisis to affect the necessary reforms and prosecutions needed. A better future requires us to admit, repent and reform in order to recover. The discussion in this clip is a good summary.
Part of every financial scandal, bubble, and crash is the presence of misaligned incentive structures. The precarious position of the banking system has many investors and firms scrambling for safety – even some of the largest financial institutions in the world like Deutsche Bank. David Enrich, business investigation editor for the New York Times, joins Real Vision’s Ed Harrison to discuss his new book, “Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction.” He traces the growth and evolution of the German bank from its founding to today. Enrich outlines the system of misaligned incentives bank executives created, examines Deutsche’s relationship with President Donald Trump, and details the unreasonable risks the bank has taken on since the 2008 financial crisis. Here is a direct video link.
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