On Friday stocks soared on rumors that the US Department of Justice would reduce its $14 billion fine on Deutsche Bank.
Turns out the rumor was a fabrication. As the Wall Street Journal noted over the weekend, NO senior decision making people at either the DoJ or DB have even seen a potential deal yet.
No Deal Between Deutsche Bank, DOJ Presented to Senior Decision-Makers
Deutsche Bank AG’s talks with the U.S. Justice Department to settle a high-profile set of mortgage-securities cases are continuing, with no deal yet presented to senior decision makers for approval on either side, according to people familiar with the matter.
I noted that this was probably just a scam on Friday. Two weeks before, phony twitter accounts presenting themselves as news agencies were trying to promote a story that DB was about to get a bailout.
Someone was actively trying to prop up DB by spreading rumors.
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The fact is that DB is just one of MANY huge problems for the EU.
EU financials as a whole took out their “the EU is saved” trendline back in 2014.
They’ve since taken out critical support and are fast approaching 2012 CRISIS levels.
Again, DB is just the tip of the iceberg. Throughout Europe banks are imploding in Spain, Italy and elsewhere.
This is going to create a REAL mess for the markets. The EU’s banking system is THREE times the size of the US’s. And unlike the US where the banks have recapitalized, EU banks continue to sport leverage ratios of 26 to 1, 30 to 1 and even higher.
SOMETHING BIG is coming to the markets. This all feels a LOT like 2008.
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