Posted on 12/15/2008 8:56:28 PM PST by TigerLikesRooster
Deutsche Bank likely to reveal losses of $1 billion
Fri, Dec 12, 2008
Deutsche Bank AG, shaken last quarter by a $1.68 billion loss trading or the firm’ account, is reeling again, this time from about $1 billion of bad bets in a unit led by credit-trader Boaz Weinstein in New York, people familiar with the matter said.
The magnitude of the group’s loss, and its impact on the firm’s fourth-quarter results, remain uncertain as the value of some stakes gyrate with the markets and the Frankfurt-based bank seeks to unwind positions, according to the people, who declined to be identified because the circumstances haven’t been disclosed.
As of mid-December, some executives gauge the loss to be in the $1 billion range, the people said, noting that the figure may be smaller by the end of the quarter, and cushioned by gains in other units.
Deutsche Bank, Europe’s biggest investment bank, posted a profit of €435 million ($579 million) last quarter after suffering losses of €1.26 billion on proprietary credit and equity trades.
(Excerpt) Read more at irishtimes.com ...
Ping!
With so many hedge funds getting hit, one wonders how much cash Soros has kissed goodbye.
Not enough.
There is a part of me that wants to see Soros washing car windows.
Sub-prime debt to poor people, collateralized debt obligations backed by poor people, Chrysler Motors, etc.
You, Madoff, are a genius!
Nowhere near as cool as Leeson.
Is that connected to that dude with hedge fund
I’d be happy to see him manage to eek out a half tank of gas metal detecting tot lots on Sunday mornings...
Money you work for doesn’t usually end up pushing democrap...
i bought a copy of ft today
and wolfgang munchau on p 11 uses the word
“depression”
to describe germany’s economy next fall.
Besides Soros, there’s another fellow that shows up as a talking head on TV.... Jim or Jimmy ____ .
What the heck is his name? Always seems to be a liberal apologist.
The worse the global economy gets more of these rouge traders will attempt to to grab all that they can, prior to being issued pink slips themselves.
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