quinta-feira, fevereiro 04, 2016

O próximo terramoto financeiro

Portugal não é seguramente a maior dor de cabeça da Alemanha!

O mundo financeiro global caminha para um reset, voluntário ou involuntário. Em ambos os casos catastrófico. Por algum motivo o FED desistiu do tightening, e o BCE decidiu aumentar a diarreia moneária, a que chama alívio quantitativo, em janeiro último, além da aplicação de taxas de juro negativas (Bloomberg).

O problema de fundo é este: assumiram-se e contrataram-se responsabilidades futuras para as quais não haverá dinheiro, na medida em que este depende de uma riqueza ainda por criar, que não será criada na dimensão estimada e inscrita na tinta invisível dos contratos de futuros, de que as promessas de pensões e as rentabilidades de astronómicos fundos de investimento, boa parte dos quais especulativos, são a maior dor de cabeça que poderemos imaginar.

"These Are Extremely Poor Results": Deutsche Bank Reports Titanic $7 Billion Annual Loss
Zero Hedge. Submitted by Tyler Durden on 01/21/2016 14:35 -0400

When it comes to picking a poster child for everything that’s wrong with Wall Street and the financial industry in general, it’s sometimes difficult to decide just who gets the blue ribbon for “most nefarious.”

Indeed, since 2008 we’ve learned that virtually every systemically important financial institution on the face of the planet has at one time or another engaged in some manner of chicanery be it the manipulation of the world’s most important benchmark rates, the peddling of worthless mortgage bonds, or the rigging of FX markets.

Having said all of that, Deutsche Bank may well qualify as the institution that “best” exemplifies the banking industry’s penchant for greed, corruption, and general malfeasance.

From rate rigging to book cooking to deplorable HR procedures, the German lender has it all and last summer, the bank showed co-CEOs Anshu Jain and Jürgen Fitschen the door amid shareholder pressure to reform the corporate culture and improve performance.

To be sure, new CEO John Cryan has his hands full.

The bank is saddled with mountainous legacy litigation and faces an uphill battle to streamline operations. Back in October, Cryan announced that Deutsche would cut 35,000 positions and exit 10 countries as part of a sweeping overhaul.

Oh, and Cryan also preannounced a massive loss and subsequently scrapped the dividend.

On Thursday, we got the latest bad news out of Deutsche as Cryan reported what he called “sobering” results for 2015. In short, the bank is staring down a net loss of €6.7 billion for the year, the first annual loss since 2008. The shares plunged.


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