Courtesy of Larry Doyle.
I am hard pressed to do more than chuckle at the recently released report by the New York Federal Reserve concerning the regulatory failures at Deutsche Bank. Why so amused?
Well, the Financial Times informs us the regulators at the NY Fed are so ‘steamed’ now due to “Deutsche’s perceived failure to act on similar problems raised by regulators since 2002.” Yes, that is not a misprint. 2002. What does that tell us?
I mean not unlike a bunch of frat boys having their way with an administration that is little more than comical and totally ineffective in maintaining order on campus, is it any real surprise that the crowd at the “Deutsche Haus” has little meaningful oversight of its own operations when its chief regulators at the New York Fed are either asleep and/or complicit in facilitating the party and mayhem?
In all seriousness, I view this current indictment of Deutsche Bank to be even more an indictment of the New York Fed specifically and the regulatory system at large.
But let’s keep it a little light and add a little bit of humor to the mix. To seriously critique DB now in 2014 when they have not been held to proper account for ‘taking liberties’ since 2002 if not before evokes comparisons with this 3-minute all-time classic scene:
Please check out a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
