Tuesday 9 June 2015

Two crooks got sacked

Sacked but not behind bars

Yesterday the celebration on the stock market was massive due to the news that the two crooks in Deutsche Bank have finally been sacked! This is indeed great news even though it would have been better to also place them behind bars. If the news correspond to a direct increase in share price of over 6% that I hold for unreasonable but the fact remains they are gone and this is indeed a cause for celebration.

Mr. Jain that previously lead the entire investment banking that have now forced to pay out billions and billions in Euros due to the crimes they have committed and Mr. Fitschen that are currently personally accused of conducting perjure (lying to the court) in the case when Deutsche Bank plundered the Kirsch-family media empire (they had to pay back almost 1 billion to the family). These were the guys assigned to change the culture in Deutsche Bank...

The new man to lead the DB will be John Cryan. I know very little of him but he also comes from investment banking so he comes from a tradition that has nothing to do with classical banking, which is a business concept good enough to make good money in, and I guess that he will keep pushing investment banking... good, bad? I do not know but I simply have a negative feeling toward investment banking with how the salaries and bonus systems are running there. A new way would need to be found for me to start to appreciate it.

Now we come to a secondary matter. What happened to the people that placed Mr. Fitschen and Mr. Jain as CEOs for Deutsche Bank? Can we please have them also sacked right now, at once? Everyone must take their responsibility and that also goes for the board that assigns the CEOs so please guys... Leave!

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