Bargain Basement Time!

Looking for a stock steal? Try the Deutsche Bank. Those stealing bankers are a steal of a deal!

Deutsche Bank

The Federal Reserve has designated Deutsche Bank AG’s sprawling U.S. business as being in a “troubled condition,” a rare censure for a major financial institution that has contributed to constraints on its operations, according to people familiar with the matter.

The Fed’s downgrade, which took place about a year ago, is secret and hadn’t previously been made public. The “troubled condition” status—one of the lowest designations employed by the Fed—has influenced the bank’s moves to reduce risk-taking in areas including trading and lending to customers…

The shares closed down 7.2% in Frankfurt, at €9.16, their lowest close on the Xetra exchange, according to data going back to 1991.

Bei der Deutschen Bank reißen die Negativ-Meldungen nicht ab: Am Donnerstag war die Aktie mit 9,157 Euro und damit dem niedrigsten Schlussstand seit Anfang der Achtzigerjahre aus dem Handel gegangen.

Trump To Follow Germany’s Lead

After Germany introduced a ban on German vehicles in the city of Hamburg today, President Donald Trump has announced plans to do the same in US-Amerika, as well. Sort of.

Trump

A report that U.S. President Donald Trump has threatened to pursue German carmakers until there are no Mercedes-Benz rolling down New York’s Fifth Avenue dented shares in the luxury car manufacturers on Thursday.

An excerpt from German magazine Wirtschaftswoche’s article, which cited several unnamed European and U.S. diplomats but did not include any direct quotes, could not be independently verified, while a United States Embassy spokesman in Berlin referred questions to Washington.

The news and current affairs magazine said Trump had told French President Emmanuel Macron in April that he aimed to push German carmakers out of the United States altogether. Macron’s administration in Paris declined to comment on the report.

Eine harte Antwort wäre für die deutsche Wirtschaft riskant: US-Präsident Trump hat neben den Metall-Zöllen auch Zölle auf ausländische Autos ins Spiel gebracht.

Poland Gets It

The U.S. doesn’t stand to lose anything by accepting Poland’s generous proposal and gradually relocating troops there from Germany. A move of this kind would be consistent with stated U.S. goals, such as deterring Russia. It would also allow the U.S. to support an ally eager for closer military ties.

Poland

It might also force Germany to give more thought to its position. Would it feel unprotected with a smaller U.S. presence? Would it, perhaps, be motivated to enhance its own defense? Or would it still be secure in its apparent conviction that no one is interested in attacking it?

The U.S. should offer protection to the countries that want it most, and reduce its involvement with nations that benefited in the mid-20th century. The American military presence should be aligned with its allies’ sense of being threatened. This anxiety gets stronger the closer a country is to Russia’s borders. Ignoring that makes little military or political sense.

What’s Wrong With The SPD?

First they roll out a foreign minister who talks tough to Russia and then they provide a finance minister who has trouble spending other people’s money.

Scholz

Damn. Maybe I could become a social democrat (bourgeois socialist), too.

Germany’s new Social Democrat finance minister, Olaf Scholz, is frustrating both key ally France and his own struggling center-left party by adopting the same fiscal rigor as his conservative predecessor, Wolfgang Schaeuble.

During his first two months as treasury chief of Europe’s largest economy, Scholz has committed to a continued goal of no new debt and limited public spending.

“We act pragmatically and properly – and do not worship a fetish (of fiscal conservatism).”

Speaking Of Corruption…

As far as I can tell, there isn’t a German automobile company that isn’t involved in emissions manipulation. Or maybe this is just another misunderstanding/accident kind of thing again.

Daimler

Remember when Germany used to have a clean image? Me, neither. It has been a while now, hasn’t it?

Daimler faces a recall order for more than 600,000 diesel-engine vehicles including C-Class and G-Class models because of suspected emissions manipulation, German magazine Der Spiegel reported on Friday.

Auch Daimler soll bei Diesel-Pkw bei den Abgaswerten getrickst haben. Das Kraftfahrt-Bundesamt könnte einen Rückruf von über einer halben Millionen Autos anordnen.

German Of The Day: BAMF

That stands for Bundesamt für Migration und Flüchtlinge, which means the Federal Office for Migration and Refugees. It turns out they should have translated that as the Bureau for Asylum and Migrant Fraud, however.

BAMF

This is one of those tip of the iceberg stories, folks. Employees at Bremen’s BAMF have been accused of improperly granting asylum in 1,200 cases between 2013 and 2017 and now an investigation has been launched in which 18,000 additional successful asylum applications will be reviewed. In the meantime irregularities at other BAMF offices have come to light.

Internal email correspondence at the Bremen office has emerged in which an upper-level manager appears to be aware of this systemic problem but asks that an internal investigation be carried out in a “noiseless” manner.  Nor should “everything be examined down to the last detail.”

Same old same old, isn’t it? We’re from the government and we’re here to help.

Angeschrieben wegen möglicher Unregelmäßigkeiten in den Bremer Asylverfahren, habe der zuständige Abteilungsleiter des Bundesamts im Februar 2017 zwar eine Prüfung angeordnet, zugleich aber verfügt, dass diese „geräuschlos“ geschehen solle. Er wolle nicht, heiße es in seiner E-Mail, „dass alles bis ins Detail geprüft wird.”

This Is Chump Change

With the emphasis on chump. What’s a mere 78 billion euros of migration-related spending through 2022 for Germany? Especially when everybody here knows that the amount will probably be three to five times higher?

Migration

It’s not like Germany needs this money to improve its rotten education system and schools, fix its backward digital infrastructure or spend more on defense, to name just a very few. No, German “leadership” knows where to set its priorities: To throw money helplessly at a crisis that she, I mean they, created.

Germany expects to spend around 78 billion euros on migration-related issues through 2022, including 31 billion euros to combat the root causes driving people to leave their homes and head to Europe, Der Spiegel magazine reported on Saturday…

German is working to integrate over a million migrants who entered the country in 2015 and 2016 after a key decision by German Chancellor Angela Merkel that has hit her popularity.

PS: German of the day: “Frau am Steuer, das wird teuer.” There’s a woman behind the wheel, that’s going to cost you (only it rhymes).

German Women Clearly Upset

Or at least that one down here is.

Women

There is simply not enough female leadership in Germany, they say. Boy oh boy can you ever say that again. I couln’t agree more.

Oh. They mean in cooperations. Yeah, I guess they could show a little more leadership there, too.

The biggest corporations in Germany lag behind their blue-chip counterparts in France, Poland, Sweden, the US and the UK when it comes to the amount of women they have in key leadership positions, according to a new report.

The study by the German-Swedish Allbright Foundation, a charitable organization which campaigns for higher female representation in business and economic leadership positions, finds that of the six countries examined, no country has a more male-dominated corporate culture than Germany.

The Iran Deal Is Not Dead

It just smells funny. At least that’s what Germany seems to think.

Iran

You see, spokesmen for German industry plan to call up Donald Trump and explain to him that the “US Iran call is illegal.” Then, once they’ve straightened that up with him, everything ought to be hunky dory, right? And they can go back to getting moola from the mullahs again.

They better hurry up, though. America’s new ambassador to Germany has only been in office for twenty-four hours and already has a really bad case of ITF (Itchy Twitter Finger).

For the past year, German officials have been urging their U.S. counterparts to send a new ambassador to Berlin. But after finally receiving one, many may be having second thoughts.

Within hours of assuming his new post on Tuesday, Richard Grenell triggered harsh criticism in this Trump-weary country after appearing to threaten one of the American president’s frequent targets: German businesses.

“German companies doing business in Iran should wind down operations immediately.”

Turkey

Beautiful German weapon sale of the week.

Turkey

Because somebody has to admire them.

Einen Auftrag zur Aufrüstung von Panzern für die Türkei hatte die Bundesregierung vor einigen Wochen noch gestoppt. Jetzt aber erhält das Land sechs neue Jagd-U-Boote – geliefert von ThyssenKrupp.

PS: Funny how these expensive exports always meet the client’s expectations but the weapons systems used in Germany never seem to work. Hard to believe, actually. It’s almost as if it were intentional. Nah.