Deutsche Bank’s Banziger Says Crisis ‘Far From Over’
By Aaron Kirchfeld
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Forget the rally for a moment and check the fundamental data of the banks. Look at the last sentence below of somebody who has no interest to paint a gloomy picture. Huge numbers, less than half of the waste is covered and covered does not mean paid off or cleaned up yet. Taxpayer and inflation will pay in the future. There is still a lot more toxic waste floating around in the banks. Only half of the holes in the bucket are sealed but water is still flowing out. And governments find it more and more painful to come up with the money and fill all the other holes. Being bearish for the next couple of weeks does not look stupid based on such fundamental data.
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March 30 (Bloomberg) -- Deutsche Bank AG Chief Risk Officer Hugo Banziger said the global credit crisis is “far from over” and global financial regulations must be overhauled to regain investor trust.
“We are in the middle of it,” Banziger, 53, said today at an event at the Frankfurt School of Finance and Management. The industry has “an opportunity” to build a stable financial system that seeks higher capital buffers, and encourage investors to return money to the market and help stem the crisis, he said.
Deutsche Bank in February reported its first annual deficit in more than 50 years after the worst financial crisis since the Great Depression pummeled bond and stock trading. The crisis has caused $1.3 trillion in losses for financial companies worldwide, a total that may climb to more than $3 trillion, Banziger said today, citing forecasts.
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