Deutsche's $7.2B DOJ deal

First, I would like to wish my readers a Merry Christmas and Happy Holidays.

So Friday morning news came out that Deutsche Bank has agreed to pay the Department of Justice $7.2 billion for writing and selling bogus mortgage securities. The fine is almost half of the $14 billion the DOJ requested in September of this year.

The leaked announcement, which has not been confirmed by Justice, had the German bank’s stock soaring in Europe and US premarket.

Also part of the leak is that Credit Suisse also settled with Justice for $5.3 billion for the same actions.

As I wrote yesterday, bitcoin’s moment is continuing as the crypto-currency has moved over $900 for the first time since 2013.

The main push is the weakening Chinese yuan vs the US dollar. Inflows from China into bitcoin have soared over the last six weeks taking the digital currency from $685 on Election Day.

The 24% rise over that time beats rise in stocks by half and should be taken as a caution for what may come this way in 2017.