Deutsche Bank will be in the news again Thursday afternoon as the results of the second part of the Federal Reserve stress tests are released.
Last week the German uber bank did fairly well in demonstrating it had sufficient capital to absorb losses if a deep recession occurred.
This week’s results probe whether the banks’ operations and planning are up to the task of dealing with a deep recession.
Should Deutsche fail the so-called qualitative part of the stress tests, then the Fed can limit how much cash the US operations can ship back to the fatherland. This could put Deutsche in a liquidity bind back home as the German economy is slowing down.
Deutsche’s new CEO Christian Sewing — who I have pointed out previously whitewashed an internal probe at the bank looking into a spate of executive suicides, which coincided with the Libor investigation — is at best ill-equipped to handle the problems plaguing the bank’s US operations.
We’ll see at 4:30 today.
A humanitarian allegedly helping child victims of sexual violence has been arrested for distributing child pornography, by federal prosecutors in New York.
“Joel Davis started an organization devoted to stopping sexual violence, while allegedly engaged in the duplicitous behavior of sharing explicit images of infants engaged in sexual activity. Davis also allegedly solicited an undercover officer – whom he thought to be a willing participant – to send sexually explicit videos of his nine-year-old daughter, and even to set up a sexual encounter between himself and a two-year-old. The conduct alleged against Joel Davis is as unfathomable as it is sickening, and as this case demonstrates, law enforcement will keep its watchful eye on the darkest corners of the internet to bring predators to justice.”
“During the course of these conversations, DAVIS told the undercover officers that he was sexually interested in children of all ages. DAVIS sent the undercover officers sexually explicit photographs of infants and toddlers, including photographs in which the infants and toddlers were engaged in sexual activity with adults,”
According to the US Attorney’s Office for the Southern District of New York, U.S. Attorney Geoffrey S. Berman
These depraved acts had federal law enforcement and prosecutors “sickened” by the hypocrisy of the organization.
‘Having started an organization that pushed for the end of sexual violence, Davis displayed the highest degree of hypocrisy by his alleged attempts to sexually exploit multiple minors,’ FBI Assistant Director-in-Charge William F. Sweeney Jr. said.
‘As if this wasn’t repulsive enough, Davis allegedly possessed and distributed utterly explicit images of innocent infants and toddlers being sexually abused by adults.’
Images have also surfaced of the 22-year-old Davis working on the 2016 Hillary Clinton presidential campaign.
One more pervert down, millions still to go.