tyb and lets take care of those evil trips
Deutsche Bank Reviews Capital Raising as Option for Overhaul
*Lender is concerned that fundraising would trigger backlash
*Company aims to slash the capital allocated to trading unit
a little late for this……but please go ahead and try to get moar operating capital- you won't.
Deutsche Bank AG is considering options including a capital increase as part of a wider overhaul it plans to unveil in the next two months, people with knowledge of the matter said.
Tapping investors for fresh cash is the least favored option because management is aware that it could trigger a backlash in light of Deutsche Bank’s low stock price, said the people, who asked not to be identified in discussing ongoing deliberations. Still, the bank hasn’t taken the option off the table as it may be needed to fund substantial cuts to the investment bank.
The restructuring plans being explored aim to significantly cut the trading business, resulting in tens of billions of euros in risk-weighted assets being removed from the division’s balance sheet and placed in a separate unit to be wound down, the people said. The move could require the bank to come up with capital to fund the new non-core unit, they said.
Chief Executive Christian Sewing has signaled deeper cuts as Germany’s largest lender struggles to make a profit, deeply frustrating shareholders who have seen the stock fall to a record low. The investment banking division, run by Garth Ritchie, has long been one of the biggest headaches for Sewing, whose previous attempts to lift profitability at the unit have largely foundered.
A spokesman for Deutsche Bank declined to comment.
it's ded jim….ded.
Deutsche Bank pared gains on the news, trading 0.8% higher at 1:54 p.m. in Frankfurt after rising as much as 2.3% earlier. The stock hit a record low last week.
The lender has raised almost 30 billion euros ($34 billion) in four capital increases over the past decade.
The last time it tapped shareholders was in 2017, when it got 8 billion euros under then-CEO John Cryan.
Sewing said last week he won’t shy away from “tough cuts” to the investment bank, without specifying where they would occur. He singled out areas that are performing well and therefore are likely to be exempted, such as origination and advisory as well as foreign exchange, global credit trading and U.S. commercial real estate. He didn’t mention the equities business and interest rates trading, suggesting cuts there are probable.
The bank has been working on a Plan B for some time to present to investors after the collapse of merger talks with Commerzbank AG. Sewing has considered options including accelerated cost cuts as well as a more comprehensive strategic revamp that would result in upfront restructuring costs, Bloomberg reported in April.
Deutsche Bank’s investment banking division had 228 billion euros of risk-weighted assets on its books at the end of the first quarter, or roughly two thirds of the lender’s total.
in one place-how's that working for ya?
The Wall Street Journal previously reported on Deutsche Bank’s plan to set up a non-core unit.
this is the 'good bank/bad bank' scenario-that won't work either.
The bank last created a non-core unit in 2012 under then-CEO Anshu Jain with 125 billion euros of risk-weighted assets. It took the bank about four years to wind it down, creating more than 11 billion euros in pretax losses for the unit over that period.
https://www.bloomberg.com//news/articles/2019-05-27/deutsche-bank-reviews-capital-raising-as-option-to-fund-overhaul?srnd=markets-vp
chek't
>The deal made Shuanghui, now the WH Group Limited, into one of the biggest foreign owners of U.S. agricultural land.
Tokyo police announce fresh drone arrests amid push for further legislation
TOKYO – The Metropolitan Police Department (MPD) announced one arrest and several referrals to prosecutors on May 27 over illegal drone flights in restricted areas, as the number of such cases is rising over recent years.
Takashi Kaga, 52, a resident of Tokyo's Edogawa Ward who claims to be a demolition worker, was arrested on May 26 on suspicion of violating the Civil Aeronautics Act. Additionally, police announced that three men including a 25-year-old Polish student have been referred to prosecutors after they were caught flying a drone.
According to police, Kaga is specifically accused of flying a drone without proper permission in a park near his home at around 10 p.m. on May 9. A passerby called police after noticing Kaga performing dangerously quick descents and ascents with the gadget.
The MPD's safety division says he has admitted to the allegations, saying he thought flying in a wide open space like a park would be fine. The MPD arrested him citing fears that the suspect could destroy evidence or flee, after he failed to provide the drone in a voluntary investigation in which he also filled in a form using a false name.
In addition to the Polish university student, two company employees were referred to prosecutors in separate cases. The illegal drone flight incidents, spanning March and April 2019, took place in Ueno Park in Tokyo's Taito Ward, a park in the capital's Adachi Ward and a residential area in Hachioji, western Tokyo. In the three instances, the aircraft appeared to be flown for landscape photography.
Amid increased numbers of arrests, the MPD is strengthening security measures in anticipation of large scale events such as the October parade to celebrate Emperor Naruhito's accession and the summer 2020 Olympic and Paralympic games. According to the MPD, the number of drone-related cases exposed by law enforcers has shown a steep rise, from five in 2016, to 10 in 2017, to 13 in 2018. This year, the figure as of May 27 already came to nine.
While many of these drone cases are caused by hobbyists ignorant of which zones are restricted when launching their craft, there have also been instances carried out with malicious intent. As part of efforts to step up measures against such cases, a bill to revise the Civil Aeronautics Act is under discussion in the National Diet.
Amid an increase in security that accompanied the Imperial succession between the end of April and beginning of May, the MPD's riot police unit reported firsthand sightings of a drone-like object in Imperial Palace air-space in Tokyo on the night of May 2. Another flying object was spotted on the night of May 6, but authorities could neither confirm if it was a drone nor find its pilot.
According to the National Police Agency (NPA), cases of unpermitted drone flights in violation of the Civil Aeronautics Act have increased from 36 incidents involving 37 people in 2016, to 68 involving 77 people in 2017, rising further to 82 cases involving 84 people in 2018. Additionally, the Ministry of Land, Infrastructure, Transport and Tourism reported 79 cases of problems in fiscal 2018 including injuries caused by drones falling on people at places such as event venues, representing an annual rise.
In April 2015, a drone carrying sand with traces of radiation was flown onto the roof of the prime minister's office in Tokyo.
The incident catalyzed amendments to the Civil Aeronautics Act in December 2015, which ruled spaces including densely populated areas were now controlled airspace, with permissions required to fly drones in them.
https://mainichi.jp/english/articles/20190527/p2a/00m/0na/023000c
Jack Valenti was present at the JFK assassination and became a close aide to Lyndon Johnson before being made head of the Motion Picture Association of America. Valenti’s lengthy FBI file – which I will be writing on in several parts – details his White House career, investigations into both his mob ties and allegations of sexual perversion, some hints towards his CIA connections as well as some of his nearly 40 years at the MPAA. It also includes an investigation into items going missing from his luggage in an LA airport and a rumour that he arranged for a young woman to have an abortion of LBJ’s lovechild.
Jack Valenti’s FBI File and the JFK Assassination
Valenti served in the US Army Air Force in WW2 before going to university and then joining an oil company’s advertising department. In the early 50s he co-founded his own advertising company and after meeting Lyndon Johnson – then a senator – in 1956 the company branched out into political consulting too. They advised on the presidential election of Kennedy-Johnson in 1960. On November 22nd 1963 Valenti was the official White House liaison with news media and was in the motorcade when John F Kennedy was assassinated. Valenti was even pictured on the plane when Johnson was sworn in as Kennedy’s successor in the hours after the murder.
Valenti then became an aide to President Lyndon Johnson though exactly what he did for LBJ is not clear. The FBI files (courtesy of a FOIA request by The Black Vault) refer to him as a ‘consultant’ or ‘special consultant’ which could mean anything. What does seem sure is that Valenti started this job on the very day of Kennedy’s assassination and Johnson’s ascension. He recalls being part of a very select group of people around Johnson that evening. His FBI file notes that within a few weeks the White House asked the Bureau for a background check on Valenti due to his new position, noting that he had ‘been with the President since November 22’.
The background checks, which included communications with Army Intelligence, found nothing particularly derogatory despite allegations that Valenti was tied to a mobster in Houston whose name is redacted but who was the head of an oil company. The Bureau also found out that Jack’s father Joe Valenti had been jailed for two years for embezzlement in 1937 when he was Deputy Assessor and Collector of Taxes of Harris County and stole something like $175. Valenti married LBJ’s secretary Mary Wiley in 1962, cementing his relationship with the White House and with Johnson personally. The FBI noted in a 1964 memo that like Jack, Mary’s father George Wiley had also been jailed in 1937 for embezzling $40,000 from a bank where he worked.
Was Valenti a ‘Sex Pervert’?
The next round of allegations against Valenti began in 1964, with a mysterious phone call to the FBI saying that he should be investigated as a sex pervert, which the caller believed Valenti was due to newspaper reports of him swimming nude.
This sparked off a lengthy investigation into Valenti’s private life, especially the suggestion he was having a homosexual affair with a photographer who had photographed Johnson in 1962. Numerous informants and reports came in, some very suggestive but no one with direct or even reliable second hand knowledge. The Republican Party hired a former FBI agent to investigate the same rumours, which the Bureau also knew about and did nothing to interfere with.
Another man who was in the loop was Bill Moyers, who like Valenti was at that time a special aide to the President. Moyers was in contact with the Bureau not just regarding Valenti but also regarding other White House staffers. When it emerged that Moyers had written to the FBI trying to get them to investigate members of Barry Goldwater’s staff on the grounds of supposed homosexuality, Moyers alleged that the letter was a CIA forgery. Likewise when the FBI file on Valenti was first made available to the Washington Post in 2009 Moyers said that his ‘memory is unclear after so many years’. Moyers is now a member of the Council on Foreign Relations, and Valenti did speak at CFR events.
After interviewing the photographer, who denied that Valenti even knew he was gay, the FBI and thus President Johnson were satisfied there was nothing going on. The allegations came to nothing but hypocritically when Valenti left the White House to become the new head of the MPAA the FBI (presumably Hoover) wrote a letter of congratulations to him.
rest at link including caps of reports.
https://www.spyculture.com/jack-valentis-fbi-file-part-i/
newfags click