Skip to main content

tv   Driven by Greed  Deutsche Welle  May 3, 2024 11:15am-12:00pm CEST

11:15 am
off it is a joy to bank, the story of how managers driven by grieves set the german institutions up for a serious fall. and of course, there's more online to at d, w dot com. thanks so much for watching. the last name isn't the calls back. saved now. thank you so much for joining in. welcome to don't hold bad. a lot of people do that. it's all about saying it aloud. next, would it be nosy bay? like good everyone to kings. check out the award winning called called don't call back it's summer 2007. the 1st day of an iphone goes on sale of strange try cuz power,
11:16 am
long streaming strip gosh, a national football champions. the world's most powerful politicians, a missing on the baltic. isn't versioning financial crisis in the us, the and the rolling stones on to in july they stage an exclusive consis in boston, loan up the 200 torture bank investment bankers and their clients you know, it was one of the front of the stage amount. so i couldn't grab, mcduff his foot, and then he said, and the great thing is, the money we're getting for this is coming out of your bonuses. huge chairs. but at the same time, this growing session, tea on new york stock exchange, that a major financial collapse is imminent on site from feeling kind of quite void out
11:17 am
by saying the rolling stones, you know, kind of a, went to bed that night. kind of feeling that we're just about to potentially blow up. it's amazing is in taking place on the brink as an events, the exclusive stones performance reported the costs more than $4000000.00. the up on the 32nd floor towards your bank use of a come on we'll see you at the time is a to make it the world's biggest back had left him reliant on the world of investment bank. and so he turned a blonde on to salt jessica pates, was the findings in contempt. did you know about this concept of love if this was because i don't think so. i didn't tell you. well, perhaps i knew there was a concert on it, but i wasn't involved they might as well as like, play the game under a massive sign sign. this is the thought. so this was
11:18 am
a kind of emblematic of the so the slight madness of the banking industry. such opulence is now ancient history and use of i c'mon has also long since vacated his chair at georgia bank. but he has time is ceos to shapes the institution today . the in the years that followed the stones fiasco, the once reputable name of the financial institution was dragged through the month . is reputation still hasn't recovered to the stay. the, this is frances, is just strong. so in billions miss the district, the birthplace of deutsche bank. it was founded in 1870, in an honest shooting building. let's not go the, the founders did by presidente, either that the group who did this say still offer the clients security for the
11:19 am
deposit. for the may 1st 10 years. instead focused on conquering move markets and providing loans for the pre export financing market, the most of the ones aren't desmond. i would definitely say they would strongly motivation for the cold of founding a strong german, but also to make germany you cannot make the strong internationally. it wasn't just business. some of the patriotism is that also have played ross and as well. but it is most that i know what it should be in the export market collapsed. how is the with the status of world war? one in 1914, the still fledgling deutscher bank was facing growing the. i'll send you some few guy in was not the following problem, just have to be closed one off to another. the other site develop several strategies to compensate to apply. one was to grow its client base insight gym and having
11:20 am
a non canada and it was for deutsche bank to get very heavily involved in financing the war economy during world war one. finance you'll next week such as i industry the 1929. so the next existence lacrosse's black tuesday, the devastating stock losses and bull street triggered a global economic crisis. patel does mess, unemployment and social strive for those of the world. the impacts of the great depression also reach to each of banks live in headquarters. the . the doctor's chapter into a 2 bags history came and all she gets 1943. at this time the banking industry was
11:21 am
north. any finance in the war economy, but also the whole cost, the systematic motorists, jews, and other minorities, the banks, branch in costs. if it's a guaranteed loans to totes and sons, the company that may be in sooner races for the else gets crematorium. starting in 1937, hub and use of ups was both of torture bank. upset not, not that from one fish there because off tops himself set off to 1945 and that he didn't want to be counted among those who sent. they had no nothing just on the the, the end directly admitted that he'd been quite aware of the crimes being committed by the nazis for this most, colombo, the 1954. the country was getting back when it sees west germany, when the foot for world cup the gym and economic miracle had become that. so to had
11:22 am
the cold who the civic union launched sports. nick, the 1st centralized into space deutscher bank was finally reformed in 1957. this time in frank. such not talent. it'd be broken not by the allies of to the who the and in spite of his role should rush and use of arms returned. is chairman the menus of up style farmland uses apps was a convicted for criminal, but they needed deutscher bank after the war and there was store of ation. nothing to eat, no heating house of the country laying ruined fox. they needed leaders who knew how to do business, who had contact and could get things done to come and ops must have been appointed back to his post at the discretion of the allies and will do him there. i mean, you may have reasons on the how soon to be done. so i'm schools in florida.
11:23 am
the attachment 5 in switzerland, someone can so land him in use of arms, was hoping to win back towards your banks. reputation in the late 19 fifties. his future success, so was growing up in the swiss mountains. yoseph come on, was the 1st of 3 sons of rule physician. come, come on and watch margaret the he loved sports and music and whatever outcome and did he wanted to win? sec, racing included. bus him in the vehicle lake by you guys. he was going, i'm vicious about and i think his father was us in the month for the poke
11:24 am
off to his military service. a come on studies business in the city of some kind of debris considering following his father's footsteps and medicine, the tops of graduation, he turned down and also for a future in academia. the . instead, he pursued a career in 1977 in banking with credit suisse into the bank. then most banking took place manually at the counter. bank is kept accounts exchanged currencies, granted loans and try to didn't shows it wasn't anything spectacular to the bank because didn't make money doing it. loans with the biggest business,
11:25 am
the bank so that on the banks lend money to small and big customers caching in on the interest. oh, they traded ships and currencies for a commission if i yeah, i'll come on a send a degree and that at credit suisse, it was on the bring to taking of leadership of the entire band. when off of the blue, everything came crashing down. 976 and 1996. so you something they walk down and left the final lesson. his departure came off for a power struggle home which he had basically lost him to follow and hooked the same. yeah. a come on had a new opportunity, and frank says it's between towers. deutscher, bank was looking to fundamentally revamp it's business model and finally become a global plan. the chief executive deutscher bank to mccullough prose. i come into the folds
11:26 am
at the time. couple was facing a considerable problem. disgrace gibbon, real estate tycoon, you can schneider had been extradited from the us. it was a full, the clients, and things was threatening to become very embarrassing for deutsche bank side of uh, getting your post topler hot. schneider was a brilliant roadster to close up old real estate and restored buildings without any consideration for cost of the is last project is unforgettable. it was on the site of a department store in frankfort style district. and the falsely inflated its value all in the view of the deutscher bank terrors of the arts. and then when they could no longer deny what was happening on the door, each ivank turned the top off. who could wait, but it was too late. and you had all these contractors waiting to be paid and would like to know when that's going to be in quench do initially slipped to the us cult,
11:27 am
had play down the damage to do it. you bank is one of the all new computer system to a lot of money. but we estimate that for all 3 projects that we're talking about. they've got the 3 that involve deutsche bank activity, though it's very clearly on the 50000000 mob. it's just me only talking about peanuts and injected from p not p. nose coughing made it sound like $50000000.00 each box $25.00 and a half 1000000 euros today with sped change. and a numerous display is arrogance from the bank, especially given the financial consequences to the construction companies involved . so in this months we spend could turned up in the form of the use of a come on. it suited hill my corporate to publish shop his cruised image thus far as he could. i'm the 1st of all, you're very familiar with. certainly a new world for may see his name, but i soon felt at home and sense, but not all that glitters at deutscher bank is gold. so i saw that i could bring something to the table and by the way of doing things that was better, back in switzerland, does it initialize basic and most of the time on the spot,
11:28 am
the peanuts incident shifts into it should bank was stable and trading is around $28.00 us but for the vicious outcome on it wasn't enough. he wanted more the industries solutions. so it was, it's, this isn't that was easy basically uses test this tv shows. so it's your bank still highly valued. it's relationships with private customers. it wants to shows that it was serious, reliable, and trustworthy uses. to trip on the of the 1980s,
11:29 am
a new era began in london's financial center investments banking was deposited at the time mocking of radical change in the industry which loose of the cause of the data, the decision to join the big plan is that a global level was of course something quite different to the original concept of deutscher bank would accept it when it was found that a 150 years only as younger go into the water. we'll just try to to the side of the house fund. that was the end of the traditional house bank principles for a company had a close relationship with a bang, jobs and goss it's loons, there doesn't lose the whole investment banking is about trading, enroll materials, currencies and bones. also using the banks own money. oh, the clients, the high some citrate is juggle, mean that even the smallest currency fluctuation can lead to massive gains or losses. risk is the name of the game. in
11:30 am
1996 new board member yoseph recommend took over the investment banking sector deutscher bank are coming are really believed in the investment. i believe the not with a found way of thought your bank becoming a universal buy covering every client all over the world. so people a lot of pressure on, on the buying the investment bank to make money. and then if you made money, there was pressure to make more money and then the next you have more money. the employees on the trade for the investment banks came up with increasingly complex financial products. anything that counts, it was the profit which dictated the size of the bonus. it's in order to process, you have to take risks. taking risk is the life blood of these people and, and the notion of turning down possible money,
11:31 am
making opportunities because they're too risky. that's just not in their dna include the culture on wall street was definitely shaped by this very male dominated business. it was all about my bonus that's bigger than yours. i'd die, they lived in their own world and fire. they put to suit the kind of live style that they perhaps could otherwise have afford it. especially in the u. s. investment bank because it's in the world that right, it's a money machine outside is have no chance of completely understanding including the box does to movies also all shape that it's, it's impossible then even if the boss and the $42000.00 products are being development to you, even if you have to sign off on every one of them, you'd have to look at them in detail. i don't think that's possible. if not this, this is these things, but i'm lucky is both mr. i come on. this when it's mitchell was a man that i'm the student investment banking inside and out to which that could poached
11:32 am
it from the competition was the best employees. it's image of a the so can off the rain. that's and michel the us, the bank so called rain mike gotten out of the rain maker was the time for an employee that brings in unbelievable sums of money home. so i kind of knew right away. so his standing was riding on the standing events in mitchell to have them from the role of x and mitchell for the whole life on add somebody to an opinion as an mitchell became i think in many ways the worst nightmare of jo ackerman, these here is the american who is so bold and brash, they thought that the future was in sales and trade and investment banking in this very kind of cowboy uh, type of business that the americans and perfected in that the europeans really needed to rush to catch up jesting between london and new york on the concord, it's and mitchell was fire up, his shirt sleeves. bodies with exorbitant bonuses and wild policies. great appeared
11:33 am
to be his recipe for success, the london and the groove, and the house boat on december 21st to sell and search advance investment bank has celebrated christmas present best clients and it still takes the stage, the mission impossible theme song is layer and, and he declares to this crowd the nets, there's going to be even better than the last and essentially the messages we are conver and the world among the guests were number schools. and one of the things that they would do was hire young women to serve as a wait staff and kind of flirt a bit with the customer. and so they developed a system where tend to their little black dresses would be these blue ribbon, which would mean that i'm a staff. i'm 30 that's good to be seen to,
11:34 am
to does one of the cool and that's a part of it to entertaining the clients and treating them well. the thing is the some things probably go too far down to biking, but enforcing restraints would have violated the investment culture to into being than those read is on. i can get a gives and in some of us the invoice from palm code to plus is tough. for me to quote kind of culture is that it is all about what kinds of people are they to be kept in line by offering them these types of events? funks, i don't, peter shows what kind of depth is the bank of the south to the bunker cost this day after the big bash it's and michel was do home and rank of the main for the christmas holidays, but the private jet. so she bought it in boston, never made it. it slammed into a mountain on its descent deposit and whose passenger it's mitchell,
11:35 am
were killed immediately, a spin out on the stupid out on the dollar fi list. and i went to nearly all the memorials and made speeches a strange, and it was a significant loss for the bank to the end. of course, people were wondering who a successor would be sure that we have a current enough focus on when it mental dies. there is a, this power vacuum and just all hell breaks loose as a result of that cultural shift that he had introduced command named on she jane to succeed mitchell or the whole it worked in essence world didn't really trust aren't you? and that that would be that would be a problem matic to put them in that position. i said so directly to jo ackerman, was it the big mistake of jo ackerman? i would say yes. hi. high tolerance for risk that i think in the end did not serve deutscher bank well starting in 2001. and she jane was in the drawing for
11:36 am
6. he had a reputation for not being particularly careful, some of the club hun fit. ultimately, the previously respected deutsche bank would lose their reputation under his watch . the in 2002 the you became the use of special cash currency. michelle schumacher won his 5th championship title. the hutch road is secure at another time. as jim and chancellor in coalition with the greens, the gym, and media mobile, new coach, declared bankruptcy. a few years earlier shield my copa mistook peanuts had been replaced by roof. a boy win boy, a cost dallas from the credit standing of his client leo cush. during
11:37 am
a tv interview it turned into fisco house bunk. pretty good house bank is meant to protect its customers with an immune. they'll see right in the middle of a deal that he won't be getting any more money kind of like you can't do that. i crucified the businessman, leo cares kaufman after that. it was over the last, let's say a cushion, sued boy, and deutsche bank and illegal battles. at last, the g is after his death in 2011, his ears were awarded around the euros and the treating their client leo cash include very costly for dojo bank to $911.00. he deutscher bank hot then manhattan offices was badly damaged when the twin towers collapsed. and had to be demolished, the but every catastrophe offers the chance of a new beginning and to reach
11:38 am
a point moved to wall street the above the annual meeting of may. 2002 use of command had finally reached the summit. that became the 1st known gym and to hit the institution the trying to to national lead, deutsche bank balance books puts in place for october and not high enough. the document wanted to be the best on rules. trace deutscher, bank shares would be listed on the new york stock exchange, a few months later the outcome and wouldn't let anything stop in to set aside price way. they quit
11:39 am
the charge of bunker to put these in another in the ninety's early 2 thousands became deutscher bank was effectively earning very little if anything unique menu outgoing attribute on. and i said, if we want to play a global role, then we have to be as profitable as arrivals from the show perfect valve, of side view. and so our capital yields at the time are relatively small of the tool called from also quite small capital reserves. our critic before tax at 25 percent are you in for cheyenne. fitted for 20 percent is looking fine, but it seems almost in sight. um, you know, 25 is a lot of were doesn't equity all the time. it didn't seem ray just because a lot of buying. so making similar kind of returns when use of come into control in 2002, the share price was 59 euros. it has more than doubled its value since 1996. but
11:40 am
could this continue by early 2004. i come on over to you to be standing on the press if it's the face trial, after the takeover through the gym and telecoms. john minus mine by british mobile phone company, vodafone, documented and being on the supervisory board visit approved a bonus with millions to it's been chairman klaus s a. was this an abuse of trust the, the image of a come on showing a victory sign before the trial remains in place it in many memories the post guns for that go to 1st on suppression. you'd expect the german or executives of germany is because bank to keep things under control. that's why they get big money. so it doesn't, they're paid well. so things that is doing happened, it doesn't. so when something like this happens,
11:41 am
you wonder because it all intentional, play a cup of tea not apply. a cash or an ottoman victory uses a series of full, paused by deutscher bank chairman or executives, was peculiar. who are the thoughts on the, on the trial against a come on with several find the with the 3200000. you both have under the quotes terms come on, didn't admit skills and was allowed to stay as head of deutsche bank. but now he was under pressure. he knew he had to do this. all the london deutscher bank money machines were running at full tilt and she jane was using the promise of bonuses to drive his work has to make money much move money was born. is this tim hard to so she bonus system has various psychological in economic structural consequences and conditions that are regarded as extraordinarily detrimental. tyler,
11:42 am
but i'm at the causes agreed to set him to the hunger for more and more and more money on me. a good kind of becomes insatiable, a clause you said this route, the other things shot. if you messed up a transaction and lost money, there was no great this incentive except that you might lose your job title also. but the next bank would be there waiting to snap you of time to do next along putting on the system, particularly if it's a massive thing, psychologically you mind being able to recognize when greed, or striving for profit has become too much reached, even to increase. that's what a month says today, but it seems that back that he had little interest in preventing legal and ethical boundaries from being pushed further and further internal emails like to prove this, a number of traders were manipulating interest rates and engaging in a legal business deals yes, hi, i'm all right. and last year an employee rates in london time. so i think it's
11:43 am
simple here, but this is fraud. and then venice evans, you've got the deutscher bank manager claiming this is for all the clues. and then deutscher bank gets involved. the new thought them, i'm going to do this because no one asked, should we get involved in an illegal business deal? and in regarding it have to, they're seeing is on this is a legal does, is that how big is the risk of always getting called once the once the thought to face effect deutscher bank like to ended up paying funds of $2500000000.00 for manipulating interest rates and violations, us sanctions between 20032005 it's to thousands and deutscher bank throws a christmas policy in the milan night club time. once again for the investment bank is to go wild your boss. so i wasn't bothered by that and the clients
11:44 am
appreciated it as i should add onto j knows he has to keep his team on his side. for example, by paying good go debt. this is from the sams carpets this fall. i'm been not wearing the little blue ribbons on their outfits, the by 2006, deutsche bank was a fixture on wall street. prophets was the jeep, but a storm was brewing. and it all had to do with the sub prime mortgage market. the. his analysts to pulse use of i come on a warning, a gigantic crash was likely to what could i come up? do deutsche bank was heavily tied up in the dubious deals in the u. s. mortgage markets houses every way it went up for
11:45 am
sale. many banks had taken high risks with a mortgage lending. now they had to offload those bad assets as quickly as possible . so i'm really nice about how many people just didn't want to believe it out. in the i was even criticized inside of the bank, which is more felt resistance on dish because i said what's happening is not going to of it. the and please listen is good. we have to get rid of the risk and sell it off one fee list for kind of that god, this a d. you had as you genes, team and yours stock right in there. these are the safety involved, the diesel effort thing would work fine, then drops light duties, then there were people who said it couldn't work unless you call you they said, what you're doing is all coming by trying to translate into a goals like you go in the bottom, it's boss. hello not july 2007. the crash is coming and every one knows this. but
11:46 am
on to james investment bankers and living this off as an exclusive, rolling stones, consis giving the impression it's business as usual because it's easy. ok, who is to be able to estimate the risks when enough to be able to carry on bouncing while the music plays on. but notice when the musicians are getting tired as it was, and then get off the balance for the i just in time for that i was gonna take it. the diesel dole space i k b, georgia industry bank, cleared the dance floor a bit too late. they were one of deutsche of banks, mutual clients at the end of july, 2 10072 weeks of to the students consisting barcelona, the financial services company was facing bankruptcy. the i k. b executive had mistaken. come on sled for gold, detailed trip and cut throat your bank helped create these products in the u. s. which contains bad loans. so we need to package them. so you didn't know exactly what was in there and then sold them. have this done for calls. yeah, or yeah,
11:47 am
but yeah, but we didn't force that on any one thing. we sold them these products because they were asking for them to fax them. the money from dustin golf as it is then we don't money from diesel. dorothy, i keep e was one of the last players in the market, and i have no idea what kind of storm was brewing, desktops across the southern paul with the torture band school. i'm a chief economist under use of a come on and it's rice had man, has a harsh verdict on the i k b deal. with most organ, legally speaking, i'd say it was icb problem or morally and ethically the should have held back sooner and flailed so we call it and so on. and they didn't. but how? because these products and a nice profit margin by these port, okay. initially, when i get inch pundits, we bought a number of rescue packages had to be secured to prevent a k b from going bankrupt in the and private banks paid 1500000000 euros and
11:48 am
savings banks around 370000000. the lion's share, the was covered by the gym and national investment bank, the k s. w. it covered more than 7000000000. you rips the case w itself needed huge amounts of tax money so it could survive work done. so some of the future off to the status of oh, i don't like saying it as a market economist, the state support. this was the only way that i'm to give you include mateo smiled, then head of the calf, they'll be criticized as the fact that the deutsche bank under i'll come on had to be bailed out by the tex. pam, that's i, come on. contraband. had to mitigate the risk seed, largely instigated himself company by selling the i k b these products, these bad assets and bypassing off the cost. it's coming onto the k f, w, the national investment bank that shows what made document text and basically how lacking in scruples,
11:49 am
he was the cooper had use of come and gambled and lost everything the following. the i k b crisis, eagles of outcome and return to switzerland and a village into chino, like every summer. meanwhile, the creaking sound of the international financial system was becoming hard to ignore. the come on you, he had to face the public doing, should banks reputation was in cash's. the argument went on a popular television tool show to also his rules, and he insisted on appearing along the
11:50 am
events how much they stayed with when things are going badly. it's fair to say you've made a mistake to pumpkin deutscher, bank made mistakes on this crisis to see which ones you have to admit it to try to correct them and learn from knowing that i was here. he is late head deutscher bank would find itself being held to account in the us to be very stakes to avoid criminal proceedings. deutscher bank in 2017, reached a $7200000000.00 settlement. in addition, it already had to pay at $1900000000.00 in compensation in 2013 to to us state mortgage lender. and total deutscher bank had paid out $9100000000.00. it was the biggest penalty paid out during the upcoming era. but it wouldn't be the last, just a few months later, the whole street crash on september,
11:51 am
the 15th 2008 investment bank lehman brothers, declared bankruptcy in the wake of the us subprime crisis. a domino effect threatened to treated the same face in other banks. the global financial system was on the brink. stock exchanges around the world trade is frantically tried to say what they quote, the dodge of, i'm closer deutscher bank. it actually wasn't that bad. and we were relatively well prepared for a collapse like that of so on, collapse the at the gym and chance to read one crisis meeting followed the next. the government's priority was preventing jim and save us from panic or chaos. wouldn't you dissolving the weird thing to say version that their deposits are secure, whereas and, and the german government guarantees that the gym and government fee is another black choose a like the $1.00 in 1929. when so many people lost their savings and then the
11:52 am
jobs. let's keep them pop up earlier and as it some, i'm not sure this is a cause and there are a few power of the house. of course you have these huge risks that the banks are taking that, so they didn't expect they would have to guarantee a spot for 1931. it was mainly the credit there to give you a quote and then the 2 thousands. it was mostly the international financial markets, and that's 9 feet on smart because, you know, the type of 2000 a nice, the international monetary fund mentioned, washington is fine to if it's continued everywhere to stop the global financial system from collapsing. use of the outcome was now being regarded as an international $55.00. so even though she's fact was among the us and it's the same time another fiasco was on folding. sit deutscher bank a property develop. i had defaulted on a construction loan with millions of dollars in where else can plus power dice. las
11:53 am
vegas today, the customer, published in hotel is a complex of superlatives. it has more than $3000.00 rooms, more than $5000.00 employees. hundreds of slot machines. but in the midst of the 2008 financial crisis deutscher bank inherited the hospital projects. when it's develop a declared bankruptcy is wondering if i hope it will be monday. it was a building science doing the audit loan for 10 years. it would have been known as the deutscher bank building side, so kind of phenomena the banks are responsible for what these projects look like based primarily it was about reputation with the to the size went up because of yes . right. and so they said, we won't write this off, we'll finish building it on sunday, tells him. and if we have to branch off that, then we'll do additional for tony when the financial crisis has passed. its peak is it, can we have money against could exist when people hardly notice that the united states as it goes out, that expensive mistakes. the deutscher bank is attend,
11:54 am
ask the during that period a come on was originally guessed as a gym and cabinet. the government was planning a state rescue package for german banks. how come on counted dementia with the statement saying he would be ashamed if deutscher bank was among those needing a government bailout many so this has come on giving his victory sign again, verbally. this time the chancellor didn't like it commenting via his folks person. she called come and statement him comprehensible and unacceptable. the settlement you shouldn't have said that have a good mind, but i think he meant that his caps it up the ship does at least he didn't run his ship. a ground dean isn't spin, is nice. of course, if he had mine and he'd be there for me to go straight to the state,
11:55 am
does he have the shame to meet some star? do you think this is kate? could you, i need to know it on a bunch of not just about state money to stop, but it's about the states influence the acute don't read and hey, would have been monitored and limited to a maximum of around 500000. when the lead me to get to and from the 1000 to marks and for don't your banks investment banking that would have been bad in inc, and we'd have lost a lot of employees gives you unlimited device. so for the shares in the bank had plunged from an old time high of 88 euros in april 2007 to just 16 year spike january 2009. i think it's pretty clear that off to 2000 and some 2008 and particularly with the regulation changes that came in off towards the deutscher bank, should have probably fall into this business model quickly. and they didn't
11:56 am
bought on chew. jane and his london crowd didn't wanted to changed a model of the country driven by or against some greed. they would diving deeper and deeper into shady practices as early as june, 2008. come on and frank. so it's had an angry phone call with on she jane. i come and complained about the cultural deficit. so the investment bank is said he would not tolerated any longer. those with the findings of a later banking supervisory pro boss. he'd also found no action was taken jumpstart. because ox does about, besides 5 or 6, i always said that i, i think since 2006 it's and no business is worth damaging the reputation of the bank through. and that was absolutely clear from the top down at the bank, so not however, not everyone follow that rule board is an extra an allan show before.
11:57 am
the annual, when full from london was the decisive parts of deutsch events, profits use of the outcome, and was reliant on his golden goose. and she, jane, and my 2009 jane had even been promoted to the board of deutsche bank. it's new year's eve, 2010 and in las vegas deutsche bank stage to make a party some of the opening of the costs, but call us and the bank of pulled out all the stops selling out 12000000 dollars for an event feature. and jay z and beyonce by the time of via, was found at the end of 2014. the hotel was running a $1000000000.00 loss. how high was the loss is please try again. i can't say exactly what it was, certainly over a 1000000000 grant. emily out ultimately the financial loss has reached almost $2000000000.00 by the end of 2010, which banks name was touched,
11:58 am
the world of global finance now a month to act. as the man who took too many risks, and not just with hotels in las vegas, the into the conflicts. so phase riley, mrs. killing 7, for an aid workers in gaza strip in hopes of the humanitarian situation. my e, i'm a desperately needed food, can begin to reach the hundreds of thousands of risk of funding for how realistic of those hopes, my guess is yeah. mega and hadn't been region refugee council for decades of experience and the humanitarian steel conflict. in the same it is like, oh d, w a vibrant habitat, ended listening place of long in the mediterranean sea. its waters connects people
11:59 am
of many cultures. how old is ice in sicily? soon at belmont as well, visits. mount aetna and learns the dramatic history of the eyes. in 90 minutes, dw, the very to now understand can have a site like the right to present data used on instagram? follow the
12:00 pm
the you're watching the news coming to live from berlin awarded for her bravery, usually nevada, the a ways dw, the freedom of speech award. she has become the face of russia's office, ition following the death of her husband. alexei, nevada, me earlier this year, working in exile, why this journalist is still fighting for press freedom in her home country of belarus, even though she's not able to live or work there and lift off china's lunar pro successfully launches extra space. if all goes well, it will land on the moon spar side and eventually return to earth.