Deutsche Bank Sold Mortgage-Linked CDO’s Described as “Pigs” and “Crap” as Market Buckled, Lawmakers Say

Deutsche Bank Sold Mortgage-Linked ‘Pigs’ as Market Buckled, Lawmakers Say

Deutsche Bank AG (DBK), whose bets against subprime mortgages helped it weather the financial crisis, pressed to sell a $1.1 billion collateralized debt obligation to clients in 2007 as the co-head of its CDO team foresaw a market slump, a U.S. Senate panel found.

“Keep your fingers crossed but I think we will price this just before the market falls off a cliff,” Michael Lamont, the group’s co-head, said in a Feb. 8, 2007, e-mail about Deutsche Bank’s Gemstone CDO VII Ltd., according to a report released yesterday by the Permanent Subcommittee on Investigations. The Frankfurt-based firm sold $700 million of the instruments, which lost most of their value within 17 months.

The bi-partisan panel, led by Michigan Democrat Carl Levin, placed Germany’s biggest bank in a spotlight alongside Goldman Sachs Group Inc. (GS), saying that the firms’ creation and sales of mortgage-backed investments “illustrate a variety of troubling and sometimes abusive practices.” The “case study” also focuses on Greg Lippmann, Deutsche Bank’s then-top CDO trader, who led its bets against subprime home loans and described some Gemstone VII collateral as “pigs” and “crap.”

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Comments
11 Responses to “Deutsche Bank Sold Mortgage-Linked CDO’s Described as “Pigs” and “Crap” as Market Buckled, Lawmakers Say”
  1. l vent says:

    I read an interesting article on the diabolical and maniacal world ot the SMOM/JESUITS. They like to put Jews in places of power such as in the banking industry like Ben Bernanke. When things go bad then the jews look like the bad guys. I read that the FBI uncovered that the MOSSAD, the CIA of Israel, carried out 9/11. They are Zionists who are also the NEW WORLD ORDER. The ZIONISTS are posers, it is all alot of fakery about who is really running things over in Israel too…. Nothing is really as it seems.

  2. talktotennessee says:

    Gosh, it would be refreshing if we could comment without the ethnic bias pro or con?

    • David Robert says:

      who showed ethnic bias pro or con?

      if your refering to ‘blacks, Christians or Jews” just how would you recommend we refer to them?

      there was NO bias pro or con they are who they are.

  3. John says:

    This was pointed out to the Jewish lawyer representing Dushe Bank in my case.

  4. l vent says:

    This reminds me of something I heard on CNBC, last fall. The CME GROUP announced they were about to start gambling on the weather and the NYSE was making bets on the end of the world. That was all of the proof I needed that not only do these sick a**holes” think” they are above the law but they also think that they are GOD. I guess they can thank all of their sponsors in financial terror for that, HAARP, HAMP/TARP and most of all, the FEDERAL RESERVE BANKING CARTEL.

  5. David Robert says:

    Let’s not forget that Deutsche Bank was the main financer of the Holocaust. But, they did say they were sorry so I guess we should forgive them, I mean, they were only directly responsible for over 6 million deaths….I think sending them back to Germany in a body-bag might do the trick, only after we have seized every property they have purchased (stolen) in America and give it back to the property owner from who they stole it from.

    • yvonne says:

      Many don’t know this and they were not all Jews either among the casualties…check out this bank’s history…back to the railroad days and under a different name…keep your eyes on this bank…and all the entities belonging to them as they continue to purchase other banks, services, financial consulting companies etc… imagine GMAC Ally belonging to them, and many other banks…

      • David Robert says:

        Jews were far from the only ones, blacks, Christians and or anyone who resisted the 3rd Reich or Hitler’s belief in evolution whereas blonde hair and blue eyed whites are of a superior race.

        As for the Rothschild Deutsche dynasty it is right up there with the Rothschild Cartel. You will also find the Bush family well represented in the world of Nazi’s.

  6. l vent says:

    LMAO!!!

  7. Pamela says:

    PIGS and CRAP pretty much says it all.This is a German bank don’t know if I should say America land of the free home of the brave,or Zeig Heil.

  8. CUTE AS A BOTTON says:

    MAZIN!

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