Tag Archive for ‘Deutsche Bank’
If you measure President Donald Trump’s conflicts of interest by the amount of money at stake, or the variety of dicey interactions with government regulators, one dwarfs any other: his relationship with Deutsche Bank. Because the president has not sold his company, the bank remains a central arena for potential conflicts between his family’s business interests and the actions of officials in his administration.
As investors increasingly grapple with how to assess “sustainable” business practices and their impact on corporate performance, a new non-profit organization has launched to develop sustainability accounting standards for use by publicly listed U.S. companies in their disclosure statements to the Securities and Exchange Commission.
Widespread demonstrations in support of Occupy Wall Street have put the financial crisis back into the national spotlight lately. So here’s a quick refresher on what’s happened to some of the main players, whose behavior, whether merely reckless or downright deliberate, helped cause or worsen the meltdown.
Many major banks invest in companies that engage in the environmentally destructive practice of mountaintop removal (MTR) coal mining, whereby the tops of mountains are removed by explosives to expose thin seams of recoverable coal. Despite some banks’ stated intent to limit such financing, a Sierra Club/Rainforest Action Network “report card” indicates that few are yet walking the talk.
Deutsche Bank AG was sued last week by the City of Los Angeles, which called the world’s fourth largest bank one of the city’s largest slumlords. The bank was also sued by the federal government on separate charges of fraud and lying to benefit from mortgage insurance offered through a subsidiary. Columnist Gael O’Brien thinks both cases say a lot about the destruction of trust – a quality needed by business in the long-term.
It’s been over three years since credit markets started shaking with the early tremors of the subprime crisis, and two years since that spread into a marketwide collapse. Prosecutors, regulators, Congress and journalists have spent the year uncovering the financial shenanigans that brought the market to its knees. It’s been marked by a few blockbuster settlements and more revealing investigations — as well as by some noticeable inaction in the reckoning.
A new paper published by the asset management arm of Deutsche Bank AG challenges the claims of climate change skeptics and argues that global warming is already happening and is a serious long term threat. “There is a very high probability that we are already heading towards a future where warming will persist for thousands of years,” the paper warns. “Failing to insure against that high probability does not seem a gamble worth taking.”
It will be interesting to see how many of the 2,500 attending the World Economic Forum in Davos, Switzerland, will wind up taking The Global Business Oath. Yes, there is one – and you, too, can pledge.