Skip to main content

tv   Driven by Greed  Deutsche Welle  May 4, 2024 9:15pm-10:01pm CEST

9:15 pm
system, the decline of germany's deutscher bank is more on our website, dw dot com, please do follow us to on social media at dw, so i'm jared rate info. and thank you for the my name is the calls back saved loud. thank you so much for joining in. welcome to don't hold a bad. a lot of people do that. it's all about saying it aloud. that's what it being nosy bay like good. everyone to kings. check out the award winning called called the called back. it's summer 2007. the 1st day of an iphone goes on sale of strange try. cuz power,
9:16 pm
long streaming strip. gosh, a national football champions. the world's most powerful politicians, i'm missing on the baltic. isn't versioning financial crisis in the you it the and the rolling stones room 2 in july they stage an exclusive consis in boss. hello. not the 200 deutscher bank investment bank is and their clients you know, the front of the stage amount stuck in the garage. mac jack is full. and then he said on the great thing is the money we're getting for this is coming out of your bonuses. seems chairs, but at the same time, this growing certainty on new york stock exchange that a major financial collapse is imminent. and so from thinking we can kind of quite
9:17 pm
void off 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 gonna be the exclusive stones performance reported the costs more than $4000000.00. the up on the 32nd floor deutscher bank use of combined with c o at the time is a to make it the world's biggest back had left him reliance on the world of investment bank. and so he turned a blonde on to start jessica pates, was the findings in contempt. did you know about this concept of, of if this was because you're, i don't think so. i didn't tell you, well, perhaps i knew there was a concert, but i wasn't involved. they might as well as like, play the gay under
9:18 pm
a massive sign sign. this is the thought. so this was a kind of emblematic of the so the slight madness of the banking industry. such opulence is now ancient history and use of alkaline has also long since vacated his chair at deutscher bank. but he has time a ceos through 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 . his reputation still hasn't recovered to this day the, this is francis your style. so in billings mister district, the birthplace of deutsche bank. it was founded in 1870, in an honest shooting building. that's no good.
9:19 pm
the founders did by private bank. i added that the group who did this safe to offer their clients security for the deposit for the next 1st 10 years, instead focused on conquering world markets and providing loans for the pre export financing market, the most of the ones, arden desmond, i would definitely say that they were strongly motivated by the goal of founding a strong german but also to make gym that you cannot make the strong internationally. it wasn't just business, some of the patriotism is but also played rocks and that's why off, but it is posted up on the whole dispute. the export market collapse. tell us what 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 far and brown just have to be closed one after another. the other site developed several strategies to
9:20 pm
compensate to apply. one was to grow it's client based insight gym and having a non canada and it was for deutsche bank to get very heavily involved in financing the war economy during world war one. and for nancy owned a creek such as the industry and the 1929, so the next existence will crosses black tuesday. the devastating stop loss is a little strange. tribute, a global economic crisis, the town of mass unemployment and social stripe. for those of the world the, the impacts of the great depression also reach deutscher banks living headquarters the
9:21 pm
the dock. this chapter into a 2 bags history came in, else it's 1943. at this time, the banking industry was north. any finance in the war economy, but also the hollow cost, the systematic motor of juice and other minorities, the banks branch in costs. if it's a guaranteed loans to totes and sons, the companies 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, but he didn't want to be counted among those who sent. they had no nothing just on that. the the end directly admitted that he'd been quite aware of the crimes being committed by the nazis for this most. climbed off the 1954. the country was getting back when it sees west germany. when the foot for world cup,
9:22 pm
the gym and economic miracle had become that. so to had the cole, who visited the union launched a split nick, the 1st centralized into space deutscher bank was finally reformed in 1957. this time in frankfort. not talent. it'd be broken off by the allies of, to the who, the, and in spite of his role in the should rush and use of arms returned, is chairman the menus of our style. caroline yost as apps was a convicted for criminal dodge, but they needed deutscher bank after the war, and there was storm evasion. nothing to eat, no heating house of the country land ruined fox. they needed leaders who knew how to do business, who had contact and could get things done to come and up. some must have been
9:23 pm
appointed back to his post at the discretion of the allies. who to whom do i mean you can have reasons on the have suddenly done some schools in florida, the attachment 5 in switzerland. sometimes the land with him in use of arms, was hoping to win back towards your banks. reputation in the late 19 fifties. his future success was growing up in the swiss mountains. yoseph come on was the 1st of 3 sons, a rule physician, come on and watch month that the he loves sports and music and whatever outcome and did, he wanted to win? set gracing included busing in dvd, click by you guides. he was going on bush and i think his father was lost in the
9:24 pm
month for the troops off to his military service. come on studies. business in the switch city of sunk got off to pre k considering following his father's footsteps in medicine. the assumption graduation he turned down and also for a future in academia. 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 trade to didn't shares. it wasn't anything spectacular to the bank cuz didn't make money doing it.
9:25 pm
loans with the biggest business, the banks at that on the back end, slip 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 in the bring to taking of leadership of the entire bank. when off of the blue, everything came crashing down 976 and 1996. so you something they walk down and left the funding lesson, his departure came off for a power struggle home which he had basically lost him to follow on the same. yeah. a come on had a new opportunity in 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 of
9:26 pm
deutscher bank to mccullough prose. i come into the folds at the time. couple was facing a considerable problem. disgrace driven 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 up. uh huh. schneider was a brilliant fraudster, he brought up old real estate and restored buildings without any consideration for cost of his last project. his unforgettable. it was on the site of a department store in frankfort style district. and. and he falsely inflated its volume the thought all in the view of the deutscher bank towers. and then when they could no longer deny what was happening on the georgia bank, turned the top off late. but it was too late. and you had all these contractors
9:27 pm
waiting to be paid and would like to know when that's going to be in quench do initially slipped to the us cult, had play down the damage to do it. you bank is hundreds, you'll need some few seconds and lots 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 pain outs and exactly from peanuts painters. 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 out against 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, he'll not corporate to publish shop. his cruised image thus far secret on the 1st of all, you're very familiar with. certainly a new world for may see is 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
9:28 pm
something to the table, but a way of doing things that was better back in switzerland. does it in the try space to get most of the time on the spot, the peanuts incident shifts into it. your bank was stable and trading is around $28.00 us. but for the vicious, come on, it wasn't enough. he wanted more the industry to push me since it was it's this isn't that was easy. basically jesus best 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 to
9:29 pm
eligible for the of the 1980s. a new era began in london's financial center investments banking was deposited at the time marketing of radical change in the industry, which loose a d, causing the data, the decisions joined the big plan. so the global level was of course something quite different to the original concept of deutscher bank, except when it was found that a 150 years, only as younger go into the water. we'll just try to, to decide to host fund that was the end of the traditional house bank principles for him, for a company had a close relationship with a bang, jobs and go sits loons, there does the news. the c c o investment banking is about trading, enroll materials, currencies and phones. also using the bank's own money owe the clients the high sums that trade is juggle. mean that even the smallest currency fluctuation
9:30 pm
can lead to massive gains or losses. risk is the name of the game. in 1996 new board member yoseph recommend took over the investment banking sector deutscher bank. jock, i'm really believed in the investment. i believe in that was 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 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 a bonus. that's in order to process. you have to take risks. taking risk is the
9:31 pm
life blood of these people and, and the notion of turning down possible money, 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, so it's bigger than yours. i died, i lived in their own world and they've pursued the kind of lifestyle the day perhaps, could not otherwise have afford it, especially in the us investment bank because the new rules that run it. it's a money machine that outside is have no chance of completely understanding, including the box does to move, which i'll tell, shave let's it's, it's impossible for them. yeah. even if the boss and the fun pretty booked a thousands of 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, let's just these things, but i'm like is both mr. i come on this man. it's mitchell
9:32 pm
was a man that i'm the student investment banking inside and out to achieve that could touched it from the competition with the best employees. it's image of a though, so can off the rain. that's and michel the 1st, the bank, so called rain mike gotten off 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 and ritual to them from the role of x and mitchell for the whole if on, that's the mutual that opinion or as an mitchell became i think in many ways the worst nightmare of jo ackerman, these here's 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 just being between london and new york on the concord,
9:33 pm
it's and mitchell was fire up, his shirt sleeves. bodies with exorbitant thoroughness, sits and wild policies. great appeared to be his recipe for success. the london and the groove and the house voted on december 21st 2000, which events investment bank cars celebrated christmas present. this class that philip takes the stage, the mission impossible theme song is blair 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 with hire young women to serve as a wait staff and had to learn a bit with the customer. and so they developed the systems where a 10 to their little black dresses would be these blue ribbon,
9:34 pm
which would mean that i'm a staff. i'm 30 let's do the mission to, to does one of the cool and that's a part of it to entertaining the clients and treating them while doing it. the some things probably go too far done to bike in, but enforcing restraints would have violated the investment culture wouldn't have been the best way of this one. i can get a gives in some of us to invite some phone calls to us as a customer and it's like what kind of co, sure is that. and indeed these all kinds of people are they to be kept in line by offering them these types of event. functional computer shows what kind of data is the bank. it's sunk to for the bunk. the cost of the day after the big bash. it's and michel was do home and rank of the main for the christmas holidays. but the private jets that she bought it in boston never made it
9:35 pm
. it's slammed into a mountain on it's to sent the pilot and who's passenger it's mitchell who killed immediately be not done especially, but on the dollar. finally, i went to nearly all the memorials and made speeches and author into and it was a significant loss for the bank to the end. of course, people were wondering who a successor would be, so they may have come to not focus on when mitchell dies, there is a, this power vacuum and just all hell breaks loose as a result of that cultural shift that he had introduced. come on named on she jane to succeed. mitchell the people 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 us high, high tolerance for risk that i think in the end did not serve deutscher bank well
9:36 pm
starting in 2001. and she jane was in the drawing for 6. he had a reputation for not being particularly careful, some of the crowd hun fit. ultimately the previously respected deutsche bank would lose the 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 and jim and media mogul, new coach, declared bankruptcy. a few years early on shield my copa mistook peanuts had been replaced by ralph. be broiled when boy accosted
9:37 pm
dallas on the credit standing of his client leo cush. during a tv interview it turned into a fisco house bunk. pretty good house bank is meant to protect its customers with an immuno c 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 copeland. after that, it was over the last goose kush suited boy and deutsche bank in a legal battles at last to g is off to his death in 2011. his is, we're awarded around the euros and so betraying their client leo cash include very costly for dojo bank on $911.00. he deutscher bank hot, they manhattan offices with badly damaged when the twin towers collapsed and had to be demolished. the but every catastrophe offers the
9:38 pm
chance of a new beginning and to reach a point moved to wall street. by 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 nationally deutsche bank balance books puts in 5th place for october and not high enough. the document wanted you to be the best on rule stories. deutscher bank shares would be listed on the new york stock exchange. a few months later, the
9:39 pm
coming wouldn't let anything stop him. to sign some price way. they quit the charge of bunker to put a thief in another in the ninety's early 2 thousands became deutscher bank was effectively earning very little if anything unique menu outgoing attributes on. and i said, if we want to play a global role, then we have to be as profitable as arrivals from the show prophy valve of side view. and so our capital yields at the time are relatively small of it. so we'll hold from also quite small capital reserves. our critic before tax at 25 percent. are you in for cheyenne feed 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 find somebody can similar kind of returns. when use
9:40 pm
of come into control in 2002, the share price was 59 euros. is it more than doubled its value since 1996? but could this continue by early 2004 i come on or what do you pay 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 voted phone documented and being on the supervisory board visit approved a bonus with millions to it's been chairman class as something was this an abuse of trust the, the image of a come on showing a victory sign before the trial remains in place in many memories. the 4th tons 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,
9:41 pm
they're paid well. so things that is don't happen, it doesn't. so when something like this happens, you wonder, cause it all intentional, play a cup of tea, not apply. a kid. an ottoman victory is, is a series of full paused by deutscher bank chairman or executives was peculiar, or the thoughts on the, on the try. the games come on with several find the with the 3 point to meeting 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 deliver all to london deutscher bank money, machines were running at full hills and she jane was using the promise of bonuses to drive his work has to make money to much move. money was born is just a moment to so she bonus system has various psychological in economic structural
9:42 pm
consequences and conditions that are result is extraordinarily detrimental. tyler, but i'm at the causes agreed to set in the, to the hung up for more and more and a male money. me a get kind of becomes insatiable. the cross, you know, is that 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 up to do next along putting on the system, particularly if it's a massive thing psychologically. a him of being able to recognize when greed, or striving for profit has become too much reached even to chris. 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 here's how i am i to in last year and employee rates in
9:43 pm
london time. so i think it's simple here, but this is fraud. and then renaissance. you've got the deutscher bank manager, claiming this is for all the clue. and then deutscher bank gets involved. sting, you thought about 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 of it deutscher bank like to ended up paying funds of $2500000000.00 for manipulating interest rates and violation us sanctions between 20032005 it's to thousands and deutscher bank throws a christmas policy in the milan not clump time once again for the investment bank is to go wild your boss. so i wasn't bothered by that and the clients
9:44 pm
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 fence carpets this fall and they're not wearing the little blue ribbons on their outfits. the by 2006, deutsche bank was a fixture on wall street. prophets was surgical, but a storm was brewing. and it all had to do with the sub prime mortgage market, the, his analyst to possibly use of a come on a warning, the gigantic crash was likely the what could i come out and do deutsche bank was heavily tied up in the dubious deals in the u. s. mortgage markets
9:45 pm
houses every way it went up for sale. many banks had taken high risks with a mortgage lending. now they had to offload those bad assets as quickly as possible . i saw them to feel it nice about how many people just didn't want to believe it out in the up there. 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 inflict lives in the schools. we had to get rid of the risk and sell it off when phyllis recovered from the gods, the you had as eugene's team and yours stock right in their decent shapes involved do they? so 1st thing would work fine, then drops light duties, then there were people who said it couldn't work, investigate the higher the said, what you're doing is all coming by trying to turn legends. a goals that are you going it's boss. hello. not july,
9:46 pm
2007. the crash is coming and every one knows this. but 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 of them as it was and then get off the balance for life just in time. for now. the diesel dole space i k b, georgia industry bank cleared the dance floor a bit too late. they were one of georgia 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 cuts out your bank helped create these products in the u. s. which contains that alone. so we did package them so you didn't know exactly what
9:47 pm
was in there and then sold them. have this done for coffee. yeah. or yeah, but yeah, but we didn't force that on anyone. we sold them these products because they were asking for them to fax them. the money from dustin golf as it has to be done money from diesel dorothy i k b was one of the last players in the market. i have no idea what kind of storm was brewing. does to us the foster southern power to torture bands for them? the chief economist under use of a come on and these rights have 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 saw him are they didn't. but how? because these products and a nice profit margin by these products initially. and they give inch bunny and bought a number of rescue packages have to be secured to prevent a k
9:48 pm
b from going bankrupt in the, in the private banks, paid 1500000000 euros and 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 where it goes from out of future 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 need 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. lockerman had to mitigate the risks, he'd 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 tick. and basically how
9:49 pm
lacking in scruples, he was the cooper had use of a common gambled and lost everything the following, the i k b crisis, eagles of outcome and returned to switzerland and a village into chino, like every summer. meanwhile, the creeping 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 touches. the document went on a popular television tool show to also his rules. and he insisted on appearing all
9:50 pm
of the events, how much liftgate was when things are going badly. it's fair to say you've made a mistake to pumpkin deutscher, bank made mistakes in 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 these very stakes to avoid criminal proceedings. deutscher bank and 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. in 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,
9:51 pm
just a few months later, the wall street crash on september, 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 and collects the at the gym and chancel. read one crisis meeting followed the next. the government's priority was preventing jim and save us from panic or chaos. wooden shoes, designing the weird thing to say version that their deposits are secure, whereas in and the german government guarantees that the german government fee is
9:52 pm
another black choose a like the $1.00 in 1929. when so many people lost their savings, and then the jobs, the, let's keep them pop up earlier and as it some i noticed is a cause and there are a few power in the house. of course, you have these huge risks. the banks are taking that because i didn't expect they would have to guarantee as of a full 1931. it was mainly the credit that could be able to go in, in the 2 thousands. it was mostly the international financial markets, and that's a non fee, non smart because you know, the type of 2008 and the international monetary fund met in washington as frantic efforts 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 he's back was among the us and it's the same time another fiasco was unfolding for deutsche bank a property develop. i had defaulted on the construction line with millions of
9:53 pm
dollars in where else can plus power dice. las vegas today, the cosmopolitan 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, which event inherited the hospital project, when it's develop a decayed bankruptcy. just wondering if i hope it will be monday, it was a building size during the audit. for 10 years it would have been known as the deutscher bank building sites on different on his banks are responsible for what these projects look like based primarily it was about reputation with the to the size model because uh yes. right. and so they said, we won't write this off, we'll finish building it and sell it 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. so then people hardly notice that the don't say it does. this throws out an expensive mistakes. the deutscher bank is
9:54 pm
attend. ask the during that period i'll come on was originally guessed as a gym cabinet. the government was planning a state rescue package for german banks. i come on counted dementia with the statement saying he would be ashamed if deutscher bank was among those needing a government bailout. many sold, this has come on keeping his victory sign again, verbally. this time the chancellor didn't like it commenting via his folks person. she called i come and statement him comprehensible and unacceptable. you shouldn't have said that, but the mind, but i think he meant that his caps it up to shit. does the least he didn't run his ship. a ground dean is been is nice. of course he had. and then he took me to shame
9:55 pm
to go straight to the state of the shame to the some start the effect, the and this is kate, could you on each door on a bunch of them, not just about state money, stuff, but it's about the states influence the key to invest and hey, what have been monitored and limited to a maximum of around 5 100000 was to limit it in from the 1000 to mark, send for deutscher banks, investment banking. that would have been bad in inc. and we'd have lost a lot of employees, gives you a free estimate, advisor 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 failed to the business model
9:56 pm
quickly. and they didn't bought on chew. jane and his london crowd didn't want to changed a model of the country driven by or against some greed. they would diving deeper and deeper into a shady of 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 deficits of the investment bankers and said he would not tolerate it any longer. those with the findings of a later banking supervisory process. but it also found no action was taken jumpstart, microsoft. does the research find or 6? i always said that i, i think since 2006 it's and no business is worth damaging the reputation of the bank to. and that was absolutely clear from the top down at the bank, though not. however, not everyone follow that rule. board is an external and show before
9:57 pm
the annual, when full from london was the decisive partial village events, profits use of outcome and was reliant on his golden goose and she, jane, and by 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 cost of, of homeless and the bank of pulled out all the stops. selling out $12000000.00 for an event feature. and jay z and beyonce by the time the buyer 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
9:58 pm
$2000000000.00 by the end of 2010, which banks name was touched. the world of global finance now moped to come on. as the man who took too many risks and not just for the hotels in las vegas, the is something i never imagined would ever be able to do as an industry to find a page on a wall or up in the sky award winning illustrator assemblies to displace our cultural heritage through our arts and i think it is important to bring it into our everyday lives because it hold significance. and, you know, it provides energy to keep me going. seen that in 30 minutes on d w. the
9:59 pm
comes out to the highlights. you every week in your inbox, subscribe now. the music can be destroyed. you can try, but it's impossible to see performed for head lice. and also the he was the nazis. the 2 musicians who lives beneath the panel. i saw a film about the sounds of power and inspiring story of thoughts, device music under the swastika stuffs may 25th on dw, the
10:00 pm
the you're watching the, the we can use live from the, the, germany's challenge. so that condemns a virtual attack on a top candidate for the upcoming annual elections. full of schultz calls. the assault on social democrats, montana. take a trip to democracy after he is subpoena, entered in germany's east posts or coming up negotiated as an egypt to resume talks, i ended reaching a cease fire in concert hall, mazda is considering truth proposals, a truce terms proposing a hold to ease ralph's offensive. there in exchange for the release of hostages and palestinian prisoners and brazil,
10:01 pm
bozza threes anticipation as madonna prepared to take the stage and re.