Deutsche Bank steps up its financial contributions to Mitt Romney

While most German firms are betting that President Obama will be reelected and are channeling their political contributions accordingly, but Deutsche Bank, long with Allianz, is hoping for a Republican victory in Novemver.  So Deutsche Bank is channeling contribution to the campaign of Mitt Romney: 

Nur die Deutsche Bank und der Allianz-Versicherungskonzern favorisieren demnach den republikanischen Herausforderer und Ex-Gouverneur von Massachusetts Mitt Romney (siehe Grafik). Zwar ist es allen Unternehmen in den USA verboten, direkt für eine Partei oder einen Kandidaten zu spenden. Doch dürfen sie sogenannte Politische Aktionskomitees (PACs) gründen. Die sammeln vor allem unter leitenden Angestellten und Geschäftspartnern für die Kandidaten.

(Only Deutsche Bank and Allianz Insurance Group favor the Republican challenger and former Nassachusetts governor Mitt Romney.  Although companies in the US are prohibited from contributing directly to a political party or candidtae, they are allowed to form Political Action Committees (PACs) which can collect funds from senior managers and business partners for candidates.)

It doesn't take a genius to understand why Deutsche Bank would back Mitt Romney:

Deutsche Bank und Allianz verbinden mit ihrer Pro-Romney-Initiative offenbar die Hoffnung, dass der Republikaner eine Politik verfolgt, die Finanzinstitutionen gegenüber freundlicher gesonnen ist als die von Obama.

(Deutsche Bank and Allianz's pro-Romney iniative reflects their hope that the Republican will support policies that are friendlier to financial institutions than Obama.)

Yes, it is clear that a Romney administration would quash any attempts to prosecute Deutsche Bank for its criminal manipulation of Libor and other interest rate benchmarks, or for its privotal role in the subprime mortgage crisis.  For the ethos of Deutsche Bank coincides perfectly with Romney's vulture capalisatic vision for America.  And there is always the hope that a President Romney could influence the channeling of investment banking business to Deutsche Bank from Bain Capital and the other private equity "locusts" (Heuschrecke)  whoe are funneling $$millions to the Romney campaign. 

Comments

[Hattie]

Wouldn't it be a wonderful world if we could allow ourselves to be ignorant of all this? I am not interested in money and finance per se but have had to learn a lot about them.
I guess my feeling of boredom is a reaction to the banality of evil in the world of high finance.

[koogleschreiber]

Hattie, the two most important reasons for war are population pressure and huge financial liabilities. "Buy when the cannons roar, sell when the violins play." --- Carl Meyer Rothschild

When the banks come down, there will be war. Was it just a coincidence France drove Europe into war in Libya at the top of a financial crisis? The crisis is not over yet and might easily become worse. Iran and Syria are the battlefields of choice, over and above that Obama might feel obliged to show a sign of strength to get reelected in november and in a few days four US-carriers and a French one will arive in the Straight of Hormus, while a Russian fleet is on the way to Syria... The 'banality of evil' in the world of finance is highly infective to the world of politics. We must not react with boredom!

[David]

I do wish banking could go back to the days before Glass Steagall was repealed and it was a boring business - but profitable if the risks were properly managed.