The Secret financial crisis is a documentary brought by the German ZDF it’s first broadcasted on September 12 2018, the video link is not translated (yet), so here i do a small summary of the info delivered.
The "ZDFzoom" documentary shows for the first time that Germany's largest bank has not only significantly contributed to the crisis, but also fought for its survival - while publicly boasting that it was the only European financial institution to be stable.
The documentary also shows that Deutsche Bank knowingly sold dangerous papers for years and provoked in 2007 that in Germany the state had to support banks. Her own problems hushed the bank and prided itself on getting along without state help.
This strategy has caught up with what was once the largest bank in the world. For years she has been struggling with the consequences of the crisis. The former Finance Minister Wolfgang Schäuble says about the former industry leader in an interview with ZDFzoom: "If you look at the current situation of Deutsche Bank, all over Berg, to say the polite, they are still not. That's why, with a bit more humility, they might have been able to avoid a bit of the big damage that has occurred. "So the bank has put together scrap bundles all over the world - even in Germany - even though one knew that many lazy mortgages were involved were.
Until July 2007, the papers were also sold to the German IKB - until the insolvent. When IKB needed help, Deutsche Bank cut the line of credit. Ingrid Matthäus-Maier, then the head of the state bank KfW - shareholders of IKB - speaks in ZDFzoom first time openly about this time and German Bank boss Josef Ackermann: "He has this crisis triggered only himself, only to drive the other parties that they solve the crisis, without the private ones bleeding. We felt blackmailed as the KfW Executive Board, especially by Ackermann. He was certainly the arsonist, he was neither honest nor decent, he was unscrupulous and kept the problem off his back. "
Even from the bank itself comes sharp criticism. For the first time, the current chief economist David Folkerts-Landau gives a detailed television interview. Ackermann's strategy of increasing sales at all costs, demanding a return on equity of 25 percent, had been "foolish": "So storming ahead was a big risk." Secret documents of the bank prove how much risk the bank had taken on and how bad it was in October 2008. Ackermann said then: "It would be a shame if we had to admit that we need taxpayer money." The chief economist Folkerts-Landau told ZDFzoom: "I was in this conference when Joe [Ackermann] said that sentence. It was one of the most egocentric political decisions I've ever seen from a senior banker. If we had taken the money, Joe [Ackermann] would probably have gotten rid of his job. But apparently he had not planned that way. "Ackermann's statement had prevented the bank from clearing up in time:" That was such a serious political mistake. It is simply incomprehensible how a senior member of the financial industry could make that decision. "
Today it is well-known: in the USA alone, Deutsche Bank borrowed over 70 billion dollars in a short time. She also benefited from various direct cash injections. Experts agree: a new, worse crisis has long been threatening. The debt is higher worldwide than after the Second World War. Wolfgang Schäuble says that there is a likelihood that the next crisis will come. The chief economist of Deutsche Bank Folkerts-Landau shares this concern: "I would be surprised if we did not experience another very severe crisis in the next three to five years. I believe there are a number of elements that literally keep me awake at night.
Ten years after the crisis, several questions arise: Is Deutsche Bank so weak today, because it had already covered up the extent of its problems during the crisis? And what consequences does the rescue policy of the countries have? In order to save banks such as the Institute from Germany and the global economy from falling, the countries worldwide had to go into debt. Public debt has risen sharply since 2008 too - too much debt, too many loans in circulation. The ECB's zero interest rate policy also allowed national banks and bankrupt companies to stay afloat. That's why in Europe there are now hundreds of undead companies, so-called "zombie" companies, who seem to be making a real move away from too much debt impossible in Italy. The scary forecast: Europe has still not paid the true price for the financial crisis.
Author Dirk Laabs has already produced several award-winning documentaries about Deutsche Bank for ZDF. He picks up the trail in the US, meets a former Lehman Brothers dealer who says they should have bankrupted even more banks. In Canada, Laabs finds out what Deutsche Bank has done and confronts leading German bankers with its search results. He also speaks with former finance ministers Hans Eichel and Wolfgang Schäuble. These warn: The next crisis will come. And she could, according to a former member of the Governing Council of the ECB, become worse than the last.
https://www.youtube.com/watch?v=oJaAWT6j2C8