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Powell and Yellen say banking system is sound as another big bank teeters
By Pam and Russ Martens
Wall Street on Parade
Friday, March 24, 2023
The reassurances of Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen that the U.S. banking system is sound, stand in sharp contrast to what is happening in markets.
This week the shorts have found another easy new global bank target to try to take down after making a bundle of money betting against Credit Suisse, which was taken over for 82 cents a share on Sunday by its Swiss competitor, UBS.
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This time the global banking target is Deutsche Bank, a global behemoth we have warned about ad nauseum here at Wall Street On Parade. Deutsche Bank was a $120 dollar stock prior to the financial crisis in 2008. It closed yesterday at $9.65 in New York and is down another 10 percent in early morning trading in Europe.
The weakness in Deutsche Bank is spilling over into other European bank stocks this morning in European trading with Commerzbank, UBS and Societe Generale also showing weakness. This has, in turn, led to losses in Dow futures here in the U.S., which were, around 7:30 a.m. ET, suggesting a loss of about 300 points in the Dow at the open.
Deutsche Bank is an easy target for short sellers for a long laundry list of reasons. ...
... For the remainder of the analysis:
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