It’s Probably Nothing

New York Times;

Germany’s largest bank appears in danger, sending stock markets worldwide on a wild ride. Yet the biggest source of worry is less about its finances than a vast tangle of unknowns — not least, whether Europe can muster the will to mount a rescue in the event of an emergency.
In short, fears that Europe lacks the cohesion to avoid a financial crisis may be enhancing the threat of one.
The immediate source of alarm is the health of Deutsche Bank, whose vast and sprawling operations are entangled with the fates of investment houses from Tokyo to London to New York.
Deutsche is staring at a multibillion-dollar fine from the Justice Department for its enthusiastic participation in Wall Street’s festival of toxic mortgage products in the years leading up to financial crisis of 2008. Given Deutsche’s myriad other troubles — a role in the manipulation of a financial benchmark, claims of trades that violated Russian sanctions and a generalized sense of confusion about its mission — the American pursuit of a stiff penalty comes at an inopportune time.
It heightens the sense that Deutsche — whose shares have lost more than half their value this year — needs to secure additional investment, lest it leave itself vulnerable to some new crisis.

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Profit as Public Service

Ranger: I think it’s wrong that you make a profit on public lands
Me: So you work for free?
Ranger: Huh?
Me: If you think it’s wrong to make money on public lands, I assume you must volunteer, else you too would be making money on public lands
Ranger: No, of course I get paid.
Me: Well, I know what I make for profit in your District, and I have a good guess what your salary probably is, and I can assure you that you make at least twice as much as me on these public lands.
Ranger: But that is totally different.

Like to like

A bit more than, “…their photo taken with thousands of Canadians…”, no?

A few months before being elected prime minister, Justin Trudeau was the featured speaker at a Richmond business lunch sponsored by a company of a Vancouver immigration consultant accused of defrauding Chinese immigrant investors.

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