Thursday, 17 January 2008

Deutsche Bank: Josef Ackermann wants greater investment bank transparency

About bloody time! Josef Ackermann, the big cheese at Deutsche Bank, has called for investment banks to be more open - to combat the loss of investor confidence in complex financial products.

He's not just talking about securities and all that jazz though, is he? Reading between the lines, I can tell he wants investment banks to admit that they employ financial shamans and money mystics. So far, only the British merchant bank Dodger Coombes has publicly announced that it employs mystical workers. Well, why doesn't Mr Ackermann tell the truth about Deutsche Bank? I'm pretty sure the bank employs loads of shamans and mystics.

I have been speaking to Arthur Simmons this morning. Unfortunately, I can't publish what he said because he is still steaming about the other day. During our phone conversation he called one highly respected City trader a mofo. He sees conspiracies everywhere now. I hope he's not going to end up like Keith Busby. Anyway, Arthur more or less agrees with me that Deutsche Bank should follow the lead of Dodger Coombes - let's hear the truth!