Streetwise Professor

May 25, 2017

Maxine Waters Plays Six Degrees of Donald Trump, With Hilarious Results

Filed under: Politics,Russia — The Professor @ 10:48 am

The Six Degrees of Donald Trump/Russia game has reached new peaks of hilarity. Let by noted genius Maxine Waters (when the stupid stick hit Maxine, the stick got stupider), a group of Congressional Democrats are demanding release of Deutsche Bank records relating to Trump loans because . . . Deutsche Bank has been implicated in a money laundering scheme in which billions were tunneled out of Russia. QED!

For the record, Deutsche Bank has about 100,000 employees, and operations all over the world. The people handling commercial banking transactions in the US for Donald Trump were definitely not also manning the DB equities desk in Moscow, or the Russia equities operations in New York and London–which is where the money laundering scheme was executed. And what is the connection between the beneficiaries of the money laundering scheme and the Kremlin?

Deutsche Bank is a sprawling operation with loose controls, as its involvement in virtually every financial scandal in recent years (gold and silver fixings; IBOR manipulation; sanctions violations; mortgage violations; tax evasion) attests. The scheme bouncing around in the void of Maxine’s skull would require centralized coordination and control and oversight across completely unrelated lines of business that Deutsche Bank has conspicuously lacked for a very long time.

Also, Deutsche Bank does business in every major country of the world–and some not so major ones. Its lending and trading operations touch myriad corporations, governments, and individuals. Some of those touches are of dubious legality (as witnessed by the sanctions violations). To connect two dots of the millions in the Deutsche Bank orbit, and ignore the rest, is beyond absurd.

The ostensible plot took place in 2012-2015. Um, in 2012-2014, Trump was not a candidate: he was not part of the political conversation at all then. Even when he declared in 2015, it was considered something of a joke. Actually, strike “something of.” A 2012-2014 Trump trade would have been about a .01 delta call. If that. Deep, deep out of the money.

Maxine suggests that the Russian government may have guaranteed Trump loans. Hilarious! For a big part of this period, Russia was facing a financial crisis and deep recession, and was having to worry about its own companies, rather than cultivate Trump. In 2014 sanctions were followed by an oil price collapse. I remember the joke that 62 was the magic number for Russia: Putin would turn 62, the ruble would hit 62, and oil would trade at 62. That was wildly optimistic. Yes, Putin turned 62 but the ruble hit 80 and oil went under $30. All major Russian companies were feeling the strain, and Putin was only showing love to his buddies like Timchenko and the Rotenbergs, who were hit by sanctions.

These are not serious people, Maxine et al. Using the fact that they gargantuan financial institution like DB dealt with Trump and dirty Russians to claim a nexus between Putin and Trump shows how completely unserious they are.

 

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2 Comments »

  1. Does Maxing also believe that if you buy kippers on a Tuesday it will not rain?

    Comment by Henry Crun — May 26, 2017 @ 3:39 am

  2. Sadly, this ploy to waste congressional time and derail reforms republicans have long promised seems to be working.

    Comment by Dh — May 26, 2017 @ 7:05 pm

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