Over the last 6 years, much has been made about how banks lost their way when it came to putting themselves ahead of customers in the lead up to the financial crisis. How customers were screwed over in the quest for profits. How moral compasses were broken. Responding to outrage over the marked shift in how business is done, banks have commissioned studies, investigated claims, and promised to change. Up until this week, though, a bank CEO had yet to perform a play about how his firm had found its way through the wisdom of a fictional brothel owner. Thankfully, Gerrit Zalm took it upon himself to fill that void. Read more »
ABN Amro Chairman’s ‘Best Practices’ Spiel Involves Him Dressing In Drag And Pretending To Be A Brothel Owner Named PriscillaBy Bess Levin
Deutsche Bank moved a step closer towards buying parts of ABN Amro, while the Dutch government moved a step closer (albeit an expensive one) to ridding itself of the state-owned bank and a former Deutsche Bank CEO moved a step closer to jail on a busy Thursday for west European banking.
The Germans have agreed to pay €700 million to buy what it wants from its ill-fated western neighbor, as well as assume €950 million in financial guarantees. ABN Amro, which the Dutch government plans to merge with Fortis Bank, gets stuck with potential credit losses of €1.6 billion.
The deal–which Dutch finance minister Wouter Bos says is a foregone conclusion, despite the need for parliamentary approval–is expected to close next year. And while Deutsche Bank apparently didn’t need any help to make it happen, the same cannot be said of ABN Amro.