Skip to main content

Deutsche Bank ThisClose To Just Saying "To Hell With This Place" And Leaving Keys To Cosmopolitan In Lobby For Whoever Wants It

  • Author:
  • Updated:

Deutsche Bank, as you all know, owns a Las Vegas resort and casino called the Cosmopolitan. The bank never set out to be the proprietors of such an establishment, but after a developer who they loaned money to defaulted, they didn't have much choice, did they? So now, here we are, 6 years and $4 billion later. Senior execs at the bank won't be seen there. Guests aren't particularly interested in gambling at the place. And, by the way, it's never turned a profit. So it wasn't entirely surprising to hear the Germans had decided to try and find someone to take the investment off their hands and that was before this happened:

One detail the bank didn’t account for when it opened the Cosmopolitan of Las Vegas: a labor dispute that has reached from Nevada into the bank’s dealings with the Federal Reserve in Washington. The tenacious union that represents the hotel’s culinary workers hasn’t stopped at the usual tactics of picketing, sit-ins and traffic blockades. It has lobbied the Fed to tighten oversight of Deutsche Bank and launched a website that among other things encourages bank insiders to report allegations of wrongdoing to regulators. While the union’s ranks of maids, dishwashers, cooks and cocktail servers may not pay much attention to financial regulation, its researchers have dug deep into the 2010 Dodd-Frank law to pressure the bank to the bargaining table. “Our experience in Las Vegas over the years has been when you have a financial institution that has to run a casino for a little while, they just don’t understand the way labor relations work in the city,” said Marty Leary, a research director at Unite Here, the parent union of the culinary workers’ affiliate in Las Vegas. “We often find that we have to educate them.”

Bankers Learn What Happens in Vegas Can Land Back in D.C. [Bloomberg]

Earlier: Who Wants To Buy A Las Vegas Resort?


Area Hedge Fund Manager: Leave Harry Alone!

As you may have heard, earlier this week the lovable scamp that is Prince Harry of Wales got in a bit of hot water when he was photographed ass naked in Las Vegas, with a bunch of equally ass naked ladies, following some sort of swim meet with Olympic gold medalist Ryan Lochte. Those photographs, some of which involved a billiards table and pool cues, were subsequently run on the covers of various newspapers and the Queen, being none too pleased, told her grandson to get on the first flight back to London (apparently in a tone so scary he knew she meant business and "did not mingle with other passengers," instead remaining "in the upstairs cabin of the 747" to think about what he'd done). While it's unclear what kind of punishment the Queen has in mind, or if she's yet delivered the sort of tongue lashing generally reserved for naughty Corgis and her subjects at RBS, in the meantime many have come to the prince's defense and advised the old lady to back off, like the hedge fund manager the Times found on the tube who thinks the Queen should relax and have a good laugh about it. She'd be doing the same thing if Prince Philip ever gave her a weekend off. Among people surveyed at random in central London, including subway commuters reading about the Las Vegas incident on the front page of the tabloid the Evening Standard, the verdict was mostly thumbs-up. “I think it’s quite funny,” said John Daniels, 46, a hedge fund manager. “I’m sure most people would like to be doing exactly the same thing, especially in Vegas. This is his own private time and people shouldn’t be taking photographs of him.” For Prince Harry, Vegas Exploits Didn't Stay There [NYT]