Tuesday, March 20, 2012

A bankster foregoing profits in food speculation?

This a VERY small step towards returning the banking community to the civilized world.  But we must celebrate even tiny steps because it might signal a turn.
DEUTSCHE BANK: We Will No Longer Create Certain Securities Until We're Sure They Don't Contribute To Food Poverty

Rob Wile | Mar. 20, 2012

Nodding to global pressure on reckless financial institutions, Deutsche Bank has announced a renewed focus on real existing banking markets.

In a forward to its annual report released today, Deutsche Bank CEO Josef Ackermann said the bank was actively reviewing whether certain trading desks are contributing to the broader economy.

In particular, the bank was reconsidering whether it would continue offering speculative products in agriculture markets, and had established a working group to study the issue.

From the press release:

In addition, Deutsche Bank has established a working group that is currently looking in great detail at the causes and effects of highly volatile, and above all, rising agricultural commodities prices. While the working group continues its analysis, the bank will refrain from setting up any new exchange-traded investment products based on basic foodstuffs this year. Moreover, Deutsche Bank shares the view of the G-20 countries that markets for agricultural commodities derivatives should be made more transparent and control mechanisms strengthened in order to prevent misconduct.

In February, the bank announced it had suspended issuing seven commodity exchange-traded notes.

The bank also announced it was terminating relationships with cluster bomb manufacturers.  more

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