By Mike “Mish” Shedlock (Guest Post)
Josef Ackermann, CEO of Deutsche Bank admitted the obvious with statements recognizing that many organizations will fail at mark-to-market pricing. To show you the Fantasyland world these bankers live in, Ackermann also believes European banks are now much better capitalized and less dependent on short-term financing. Courtesy of Google Translate please consider Many banks will not survive if forced to value sovereign debt at market prices. “The chairman of Deutsche Bank, Josef Ackermann, today highlighted another obstacle to resolving the debt crisis…
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