Grubstakers - Episode 183: Deutsche Bank (Part 1)

Episode Date: August 5, 2020

In the first of our multi-part series on financial behemoth Deutsche Bank, we discuss the background of the bank that funded the Nazis, Jeffrey Epstein, and America's big beautiful president, solvency be damned. We'll continue to explore the massive house of cards that is Deutsche bank later in the week over at https://www.patreon.com/grubstakers

It's the kind of thing that makes the average citizen puke. I look at this system and say, yeah, you know, what's going on? I don't know anything about this man except I've read bad stuff about him. And I don't like, you know, I don't like what I read about him. We have more than just one coin. We create the world around this coin. Come. Invention. Come. Come. Five, four, three, two.

The evil has gone. Hello and welcome to Grubstakers, the podcast about billionaires. I am Yogi Paliwal and I'm joined by my wonderful co-hosts. Andy Palmer. Steve Jeffers. Sean P. McCarthy. And on this multi-part series, we're going to be discussing Deutsche Bank, the multinational investment bank and financial services company

headquartered in Frankfurt, Germany, and dual listed in the New York Stock Exchange and Frankfurt Stock Exchange. For this episode and the others that will follow, I read the Dark Towers book by David Inrick, Deutsche Bank, Donald Trump, and an epic trail of destruction. On this part specifically, we're going to be talking about Deutsche Bank and a string of mysterious deaths and suicides that have occurred over the last 30 years, as well as their connection to the Nazi party and a friend that has helped our SoundCloud hits, Jeffrey Epstein. That's right. We're back into Epstein dirt because when you have a German multinational bank, Epstein's going to come up. Yep, the Patreon numbers are down. We're back into Jeffrey Epstein.

Just when you think we can't come back, Epstein's going to bite you in the ass. But before we begin our episode, we're going to take a few minutes and discuss the things that we find the most interesting about Deutsche Bank. I mean, in reading the book Dark Towers, what I gleaned from it was just the powerhouse of employees Edson Mitchell would bring in to literally take over the bank and then just try and run the world with just fucking power and money and drugs and corruption. Yeah, and I'm excited for these Deutsche Bank episodes because I think it ties into a theme we've discussed on previous episodes. We've done a few different episodes about the $4.5 trillion Wall Street bailout known as the CARES Act.

And kind of a running theme with those episodes is we discussed how the CARES Act allows the Federal Reserve to ferret out money in terms of like below market loans, but also potentially asset purchases, ferret out money to these Wall Street banks secretly. And I think the hope for these Deutsche Bank episodes is that by the time we have finished, you will know why it was so important for the Federal Reserve to keep that secret. Like why they don't want you to know where this money is going. Because, you know, just according to the website wallstreetonparade.com, which I recommend a lot, they've talked about how Deutsche Bank, according to a 2016 study by the International Monetary Fund, it found that Deutsche Bank posed the greatest threat to the global financial stability, a greater threat than any other bank because of its interconnections to Wall Street megabanks and large banks in Europe. I'm quoting now, it is a counterparty to 49 trillion US dollars in derivatives, according to its 2018 annual report. 49 trillion in face value derivatives.

So Deutsche Bank, if it went down, the entire financial system would melt down. And throughout these episodes, we're going to talk about a lot of different criminal scandals. But I think it's kind of really exemplifies the Kafkaesque nature of our modern financial system, where, like we just mentioned, because of these 49 trillion in derivatives, they can't shut down this serial criminal bank. They can't do that. But they have to act like they're doing something. So Deutsche Bank is just getting all this public money, probably secretly from the Federal Reserve, among others, it's getting all

this public money, and then it's paying these fines using this public money so it's like this kabuki theater of justice um and i think like really what else better sums up our modern um state capitalism with another name neoliberal age than deutsche bank it's interesting reading through the history of deutsche bank they started out as like a relatively bank, i.e. a good one, that focuses on... I'm very much of the make banking boring again movement, I guess, where they basically just make very simple loans to people and have that be about 70% of their assets and earn a yield of 2% or 3% a year, and that's it. And that's pretty much all of their income.

So Deutsche Bank was like, it's 150 years old. And for the first 75 or so years of its history, it was doing that. And then some of the troubles that we'll get into before World War II started. And then jumping through history very briskly here. In the neoliberal period, though, there was just like a snap break in its chief executive and operating officers at the time. And they just went into an insanely risky mode

where nowadays, since the 2008 financial crisis there's lots of emphasis on risk management for banks and that's that's mostly a very good thing so they have all of these limits that they want to see that you hit in terms of how much capital you have to have on hand in order to absorb losses that might incur due to a crisis or something and so like with deutsche bank what you see is whatever the generally accepted international minimum standard is they'll just be like right at that or slightly below so they just consistently rank the worst among international banks in terms of like level of debt to equity like ifel III, the big accord for international banks, says they need 3%, they're at 2.8%.

They're just saying, you need this much to get a D-. And they just don't have that. So they just went from being a very boring, but generally very successful bank that was just slowly building up a capital base to doing all these insanely risky things like have $48 trillion to $49 trillion worth of off-balance sheet commitments to other banks. like 30 to 1 then if the value of your assets in general moves more than about three percent against you for a sustained period of time you're technically insolvent right and so just this very stark change and like that's kind of a broad way of saying wow these guys are into some crazy shit and then we'll get into specifics about that in the episode to me what's i think interesting about

this is it's a little experiment. And what happens if you allow the bank that financed Auschwitz to continue to exist? But I also find the topic interesting from a personal standpoint. In 2010, I found myself in a bus tour of Frankfurt. And the tour guide was this rather smug fellow, probably a native of the city. And he made a comment, since Frankfurt is a big banking city, he said, Yeah, you know, our banks here in Frankfurt are doing much better than America because they aren't as creative as the American banks. And so to me, this is just laying this out as just petty revenge against,

like from a weirdly patriotic place where I'm like, no, you guys can fuck up too. The guy also made actually a very racist comment as a tour guide about a black couple having a wedding in an arboretum, saying they must have done it because it reminded them of the jungle. So fuck that guy. Man, a German guy that's racist? Andy, wow. Can you imagine? Looks like Arthur Harris missed one.

You know, from the book and some articles I've read, there is one high executive named Unshu Chain, who at one point would be a co-CEO of Deutsche Bank. And Deutsche Bank and the German officials would not trust him because he was Indian and didn't speak German. But it's interesting because like Warren Buffett actually works with one of Unshu Jane's cousin. His name is Ajit Jane and Warren Buffett. So I don't know if it's unproblematic or he's so much less racist than the Germans. But Warren Buffett's like make him the CEO of Berkshire Hathaway because he's a lot better than me. I fucking suck. So the Indian blood runs through major banking in the United States and private equity, which is another notch down for Indian people, if you ask me. But to what you're talking about a moment ago, Sean, about how Deutsche Bank is one of the most dangerous banks.

I listened to a handful of podcast episodes about Deutsche Bank, and one of them I came across was the indicator from Planet Money, the NPR podcast. And the host on this fucking piece of shit would say that Deutsche Bank is one of the most dangerous banks. And then they both laughed like, haha, isn't that crazy? And man, my dick got so soft during that part. I was like, man, fuck, fuck this fucking NPR podcast that is not properly profiling the fact that Deutsche Bank is just as connected to Auschwitz as it is to Epstein and literally most tragedies in the world had to be

bankrolled by someone and in the case of Deutsche Bank they were apart some of the biggest tragedies that have happened on this planet yeah can I just say that I think the most illuminating part of the NPR planet money podcast is when they say that they are sponsored by Koch Industries. That's always the most informative part when I'm listening to that. And Deutsche Bank does relate to another thing we've hinted at on this podcast, or I've offered the conjecture without evidence that Deutsche Bank

is the new BCCI. Like one of my favorite episodes that we did, we talked about the Bank of Credit and Commerce International, this massive fraudulent bank that was used by intelligence agencies and drug cartels and everything. And something that we noticed towards the end of BCCI, when it went down, it had like, you know, $17 in its checking account with like $7 billion of deposits that had just like gone missing in the

Cayman Islands. So, you know, to get back to what like Steve is saying earlier, I think it's entirely plausible that Deutsche Bank is just totally insolvent right now and is only supported by government money. And, you know, of course, we can't prove that yet. But I think it's pretty obvious that if the US government, the German government, the European Central Bank, if they were to withdraw their support, Deutsche Bank would collapse tomorrow. Yeah, potentially. It does seem that Deutsche Bank is hanging on by a thread at this point. On the later parts of our Deutsche Bank series, we do have some anonymous deep throat sources that talk more about some of the things Sean just mentioned. But before we continue on with that, I wanted to mention one of the things that the Dark Towers book opens with. And the book profiles Deutsche Bank, but also the suicide of William Brokesmith, who was found hanging in his London home, and police ruled the death non-suspicious.

I found from a video on YouTube, his son Val said that Brokesmith had committed suicide with a dog's leash. And if you look at the reports, Val's mother would call an executive at Deutsche Bank and Unshu Jane, the individual I mentioned a moment ago, would come to their house and go to Brokesmith's computer and delete files and take some papers and leave and so the fact that the police would call this suicide not suspicious i mean val would literally say that his dad had like a skiing trip that he had on the books two weeks later like who fucking kills himself and then also has a fucking uh vacation they've already paid for I mean, it doesn't really make sense.

And the book chronicles this tale with Val and William. But there have been many suicides that Deutsche Bank has been linked to and mysterious deaths that we'll talk more in a moment. Yeah, the police were like, we see plenty of cases where the guy who commits suicide just puts a rat in his own mouth beforehand as a warning to others who might cooperate with law enforcement. But Yogi, I think you said we found at least five suspicious deaths that were, I believe, mostly ruled suicide. But another one I found, again, back to WallStrestreetonparade.com they put together a

timeline um calogero gambino 41 was found by his wife hanging uh from a stairway banister in their manhattan home gambino was a lawyer for deutsche bank who had been cooperating with u.s regulators on deutsche bank's involvement in the rigging of the interest rate benchmark LIBOR. So, you know, look, I just don't think cooperating with federal law enforcement is the kind of thing that makes a person suicidal. I think that's kind of the thing you want to do when you don't want to die. Right, right. You fixed interest rate derivatives. The interview.

Oh, man. And that's not even, you know, we'll see if we have time to get to it on this part, but that's not even including the recent shooting of a judge's son, which is, if you've been reading about MKUltra and the John F. Kennedy assassination in quarantine, your mind is just totally unable to adequately convey that news story to other people or discuss it without coming off like a lunatic yes and uh they also to continue with the level of paranoia sean is mentioning you have thomas bowers the former deutsche bank executive who signed off on the controversial loans to donald trump died last week after apparently taking his own life at 55. I mean, that's like, I don't know.

It is, this has happened late in 2019. We also have Mikel Faisiola, who committed suicide in 2015. The other case that I found was Man Mohan and his wife, Karathi Garima. This was in April 26th of this year. He was a vice president at Deutsche Bank. And she was on one of them cooking shows. But she was pregnant. And it was a murder-suicide.

Right? And on all of the reports of Mohan's death, they say that his LinkedIn's been deleted. Like, who fucking kills themselves and then has people in their life be like hey yo delete my linkedin if something crazy happens to me right one of the oddest things about some of these murders that you found another person was uh susan hewitt a former deutsch bank executive this is uh from 2013 she would be found drowned in North Wales. With this case, they think it may have been an accident

because she was trying to fix a pipe that was next to her house and then she must have tripped into the river. But I mean, the best fucking murderers fucking make it look like an accident. You know what I mean? If you're really trying to take out somebody,

you wouldn't make it look like a blatant suicide. You'd be like, nah man, they were just eating a hoagie. And then all of a sudden they choked on it on the toilet. Oh, no. Elvis is dead. That's how you get the silent assassin ranking.

Yes. Yes, precisely. I will say in their defense, though, I would like it if I died that someone deleted my LinkedIn profile. Because I don't want to be remembered as proficient in excel i used to i wrote a bit once that was like i don't i like sometimes when i'm driving home late at night i don't want to die because i don't want my obituary to be like yo yogesh poliwal died amateur comedian his set list was in his pocket and he wrote bombed that night like just that that that news is too harrowing for myself yeah if uh if i die could somebody listening to this just steal

all my papers so that the world will care just so that the internet might might investigate a little sure sure but you know this plus uh the uh car bomb incident with alfred herhausen in 1989 there have been many mysterious deaths in the deutsche bank saga and you know if you were a company that's committing massive fraud and evasion of liability and you needed to take out people that were the nicest people that would rat your ass out this is how you would do it I can't say that any of these have enough maliciousness

to warrant me outright saying that they're not suicides but the reality is the fact that these people have died when they have died and their connection to Deutsche Bank is very, very suspicious. Yeah. And the other thing we talked about on the BCCI episodes was just how much BCCI was used by both organized crime and intelligence agencies. Well, BCCI shut down in 1991. Organized crime and intelligence agencies, they still need a bank to do what bcci was doing

so again there's a lot of smoke there's not yet any solid proof but it seems like at least to an extent deutsche bank has uh fulfilled that role for people like russian mobsters and uh maybe very potentially intelligence agencies and you know you know, when we talk about Deutsche Bank, you know, the reason this first part is focusing on Nazis and Epstein and these murders is because I really want our listeners to know that this bank is connected to all of the atrocities, even if something else was bankrolled by a different bank. The fact that Deutsche Bank survived, and this is their 150th year in 2020, is indicative of the crimes that they committed in Auschwitz

to around the world with bankrolling people like Epstein to funneling money from crime from all over the world and laundering it. I mean, there's nothing about Deutsche Bank that is positive for the world outside of the fact that we get to do this stupid fucking episode.

But I would say it is a marker of progress that the people who funded Auschwitz can have a profitable relationship with a Jewish financier. And to continue talking about the crimes of Deutsche Bank, we're going to talk for a moment about the Salas family who lost their son, the gunman who killed the son of Esther Salas. This is the judge who was recently assigned to the Epstein-Deutsche Bank case. This individual, the gunman who killed himself, is linked to the private CIA that was run by Jules Kroll, Nick Kroll's dad, who has made many, many great television programs and just really has made the world laugh. I mean, honestly, without Nick Kroll's comedy, would we really, would any of us be as good as we are? No, but the privacy that Jules Kroll run,

this individual. I think Nick Kroll has made up for his dad's crime by bringing us so many smiles and belly laughs throughout the years. The collective weight of his Netflix show actually undoes his role in 9-11. But yeah, so the gunman in this incident is linked to Jules Kroll's former private CIA. And that group is connected to Weinstein. I mean, obviously the worst criminal of all, Nick Kroll, and they're tied to Tig Notaro.

But I mean, everyone from Bill Clinton to George Bush Sr. to the IDF. It's a worldwide investigation organization that has now also helped kill this person's son. There's a policy at Kroll that there can only be one big mouth. Yeah, the shooter is allegedly Roy Den Hollander, kind of a men's rights activist attorney. You could say something of a caveman. He's sued bars over offering ladies' night drink specials because it discriminates against men he sued he sued columbia university uh for offering women's studies courses

uh so a real dude's rock kind of guy certainly uh he also apparently was involved in a lawsuit trying to get the uh men's only selective service draft thrown out which judge solace um was overseeing and apparently she agreed with him but according to various press or like she ruled in his favor but according to various press accounts he thought she wasn't going fast enough there's allegations that he was dying of cancer um when when he went on this shooting stuff but like yogi mentioned it's just very weird that he was, apparently he worked as a private investigator for Kroll Associates in Russia throughout the 90s, which was a very shady time when plenty of, you know,

everything that wasn't nailed down was being stolen out of Russia. And we did, of course, as Yogi mentioned, an episode on Jules Kroll on the Patreon if you want to hear more about Kroll Industries and why we say it is basically a private CIA. And to connect it more to Deutsche Bank, the article talks about how KBRA, the Kroll Bond rating agency, which was supposed to be a credit rating agency on steroids, they would frequently speak to the media outlets

where they comment on the state of various businesses, Deutsche Bank being among them. Given the amount of overlap between Deutsche Bank and KBRA, it is unsurprising that KBRA has lobbied in the press on Deutsche Bank's behalf. So, like, you know, they're bedfellows when it comes to supporting one another and the crimes they commit and turning a blind eye when it comes to anyone criticizing them. Yeah, and just to talk briefly about the actual lawsuit, because we should offer the disclaimer for our listeners, this could have gone down exactly the way the official story says it went down, which the official story is that this men's rights attorney goes to California

and shoots dead one of his rival men's rights attorneys that he had a very undudes rock beef with because he thought he was beating him at the selective service case by filing a similar lawsuit. But the official story is he shoots him dead in California, flies back to New York, shoots the judge's son dead, wounds her husband, drives about two hours away and commits suicide in the woods. His body found in Rockland, Sullivan County, New York, two hour drive away from the judge's house. And apparently he left like a note there. So, you know, maybe it went down exactly the way they say it went down. But when we talk about the Epstein Deutsche Bank case, what happened was, and we'll talk about this part of it a little more later, Deutsche Bank has settled with the New York State, not the federal government, New York State,

for about $150 million in relation to compliance oversights and money laundering, these kinds of charges for the Jeffrey Epstein bank account that they were handling. So they paid New York State $150 million, and then in turn, investors in Deutsche Bank sued Deutsche Bank after this $150 million settlement, because they said Deutsche Bank lied to us, we lost money by investing in Deutsche Bank, they misrepresent it, they're seeking unspecified damages.

And basically a few days before the shooting, Judge Salas had been assigned to oversee that case. So it's just one of those cases where I would be shocked if it actually went to trial, because if it went to trial, they could theoretically get a bunch of files from Deutsche Bank about Jeffrey Epstein and Discovery. And, you know, who knows what's in there if it is maybe, maybe not an intelligence linked, organized crime linked bank. And moving along, it is worth noting about Roy Denhollander that apparently he, in 1993, he addressed the Kremlin. He married a Russian woman in 2000. The two separated nine months later. He's accused her of having ties to russian organized crime and in september 2016 he uploaded documents to his website with contact info for russian

lawyers who should be contacted quote if something happens to me unquote so you know between kroll industries the russian mafia um we don't know yet how much of it is he's just a crazy person but there is a a lot of smoke a lot of shady connections with with this case certainly so to open the bio on deutsche bank as a bank they've been around for 150 years uh the bank was started by uh edelbert dillbrook uh from the book uh dark towers uh this is a. From the book Dark Towers, this is a quote from the book, a group of German businessmen had established the bank along with Siemens to facilitate international commerce,

especially between Germany and other European companies, and most important, to free German firms from relying on the dominant British banks to finance their international growth. Deutsche Bank didn't provide banking services to individuals. Its sole focus was on rapidly growing industries. Within two years, the bank had outposts in Japan and China. By the 1880s, it was lending money to German companies in South America and the United States and financing the Tsar's Russian railroads projects in the Balkans and the Middle East followed, including a railway

stretching from Istanbul to Baghdad. When they were approved in 1870, they had the approval of the King of Prussia. They opened the doors for business, and they were under the directorship of George von Siemens, with five million Thalens in capital. So like I mentioned, in the first two years, they would open a branch in Shanghai and Yokohama. In 1873, they would open a London branch, Deutsche Bank's most important foreign branch until its closure on the beginning of the First World War in 1914. They would acquire Berliner Bank Wern in 1876.

They would participate in the Northern Pacific Railroad Company in the U.S. in 1876. They would participate in the Northern Pacific Railroad Company in the US in 1883. The Turkish government in 1888 would grant Deutsche Bank a lead consortium, the first concession to build and run the Anatolian Railway linking Istanbul and Ankara. So within the first 10 years, they're building the railroads of the world and really industrializing when it comes to what the modern world is today i mean you could argue that someone like hitler would see that and be like hey we need some of that on our side because we got a lot of fucking shit to do in the near future um to continue on with this in

1914 they would acquire a burghish makish bank which would increase the branch network from eight outlets to 46 and in 1929 deutschbank would merge with disconto gersh loft to form deutschbank und disconto gersh lot and then in 1933 the nazis would come to power in germany beginning the period of collaboration between deutschbank and the the Hitler regime, Jewish board members would be ousted from Deutsche Bank boards. Yogi, what was that bank they merged with again? If you wouldn't mind pronouncing it for our listeners again. In 1929, they would merge with Deskanto Gesellschaft to form Deutsche Bank und Deskanto Gesellschaft. Gesellschaft.

That sounds like the hook in a black metal song. I want our listeners to know that for a lot of this bio, I had to look up Deutsche Bank history in German and then translate it with a German to English translator.

Because if you just went to Deutsche Bank history English, they only give you like two paragraphs. And it's literally like, we started in 1870. And then by the 1950s, we were doing pretty good. Like it like skips fucking 70 years in the middle. Yeah, I think we've had that problem with a few different German billionaire episodes where I guess the German attitude is like,

we don't have to tell these fucking Americans. It's also like the American attitude is like, I don't have to tell these fucking Americans. It's also like the American attitude is like, I don't know, there was Hitler, and then I guess there was some stuff before and after that. We were all on vacation. They're just so desperate to present any non-Nazi history to the Western world, because they know every fucking Brit and American

who looks at it is going to skip right to 33 to 45 but yes the nazis and deutsche bank would have a relationship that went hand in hand like hitler's deformed penis and jeffrey epstein's deformed penis yeah i previously read the book um wages of Destruction by Adam Tuzzi, and it briefly mentions Deutsche Bank in a few different spaces. He says that during the Weimar Germany period, before the Nazis came to power, Deutsche Bank collapsed, of course, with the Great Depression, Black Friday. Deutsche Bank had to be bailed out by Weimar Germany. And so by 1931, the state had a majority share of Deutsche Bank. And there was actually talk among, let's say, the Strausserite kind of faction of the Nazis, the more economically left

faction. There was talk about nationalizing Deutsche Bank and these other banks. But of course, when Hitler came to power, they pursued a different course. His president of the Reichsbank, Halshimar Schott, he set up extensive oversight and regulations, like he set up reserve requirements, but he allowed Deutsche Bank and these other banks to remain and operate as private banks throughout the Third Reich with, you know, regulations. Yeah, from the reference for business on Deutsche Bank, it talks about, there's a direct quote of the strategy, but by 1936, a significant percentage of industrial production had been switched to the manufacture of weapons and munitions, and re-employment had become re-enarmment. Deutsche Bank supported the program

through the purchase of government securities, and in 1933 and 1934, like I mentioned, three Jewish members of the board of managing directors, Oskar Wasserman, Theodor Frank, and George Solomonson were forced to resign. So, you know, Deutsche Bank would play a major role in the Holocaust and in the Third Reich. And anytime you hear someone be like, well, I mean, Deutsche Bank's just a bank. They're not fucking, you know know they ain't do nothing crazy it's like no uh nazis wouldn't have done nearly what they were able to accomplish if it weren't for companies like deutsche bank but also specifically deutsche bank i mean they helped the world build railroads and industrialize from 1870 to that point and hitler went yeah all that shit you did for them i need

you to do that for me so i can murder uh jews and and and um romanis and and lgbtq community and you know in a speech david inrick would give like at a book reading he would basically when somebody asked like did deutsche Bank know they're doing this? Ehrenreich is like, yes. You know, all of the documents from this time have been destroyed. So you can't specifically see like, oh, this person did this. But I mean, firing these three Jewish people that were on the board of managing directors to, you know, taking the profits from gold, stealing from Jews to help build Auschwitz to, you know, taking the profits from gold, stealing from Jews, to

help build Auschwitz, to, I mean, most likely helping them figure out how to do the railroads in between troops to slaves. It's harrowing stuff. And, you know, one of the reasons why I want to talk mostly about Nazis and Epstein in this is because for 150 years this company is responsible for major tragedy and genocide all over the world. You know it's very easy to use Epstein and Trump as like the example and the biggest things that Deutsche Bank did that are fucked up and there certainly are huge examples of it but Deutsche Bank is linked to organized crime in the worst fucking ways possible and every billionaire we've talked about has a hand in some of this I mean I don't know if we can

necessarily say every billionaire has a Deutsche Bank account but they are linked to fucking everything and um the the time that they spent taking over uh the banks before the nazis would come to power would only help the nazis stay nazis i like to imagine some of our racist european listeners were very upset when yogi stopped himself from saying gypsies and said romani instead hey man the romani's came from rajasthan like me and anchu jane incidentally it's not like deutsche bank needed to do business with the nazis in order to remain solvent as a group they had just like yogi detailed they had it's an it's been an international bank from the beginning that was the whole reason they set it up to do international investment banking for things like railroads in japan eastern europe and the u.s

among other things so i mean they could just say all right we're like i'm not gonna do this i'm not gonna be part of this and close down the german office and move their headquarters to somewhere else it would be expensive but they could have done it but in either case though whether they were forced into it by the nazis or whether they willingly did it by the nazis it's wrong either way it has the same ethical weight so like financing the construction of outchwitz is wrong regardless of the level of complicity definitely and you know one can make the argument that this was individuals acting in bad faith through the institution but the institution has since changed and that's not the case a lot of the people who were you know financing auschwitz uh with deutsche bank after the after the war was

over you know some of them got a slap in the wrist i think uh herman uh obs uh he was he's got we talked about during uh the episode where he talked about the family the um which is profiled by book and uh by jeff charlotte like he was sometimes referred to as hitler's banker just he got he got like a four month i think hard work sentence uh his defense after the allies invaded and he was tried for war crimes was that um hey i was just in it i wasn't in it to do the war crimes i was just in it to make money and i'll make money for for the allies now now that the war is over and they kind of bought that you know he got his slap on the wrist sentence then he went right back to deutsch bank yeah and we've mentioned aryanization before we should just explain that the quote-unquote Aryanization policy of the Nazi government throughout the 1930s, they put pressure on companies to fire Jewish employees and managers, but also any Jewish-owned business.

They put heavy pressure through the explicit and implicit threat of violence to sell. Jewish businesses sell their assets. So Deutsche Bank was, of course, complicit in this. You know, they're a bank. They can broker these sales, take a little transaction fee. They were able to buy up assets from Jewish banks, you know, at fire sale prices. And I actually saw there's like a 95 New York Times article on this where I think it's an official Deutsche Bank historian kind of equivocates and offers the defense that Deutsche Bank, you know, at least they made sure Jewish people were able to get some money for their property. Wow. And, you know, that's just extremely fucked up because from the same New York Times article, by 1938, when the expropriation of Jewish-owned property and business became public policy, the bank had assisted in the forced transfer of 330 companies from Jewish to Aryan ownership. So, you know, at least 330 companies, they collected their sale because the Nazis were forcing them to sell it at fire sale

prices. And then they also were able to buy up a bunch of assets on the cheap throughout the 1930s. And then, as Andy mentioned, they get to keep that shit after the war and make money on it to this day. Also worth mentioning, they helped launder Nazi gold, as everyone probably knows. That includes teeth, gold fillings taken out of Auschwitz victims. And like I mentioned, a lot of these documents were destroyed. But in 99, there was a New York Times piece about how Deutsche Bank linked to Auschwitz funding. And Manfred Pohl, the director of the bank's historical institute, said it was the first time

that Deutsche Bank had been linked to the financing of companies that built the Nazi death camps. The archivist had found detailed loan records to construction companies that built facilities for the Waffen-SS, Auschwitz, the camp security police. They also found records of loans by Deutsche Bank to companies for the construction of the IG Farben chemicals plant adjacent to Auschwitz. In the end of this article, it talks about how it could take 10 years or more to sort through the Deutsche Bank archives. The opening of the Berlin Wall and new records found in Eastern Germany, the archives now cover 9.5 kilometers of shelf space. So, you know, similar to how, like, you know, the Paradise Papers were, like, you know, in PDFs. And so you couldn't just, like, directly, like, scan stuff. With these files, like, when they found them, they're like're like holy shit there's fucking so much in here i'm i wouldn't be shocked if there was more in these files that we don't know about

because deutsche bank was able to cover up their involvement for you know a few decades until this stuff had come out so if grub stickers was on in 98 we would be like well we can't link them to the nazis exactly but we know they were around then you know it was fucking horrendous yeah apparently Deutsche Bank they reviewed actually the construction plans of Auschwitz they didn't just finance it so you just imagine the Deutsche Bank officials looking at you know

the building plans and being like what's this thing marked stairway to heaven what's this thing labeled secret playpen what's this thing labeled um twin experiments chamber two it says it says here on the plans that you need a lot of dirt to muffle the screams five five million reichsmarks really like raising your hand in the meeting like sorry i don't want to be a bother but it says here you've got the barracks for the workers i've noticed there's

there's no insulation aren't they gonna get cold if there's no insulation in the barracks where the workers are do i should being uh employees get the first draft of the budget, and they're just going through each line item. Now, I've noticed that the planned capacity for this is way lower than the number of individuals that you plan to transport to this location. Are there plans to expand the barracks in the near future? Yeah, for a property this large, we don't recommend a kitchen this small. We're not sure how you're going to be feeding all these people on this property.

You can't guarantee a resale value with this much tied up in gas canisters. I don't want to sound ungrateful, but that gold you sent us, it seems to have some cavities in it. So if I could get a little bit of a discount i don't know if you put a bunch of sugar on that gold but uh from that 95

piece that sean was mentioning that uh doja bank would commission this uh book on the 125th anniversary that extent which the bank was a victim of its times as well as the degree to which personal and competitor of posturing among its leaders took priority over common sense and decency just i mean the fucking level of like hey i mean listen everybody was nazis back then i mean come on can you really blame deutsche bank for jumping in and hanging out with them yeah but i think that's a running theme of this podcast whether it's you know slavery chattel slavery whether it's the holocaust um whether it's you know extermination of the native americans theft of their land all the people who made money off

this shit are still collecting the checks to this day capital doesn't just go away yeah there's always going to be a layer of bourgeois who will who will try their hardest to make an atrocity seem normal when it's happening especially if they're making money off of it definitely hey we're living in one right now yes we are there's cages with with people living there at the border but at least they have beds in there yeah but i don't i don't see how that relates to deutsche bank using a pandemic to get access to several trillion dollars in below market loans while everybody is freaked out and distracted well guys to end this episode on a lighter note we should probably talk a little bit about jeffrey epstein that's right jizzaine Maxwell's boyfriend, the man that Donald Trump wished his now ex-girlfriend

that I hope she, I wish her well. Jeffrey Epstein, one of many individuals who would profit from Deutsche Bank's buffoonery. He would take out several loans and Deutsche Bank would be like, yeah, this Epstein guy seems pretty cool. Can I just say how big of him it was to work with Deutsche Bank knowing this history? That's the power of forgiveness. It's like hatred destroys not your enemies, it destroys yourself. So if you can get over that hatred and have a profitable business relationship with a bank like that, it says he's a big person in my mind.

But yeah, to talk about the Jeffrey Epstein Deutsche Bank connection, we mentioned earlier the New York State Department of Financial Services. It settled for $150 million over Jeffrey Epstein-related money laundering and lack of due diligence by Deutsche Bank. And again, this is important. This is a New York State agency. This is not the federal government. The federal government, you know, maybe they'll bring action, but it seems like they've really been asleep at the switch here, perhaps intentionally so. But the thing about this New York State Department of Financial Services settlement is that they have, I think, a 37-page consent decree, which you can read. I can go over a couple excerpts from it that goes through what exactly Deutsche Bank and Jeffrey Epstein were doing. But the thing is, it keeps the names of everybody involved secret.

So I do want to give credit to James B. Stewart at The New York Times and whoever he was working with, they went through this settlement and they actually found the names of everybody that both Deutsche Bank and the state government decided to keep secret in this settlement. And interestingly enough, they found apparently one of the employees that was named in this settlement as helping Jeffrey Epstein is still working at Deutsche Bank. Apparently Jan Ford is the bank's head of compliance in the Americas.

She's still employed by Deutsche Bank. And so the people in the consent decree are identified as relationship manager one is actually Paul Morris. He was the go-to point person between Deutsche Bank and Jeffrey Epstein. But the weird thing is he had previously had that same role at JPMorgan Chase. So, you know, he was doing the Jeffrey Epstein account at JPMorgan Chase.

Then apparently in 2013 or so, after Jeffrey Epstein's 2008 conviction, he got too hot for jp morgan chase so he goes over to deutsche bank but not only that his point man at jp morgan chase goes over to deutsche bank with him and according to the new york times uh he emailed higher-ups at deutsche bank he noted that the epstein relationship could generate annual revenue of up to four million u.s dollars and that's unquote and so uh what i'm hearing is that uh this fellow is a loyal friend um and then it also the new york times names executive number one is charles packard the head of deutsche bank's american wealth management division and the article is pretty interesting it goes through all these different meetings about

jeffrey epstein because there were numerous Deutsche Bank meetings about Jeffrey Epstein. And they just kind of go through the emails, and they find, you know, paraphrasing one guy, but essentially he says, I have concerns, but if executive number one says it's okay, I'll defer to him. So Deutsche Bank has a long history of just following orders. Yeah, certainly. From another New York Times, it talks about the fact that the payments to his alleged co-conspirators, money wired to Russian models, a cash withdrawal of $100,000 for tips and household expenses. When Epstein would move his money, Deutsche Bank didn't ask any questions. So, you know know we're going to talk about this more in the later parts of our Deutsche Bank series here but the amount of

you know oblivious blind eye that Deutsche Bank employees would turn to corruption throughout the corporation is legitimately some of the most frat house douchebaggery i've i've ever read in my life i mean the the just the level of like a bank they know what they're doing that has now disappeared in my lexicon is uh frightening because there's no amount of big banking that has any shred of dignity after what i've learned about what's going on with Deutsche Bank. Because when it comes to them and them paying off regulators in Frankfurt, more things like that we'll cover in the next few parts. Just all the banks have some hand in this level of corruption. It's just the ability to cover it up that other banks are better at. It's also interesting. if you're wondering about the

types of characters that uh doja bank has attracted in recent years when they're really americanizing in the uh late 90s i believe it was uh they had to issue a directive to their new hires on how to pronounce it because uh every everyone that they were hiring was calling it douche bank yes that's right it's the best and brightest that's well whenever whenever i read or hear their name that's like what i actually hear yeah it's like mr robot where it's like evil evil corp right right right um and to quote from the new york times again just to like make you aware that these employees knew, you know, this is before the 2019 charges against Epstein. Deutsche Bank takes Jeffrey Epstein as a client in 2013. New York Times quotes from 2015 emails from employees, and this is an exact quote, worried that, quote, 40 underage girls, four zero, had come forward with testimony of Epstein sexually assaulting them, unquote. So they were actually talking on email about 40 underage girls had come forward with testimony about Epstein assaulting them back in 2015.

And then apparently to allay these concerns, Executive 1 and Relationship Manager 1, again, Paul Morris. Said, get back to me when it's 50. Relationship relationship manager, one Paul Morris, executive one Charles Packard to allay these concerns. Quoting from The New York Times, they, quote, met with Epstein at his East 74th Street, East 71st Street mansion in January 2015 and asked him, quote, about the veracity of the recent allegations, unquote. No one took notes. The bank told regulators it had no record of the substance of this meeting. So this sounds like the kind of meeting where they showed up dressed as pizza delivery guys, and then some groove music started playing. And, you know, who knows what happened from there. But apparently this meeting, Epstein was convincing enough and executive number one allayed everybody's concerns. So people said if executive number one says it's okay, if he's the one who's going to take responsibility, we're fine with taking and keeping Epstein as a client.

Yeah, man. It's crazy how Deutsche Bank, they just like, you know, when we learned about, like, BCCI and just the level of corruption going on there, I remember being like, man, this shit's fucking nuts, but thankfully nothing like this happening anymore, and we kept referencing, like, the 2008 financial crisis, and I remember kept being like, I kept thinking to myself, man, all these people that committed these crimes didn't get arrested they just went to other companies like isn't this shit gonna happen again soon like how is this not on anybody's mind and then reading about Deutsche Bank boy uh yes it's happening now

well speaking of went to other companies Yogi So Deutsche Bank only terminated their relationship with Epstein in late 2018 when the Miami Herald piece came out, the long piece with all the interviews with victims. And then apparently Mr. Morris, relationship manager one, he's since left the bank and went to Merrill Lynch, where he's a private wealth advisor, and Mr. Packard, executive number one, he joined Bridgewater Associates, the hedge fund founded by Ray Dalio. So future episode on

billionaire Ray Dalio, who has an Epstein-connected bank executive working with him for some particular reason. And in our future parts, we're going to be discussing the rest of the history of Deutsche Bank, the connections with Donald Trump, among other members of the elite that would work with Deutsche Bank, and some Russia connections as well. This part had a handful of people reach out to give us some sources and I read David Enreich's book as well as J.A. Grafagino's The Fix Is In

just the level of corruption at Deutsche Bank is truly some of the most tomfoolery in terms of high end banking I'd ever read about. It's not necessarily the fact that I didn't believe anything like this could happen, but when we've talked about billionaires and how they've amassed hundreds of millions to billions of dollars, there is at least some sort of like, well, they created jobs or some sort of bootlicker argument. But with the level of just straight-up greed that the Deutsche Bank employees exemplified in these books,

I cannot say any fucking good came out of it. They empowered fucking leeches to act like wolves, and they have bled the country and the world dry to their advantage. And we'll keep following this story on the preceding episodes on our Patreon. But I do want to note the link to JPMorgan Chase again. JPMorgan Chase had a bank account for Jeffrey Epstein for 15 years until 2013. And then, of course, he went to Deutsche Bank. According to Wall Street on Parade, the number one counterparty for Deutsche Bank for these

49 trillion of derivatives we mentioned is JPMorgan Chase. So it does seem like there is this kind of relationship where Deutsche Bank is like the dirty bank. It's like if you have two computers, it's the one that you put the porn on and has a bunch of viruses. You know, JPMorgan Chase is like more upright. But, you know, of course, Epstein gets too hot. So 2013, they dump him. Right. But it is just like, it does seem like the dumping ground for the financial system, Deutsche Bank.

And we'll talk about some of the interlinks there. And, you know, also Wall Street on Parade. They go through this aforementioned consent decree, and they make the point that I think is a good point, which is you have to assume everything listed in the consent decree, you know, Epstein paying out like $13 million to various law firms, Epstein paying out cash to buy off potential co-conspirators, and, you know, also probably taking out, you know, seven, taking out hundreds of thousands of dollars in just straight cash, probably to pay prostitutes or whoever. Everything mentioned in that consent decree, you have to assume he was doing during the 13 years he was a client of JPMorgan Chase. Mm-hmm. So, we'll talk a bit more about the consent decree on the next part. But, you know, it's not just one bad apple. It's the entire interlinked financial system.

And with that, this has been Grubstakers. I'm Yogi Poliwal. I'm Eddie Palmer. I'm Steve Jeffries. I'm Sean P. McCarthy. Thanks for listening. We'll see you on the Patreon. Bye.