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> the entire state machinery – politicians, regulators, intelligence agencies, banks – was complicit in the fraud because they wanted to take credit for a Germa
by sva_ 4y ago
> the entire state machinery – politicians, regulators, intelligence agencies, banks – was complicit in the fraud because they wanted to take credit for a German company making its name among the silicon valley elites.
I like how we all seem to accept this as a fact, like Germany couldn't actually have a great financial company, and seem to completely ignore the possibility of good old real corruption. But yeah, corruption luckily doesn't exist in this country.
- blibble 4y ago> I like how we all seem to accept this as a fact, like Germany couldn't actually have a great financial company what, Deutsche Bank doesn't count?
- Kalium 4y agoWhen you're looking for a national champion fintech company, a 150-year-old stodgy bank doesn't quite fit the bill
- WeylandYutani 4y agoIn the Netherlands stodgy banks are responsible for 80% plastic card use, SEPA instant money transfers and internet banking.
- jgalt212 4y agoI think you should probably poll some current and former DB employees on this one.
- blibble 4y agoI guess obvious sarcasm isn't so obvious
- throwaway2037 4y agoThe commercial side of DB is rock solid. They are considered a powerhouse corporate lender, deeply embedded within the German economy. On the whole (compared to other highly advanced economies), Germany companies prefer to borrow money from corporate banks directly, instead of issue bonds. (The aversion to capital markets in Germany is bizarre to me.) And corporate borrowers prefer a national champion, rather than a foreign competitor. (Massive lending [infra, etc.] that requires syndicates of commercial banks are another story.) On the other hand, the investment bank side of DB... Sigh, that is another story. Wildly incompetent management. (See also: Credit Suisse) I cannot believe that the regulator or Bundestag (Parliment) did not force them to spin out the IB. If the corporate bank sinks with the IB, it would cause serious economic damage in Germany.
- throwawaysleep 4y agoEuropean culture largely precludes big leaps in innovation, especially corporate innovation. I say this as a Canadian. Our culture has the same problem for different reasons. Google could never have arisen in Canada. Not Tesla.
- jahnu 4y ago> European culture largely precludes big leaps in innovation This is such a bizarrely popular statement on here. It's a huge claim and usually presented without evidence or nuance. Just start deconstructing it by asking simple things like, "what are the biggest innovations to come out of Europe that Google relies on?" and start from there.
- alphager 4y agoYou missed this part: > , especially corporate innovation. And it's true. Europe is great at inventing the stuff that the US then uses to make billions.
- jahnu 4y agoThat’s not what I responded to which is why I left it out. The main claim is explicitly stating Europe cannot innovate due to culture. Which is just ridiculous and I wish that such claims weren’t so prevalent. By all means lets have discussions about relative levels of financing, entrepreneurship, research and development. But let’s not be lazy in our comparisons and also present even just the tiniest little bit of evidence when making a dramatic claim. Let’s be curious in the spirit of this forum but not let hyperbole pollute the discussions.
- personomas 4y agoIt's a Tax problem and a Socialism problem more than culture problem. Socialism means taxes, and high taxes stifle innovation.
- throwaway2037 4y ago