Monday, September 05, 2011

(BN) Ackermann Says Market Conditions Are Reminiscent of 2008 Financial Crisis

Of course, we said it first: It's 2008, only more so.

Ackerman concurs, a couple of weeks later.

Sept. 5 (Bloomberg) -- Deutsche Bank AG Chief Executive Officer Josef Ackermann said conditions in the stock and bond markets are reminiscent of the financial crisis of late 2008.

“The ‘new normal’ is characterized by volatility and uncertainty -- not only in respect to market developments, but also in consideration of the future of the financial branch,” Ackermann said today at a conference in Frankfurt organized by Euroforum. “All this reminds one of the fall of 2008, even though the European banking sector is significantly better capitalized and less dependent on short-term liquidity.”

But we already told you that. And we told you why. And who can fault him for prepping with what is arguably the most influential blog ever?


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