Deutsche Bank rejects German government aid

[Pat McCotter]

Some sanity in the world?

Deutsche Bank posts first loss since WWII, rejects state aid     
Feb 5 07:05 AM US/Eastern

Germany's biggest lender, Deutsche Bank, on Thursday posted its first annual loss since World War II after a terrible fourth quarter but said it would survive the global meltdown without state aid.

Chairman Josef Ackermann said the bank did not require government assistance and would pull out of the financial crisis on its own.

Deutsche Bank reported a net loss of 3.9 billion euros (5.0 billion dollars) for 2008 after a massive loss of 4.8 billion euros in the fourth quarter alone.

For 2007, Deutsche Bank have posted a record profit of 6.5 billion euros.

While other major German banks have benefited from a government rescue plan for the sector, Ackermann told a press conference: "We want Deutsche (Bank) to succeed in pulling out of this crisis by itself."

Ackermann added that he saw no "dramatic" risks in the bank's accounts.

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[John Edward Mercier]

Not really both Wells Fargo and JP Morgan Chase put up quite a bit of stink behind closed doors... rumor is that Wells went so far that it almost got sanctioned. My guess is they were going to the media, and that would have blown all cover the federal government was trying to give to Citibank.