Almost eight years ago, the former CEO of Bear Stearns appeared on CNBC to say that they were fully capitalized, and had $26 billion in liquidity. Three days later, the 85 year old institution was gone forever.
Subsequently, other long-standing banks would also fail during that tumultuous year, with executives and business news analysts lying to investors who lost everything by not getting out while their shares were still available to be traded.
Fast forward to 2016.
Germany’s largest financial institution Deutsche Bank stands on the cusp of the next ‘Lehman Moment’, and once again members of the bank, along with business analysts, are downplaying their straits as being of ‘little note’.