Deutsche Bank: tomorrow is today

When other banks were taking painful write-downs on their stockpiles of toxic assets at the height of the crisis, Deutsche Bank opted instead for the “pay me later” approach. Later has now arrived. The German lender’s second-quarter results were good, buoyed – like those of so many of its rivals – by the active market for trading bonds. But the performance missed greatness. And that had a lot to do with the after-effects of the nifty crisis management that helped Deutsche avoid the state’s embra...