!! History Commons Alert, Exciting News

Context of 'October 2002: Deutsche Bank Reports Says Saddam Hussein’s Removal would Benefit US and British Oil Companies'

This is a scalable context timeline. It contains events related to the event October 2002: Deutsche Bank Reports Says Saddam Hussein’s Removal would Benefit US and British Oil Companies. You can narrow or broaden the context of this timeline by adjusting the zoom level. The lower the scale, the more relevant the items on average will be, while the higher the scale, the less relevant the items, on average, will be.

Mayo Shattuck III resigns, effective immediately, as head of the Alex Brown unit of Deutsche Bank. No reason is given. Some speculate later that this could have to do with the role of Deutsche Bank in the pre-9/11 purchases of put options on the stock of companies most affected by 9/11. Deutsche Bank is also one of the four banks most used by the bin Laden family. [New York Times, 9/15/2001; Wall Street Journal, 9/27/2001]

Entity Tags: Osama bin Laden, Deutsche Bank, Mayo Shattuck III

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

A rare follow-up article about insider trading based on 9/11 foreknowledge confirms that numerous inquiries in the US and around the world are still ongoing. However, “all are treating these inquiries as if they were state secrets.” The author speculates: “The silence from the investigating camps could mean any of several things: Either terrorists are responsible for the puts on the airline stocks; others besides terrorists had foreknowledge; the puts were just lucky bets by credible investors; or, there is nothing whatsoever to support the insider-trading rumors.” [Insight, 6/3/2002] Another article notes that Deutsche Bank Alex Brown, the American investment banking arm of German giant Deutsche Bank, purchased at least some of these options. Deutsche Bank Alex Brown was once headed by “Buzzy” Krongard, who quit that company in March 2001 and became Executive Director of the Central Intelligence Agency (CIA). “This fact may not be significant. And then again, it may. After all, there has traditionally been a close link between the CIA, big banks, and the brokerage business.” [Business Line, 2/11/2002]

Entity Tags: A.B. (“Buzzy”) Krongard, Deutsche Bank, Central Intelligence Agency

Timeline Tags: Complete 911 Timeline, 9/11 Timeline

Deutsche Bank publishes a report, titled Baghdad Bazaar Big Oil in Iraq, which analyses the large stakes that certain countries and oil companies have in the United State’s conflict with Iraq. It notes that the removal of Saddam Hussein would benefit US and British companies, while Russian, French, and Chinese companies would benefit from a peaceful outcome. Either way, companies from many different countries are positioning themselves for a role in Iraq’s post-conflict oil industry, the report says. [New York Times, 10/26/2002; Friends of the Earth, 1/26/2003]

Entity Tags: Deutsche Bank

Timeline Tags: Events Leading to Iraq Invasion

Troubled insurer AIG discloses that several US and European banks have been beneficiaries of the government’s bailout of the insurance company (see September 17-October 7, 2008). It announces that more than $90 billion was paid to various banks between the September bailout and the end of 2008. The banks include Goldman Sachs, Société Générale, Deutsche Bank, Barclays, Merrill Lynch, and Bank of America. Goldman Sachs, which received $12.9 billion between mid-September and the end of December—making it the largest beneficiary, will later say it did nothing wrong by accepting payments to close out trades before and after the insurer was rescued. [Reuters, 4/17/2009]

Entity Tags: Barclays Bank, Bank of America, Société Générale, Goldman Sachs, AIG (American International Group, Inc.), Deutsche Bank, Merrill Lynch

Timeline Tags: Global Economic Crises

Ordering 

Time period


Email Updates

Receive weekly email updates summarizing what contributors have added to the History Commons database

 
Donate

Developing and maintaining this site is very labor intensive. If you find it useful, please give us a hand and donate what you can.
Donate Now

Volunteer

If you would like to help us with this effort, please contact us. We need help with programming (Java, JDO, mysql, and xml), design, networking, and publicity. If you want to contribute information to this site, click the register link at the top of the page, and start contributing.
Contact Us

Creative Commons License Except where otherwise noted, the textual content of each timeline is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike