Conor Rafferty's Reviews > Dark Towers: Deutsche Bank, Donald Trump, and an Epic Trail of Destruction

Dark Towers by David Enrich
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it was amazing

Suprising, a financial page turner!

To me, this is possibly the non-fiction book of 2020, like Bad Blood was the non-fiction book of 2018.
Dark Towers talks to the spectacular mismanagement of Deutsche Bank (their stock chart since inception is a thing to behold... from $147 at peak to under $10 now).

The author moves briskly through its inception in the late 19th century and the majority of the book is focused on their effort in the 1990s onwards to become a buckaneering Wall St firm, and the epic failure that ensued.

The most amusing section is on the relationship with the Trump organization. "Some people joked whoever made the first loan must have had brain damage. In fact, is was only partly a joke and partly true". But once the loan was made, Trump kept stiffing them and the only way they could avoid recognizing the loss was for a rotating cast of departments to issue new loans for him to pay back the bad old loans. At the end of the book he's still in hock to them for about half a billion and they have no prospect of getting the money back. Think about it... if they try to sue him, who runs the DoJ? Who can set the dogs of war loose against a bank with a pretty long financial rap sheet?

The writing is gripping, at times amusing, and cogent. The author has clearly learned from his earlier work on the LIBOR scandal, where there are just too many characters and threads to the story. Dark Towers stays on point and is hard to put down. I finished is in a weekend.
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Reading Progress

February 23, 2020 – Started Reading
February 24, 2020 – Finished Reading
March 1, 2020 – Shelved

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