Today, chinese authorities announced they will close all bitcoin exchanges by the end of this month. The currency took a massive tumble as speculators thought they were witnessing the beginning of the end. So will bitcoin recover from this . Can cryptocurrencies still prove to the world they can revolutionise and democratise trading . Or are they along with tulipmania and the dot coms of the 19905 an unsustainable economic bubble . Heres david grossman. Bitcoin has many fans but the head ofjp morgan, jamie diamond, isnt one. Its worse than tulip bulbs, he said. It wont end well. Someone is going to get killed. He is referring of course to the 17th century tulip mania that caused some bulbs to cost more than houses. Before the bubble burst. It is perhaps unsurprising that someone who runs a conventional bank doesnt much like something thats been set up specifically to get around the conventional banking system. Indeed one of the reasons for the phenomenal rise in bitcoin and other crypt
4 buiillion in wealth managemen. Our markets business on the debt side, even relative to the last First Quarter last year, were up more than 10 . In equities, substantial improvement over the Fourth Quarter of last year. The only business which is slightly down is our Transaction Banking business. But thats a function of the fact that we have exited a number of countries and also exited a number of highrisk clients. Let us especially talk about clients. You are saying in that letter to employees that clients are coming back. Are clients reassured about the stability of deutsche . When you look at the performance q1 number, we are north of 14 . Thats a very Strong Capital position from which were coming. The funding position of the bank has substantially improved. We now are able to talk to our clients based on a completely different starting point. And we see that reflected. Many people came back when they heard about the settlement with the department of justice. And there was kind of
Good morning. This morning consider the no, maam nomination of shanahan. We thank you for your willingness to serve our nation at an important time. We welcome your family and flends. This is our fredition. It is important they ree information of so in order the dper i to exercise responsibilities. Will you ensure your staff complies with deadlines established for questions for the records and haegs. I will. Will where you vid if respopts to amg thank tex pent me yes. Do you agree to pro vietd documents including electronic form of kplun case in a timely manner when requested or to consult with a committee for any good faith, delay or di nile . Yes. Have you assumed any duties or taken any a that would appear to presume the kout out ops outcome . No. I will submit my Opening Statement for the record. I with see how upset other member of the committee are missing that. Maybe with a little luck senator reed will do the same. Its yourly kick, that i would ask them to submit the state. Sin
Whether the demographics are Something Like 80 of the people can retire its a huge opportunity. I hope youll come to connecticut and talk about this issue. Thank you. Thank you, mr. Chairman. Good morning mr. Shanahan. Im happy to see in your testimony you focus on defense reform and invasion opportunino opportunities. Since the atags on 9 11 through 2011 on weapons that never even entered production. Employees revealed less than 30 were confident in the process to deliver weapons to war fighters. In a culture where critical means months and urgent means years and requirements span decades this is no surprise to those of us up here all the while our adversaries are operating in smaller acquisition cycles both which are eroding the technological advantage which we enjoyed for ages. Theres one aircraft system right now that seems to be kind of bucking that trend from what we are learning. I have been impressed with the progress and the speed of the current b21 program. I understand the l
Good morning. Were going to use this morning to consider the nomination of Patrick Shanahan to be deputy defen defense secretary of the United States. We thank you for your willingness to serve our nation at an important time. We welcome your family and friends. As is our tradition, we invite you to introduce them at the beginning of your testimony. Its important that this committee and other appropriate committees of the congress be able to receive testimony, briefings, and other communications of information. So it is a standard for this committee they ask certain questions in order to exercise the legislative and oversight responsibilities. I have. Will you ensure that your staff complies with deadlines established for requested communications including questions for the record and hearings . I will. Will you cooperate in providing witnesses in briefers in response so congressional request . I will. Will those witnesses be protected from reprisals for their testimony or briefing . Y