Tags

, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

The Dresdner Bank’s relationship with Russian President Putin is said to go back to when “Dresdner Bank attempted to get a banking operating license in Saint Petersburg, where former KGB agent Vladimir Putin was in charge of foreign economic relations. Dresdner Bank appointed Matthias Warnig, a former Stasi agent and Vladimir Putin’s former KGB contact, to negotiate with Putin. The office was opened in 1991.[6][7] Warnig became Chairman of the Board of Directors of Dresdner Bank ZAO, Dresdner Bank Russian subsidiary.” http://en.wikipedia.org/wiki/Dresdner_Bank Recall that Putin lived in Germany and knows German. In fact, he lived in Dresden, where this bank got its name and its start: “From 1985 to 1990, the KGB stationed Putin in Dresden, East Germany. During that time, Putin was assigned to Directorate S, the illegal intelligence-gathering unit (the KGB’s classification for agents who used falsified identities) where he was given cover as a translator and interpreter“.http://en.wikipedia.org/wiki/Vladimir_Putin

Although Dresdner Bank was absorbed as a subsidiary of the German Commerzbank, it appears that its “lucrative business relationship with Gazprom and the state oil company Rosneft,” has continued. http://en.wikipedia.org/wiki/Dresdner_Bank In April of 2013, Commerzbank facilitated a $1 billion USD loan to GazpromNeft and 7 months later (Nov, 2013), Commerzbank coordinated another $2.15 billion loan, from 14 leading banks, for GazpromNeft. The deal was Gazprom Neft’s largest loan facility in recent years. GazpromNeft focuses on the exploration and sale of crude oil and gas; oil refining, and marketing of petroleum products. Commerzbank also appears to be selling Rosneft shares, which is majority Russian State owned (69.5%) and 19.75% BP owned and may have sour grapes for not getting an oil and gas concession in the Ukraine. See: https://miningawareness.wordpress.com/2014/05/02/putin-rosnefts-sour-grapes-in-ukraine-new-oil-gas-wars-and-scuttling-the-ukraines-energy-independence/

GazpromNeft is 95.68% owned by Gazprom OAO, itself majority (50.01%) Russian State owned. This means that both are majority Russian state controlled. They (and the loans) may also indirectly be giving back-door support to Atomstroyexport, the Russian nuclear power equipment and service export monopoly, which belongs to Atomenergoprom-Rosatom; is financially supported by the Russian government but, 49.8% of whose shares are said to be owned by Gazprombank. Gazprombank is, in turn, approximately 1/2 Russian government owned and almost half Gazfond owned. http://en.wikipedia.org/wiki/Atomstroyexport GazpromNeft, is the subsidiary which Greenpeace members were protesting, when arrested. http://www.greenpeace.org/russia/en/news/16-09-2013_Dolginskoe_EIA/

Dresdner Bank was closely involved with the Nazi SS; the German Third Reich’s confiscation of Jewish property, and it funded construction of concentration camps, including Auschwitz. http://en.wikipedia.org/wiki/Dresdner_Bank
Crematorium at Auschwitz I 2012
Crematorium at Auschwitz. Photo by Marcin Bia via Wikimedia-Creative Commons.

It is important to recall that without Banks, no leader, whether good or bad, lasts for long. Without Swiss Banks turning stolen gold into clean Swiss francs, to be used by Germany to access products on the global market, the Third Reich would not have lasted for long, subsequent to sanctions. So too today does Switzerland undermine sanctions on Russia, regarding Ukraine. It is believed that approximately “75% of Russian exports of crude oil and oil products are managed through Geneva“, in Switzerland. http://www.tradingforum.unige.ch/modules/trading/general_information/trading_hub.html
If Italy or Germany or France decide that they lust after Switzerland and its wealth, all should turn blind eyes, as they do to the Ukraine’s plight. Plus ca change, plus c’est la meme chose (The more things change, the more they stay the same). If there is ever justice this side of the grave, no one wants to be near Switzerland when it happens. (We probably don’t want to be near Germany either, considering the Nazi past of many German corporations, the refusal of many of its banks-corporations to follow sanctions today, along with Germany having disposed of its nuclear waste on the poor in Italy and the US, and currently trying to dump high level nuclear waste on the poor at the US Savannah River site. Sorry but we have to say it, until it is stopped!). If there is another major earthquake in the area of southern Germany-northern Switzerland, as in 1356 or 1911, due to the concentration of nuclear facilities, it will make Fukushima look like nothing.

Gallileo-ffm001
Gallileo (Dresdner Bank und English Theatre) in the Bahnhofsviertel Frankfurt, Germany. Photo by “dontworry” via Wikimedia, Creative Commons http://en.wikipedia.org/wiki/Gallileo

From Wikipedia
“Dresdner Bank AG was one of Germany’s largest banking corporations and was based in Frankfurt. It was acquired by competitor Commerzbank in December 2009.

History
19th century
Dresdner Bank was established on 12 November 1872 through the conversion of financial institution Michael Kaskel. Dresdner Bank founding consortium consisted of Allgemeine Deutsche Creditanstalt, Leipzig, Berliner Handels-Gesellschaft, Berlin, Deutsche Vereinsbank, Frankfurt am Main, Deutsche Effecten- und Wechselbank, Frankfurt am Main, and Anglo-Deutsche Bank, Hamburg with an initial capital of 8 million Thalers (24 million Marks) and 30 employees in Wilsdruffer Strasse in Dresden. In 1870s, Dresdner Bank acquired smaller regional institutes and several banks. The new branch in Berlin quickly exceeded the office in Dresden; therefore, the registered office moved to Berlin in 1884 leaving the place of jurisdiction in Dresden until 1950. After few new acquisitions, (even the acquisition of founder of Anglo-Deutsche Bank) opened the first international branch in London in 1895.

By 1900, Dresdner bank had the largest German branch network. In all, the Dresdner Bank had (beginning of 1909) 27 branches, all, with the exception of the one in London, being located in Germany. In addition it had one silent partner and 57 deposit offices, 23 being in Berlin. In 1905 a close alliance was formed with the banking house of J. P. Morgan & Co., New York, for joint action in international finance and issue operations, particularly the absorption of American securities by German investors. Operations in the orient and South America were carried on jointly in cooperation with the A. Schaaffhausen’scher Bankverein.[1] During the First World War, the London branch was forced to close; however, the branch network expanded in overall.

Early 20th century and the Third Reich
After the banking crisis in 1931 the German Reich owned 66% and Deutsche Golddiskontbank owned 22% of Dresdner Bank shares. Its deputy director was Dr Schacht, Minister of Economy under Nazism. The Bank was reprivatised in 1937.

During World War II, Dresdner Bank controlled various banks in countries under German Occupation. It took over the Bohemian Discount Bank in Prague, the Societa Bancara Romana in Bucharest, the Handels- und Kreditbank in Riga, the Kontinentale Bank in Brussels, and Banque d’Athenes. It maintained majority control of the Croatian Landerbank and the Kommerzialbank in Kraków and the Deutsche Handels- und Kreditbank in Bratislava. It took over the French interests in the Hungarian General Bank and the Greek Credit Bank, and it founded the Handelstrust West N. V. in Amsterdam. It also controlled Banque Bulgare de Commerce in Sofia and the Deutsche Orient-Bank in Turkey.

As a result of World War II 80% of the Bank’s buildings were destroyed, costing the Bank 162 offices in 56 locations.

Post World War II era
Monetary reform and the introduction of the Deutsche Mark in 1948 helped return banking to normality.

Dresdner Bank expanded its network with acquisition and opening new offices not only in Europe but also in the United States, Singapore, Canada, Australia, Japan, Hong Kong, and China. Dresdner Bank was the first to open its own office in former eastern Germany in Dresden in 2 January 1990. After the acquisition of Kleinwort Benson in 1995 to form its investment-banking arm Dresdner Kleinwort, Dresdner Bank took over the American investment bank Wasserstein Perella Group Inc., New York in 2000. This investment banking unit was then renamed Dresdner Kleinwort Wasserstein.

Allianz era
In 2002 Dresdner Bank became a wholly owned subsidiary of the insurance corporation Allianz. In July 2006 Dresdner Kleinwort, dropped Wasserstein from their name and went through a re-organization of corporate bank, capital markets and investment bank. The arm made up of Capital Markets and Investment Banking.

In 2008 it was reported that Allianz was looking to dispose of Dresdner Bank. British banking group Lloyds TSB were amongst those rumoured to be interested. However, by July that year Lloyds TSB had denied any interest in making a bid.

Takeover by Commerzbank
On August 31, 2008, Commerzbank announced that it would acquire Dresdner Bank for EUR 9.8 billion.[2] Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.[3]

Controversies
Hitler’s Germany
Dresdner Bank was known as the bank of choice for Heinrich Himmler’s SS.[4]

The bank took part early on in the Third Reich’s policy of confiscating Jewish property and wealth.[4] The bank helped to finance concentration camps, including Auschwitz.[5]

The bank was closely involved in the occupation of Europe, “essentially acting as the bank of the SS in Poland”.[4]

Gazprom
Dresdner Bank attempted to get a banking operating license in Saint Petersburg, where former KGB agent Vladimir Putin was in charge of foreign economic relations. Dresdner Bank appointed Matthias Warnig, a former Stasi agent and Vladimir Putin’s former KGB contact, to negotiate with Putin. The office was opened in 1991.[6][7] Warnig became Chairman of the Board of Directors of Dresdner Bank ZAO, Dresdner Bank Russian subsidiary.

The bank has had a lucrative business relationship with Gazprom and the state oil company Rosneft. The bank advised on the forced sale of Yukos assets.[8]” http://en.wikipedia.org/wiki/Dresdner_Bank (Article last accessed 6 May 2014, References at link and further down in this post; emphasis added)

“In August 2008, Commerzbank announced that it would purchase 100% of Dresdner Bank from Allianz for €5.5 billion, largely with shares.[5] Dresdner Bank was legally merged with Commerzbank on 11 May 2009 and ceased to be an independent entity.[6]

December 2008 – January 2009: Commerzbank faced collapse and had to be bailed out by the German taxpayer with a cash injection of €18.2 billion from the government.

As of June 2013, Commerzbank’s stock price had lost over 98% of its value from its 2007 peak.[7]

Subsidiaries
Comdirect-Bank[8]
Commerzbank Securities (“ComSec”), investment banking subsidiary shut down circa 2005 after years of heavy losses and a review by consulting firm Mercer Oliver Wyman which concluded that ComSec lacked a viable business model[9][10]
In 2009, Dresdner Bank merged into Commerzbank, bringing with it what was left of the Dresdner Kleinwort subsidiary[11]
In 2010, Commerzbank reneged on pay commitments to Dresdner staff[12]
Collegium Glashütten[13]
Hypothekenbank Frankfurt, formerly Eurohypo[14]
mBank, Poland”
http://en.wikipedia.org/wiki/Commerzbank (Article last accessed 6 May 2014; See references at link or further down in this post)

Gazprombank and Rossiya Bank

As of December 2013, Gazprombank is owned by Non-State Pension Fund Gazfond 47.38%, 35.54% OAO Gazprom, and State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) 10.19%, Treasury stock 6.49%, Individuals 0.40%. Gazfond is said to be or have been controlled by Rossiya Bank-Russia Bank, but we could find no updated information. http://en.wikipedia.org/wiki/Gazfond Gazprombank has a subsidiary in Zurich, Switzerland. “On March 20, 2014, the United States Government Office of Foreign Assets Control added Rossiya Bank to the Specially Designated Individuals list as part of sanctions taken in response to the 2014 Crimean crisis, placing restrictions on US trade with the bank” http://en.wikipedia.org/wiki/Russia_Bank
As of December 2013, Yury N. Shamalov was Deputy Chairman of the Board of Directors for Gazprom bank and President of Non-State Pension Fund “Gazfond”, Anatoliy A. Gavrilenko is a Member of the Board of Directors CEO of ZAO “Leader”, Sergey S. Ivanov Member of the Board of Directors Chairman of ОАО “Sogaz” Management Board. The rest of the board members are affiliated with Gazprom, Gazprom Media or Gazprom bank. See also: http://www.putin-itogi.ru/putin-corruption-an-independent-white-paper/ which features some of these names.

Atomstroyexport

Atomstroyexport (Russian: Атомстройэкспорт) is the Russian Federation’s nuclear power equipment and service export monopoly. It belongs to Atomenergoprom holding with 49.8% of shares owned by Gazprombank. The activities of Atomstroyexport are financially supported by the Russian government. Atomenergoprom is a 100% state-owned part of Russian government owned Rosatom. http://en.wikipedia.org/wiki/Atomenergoprom http://en.wikipedia.org/wiki/Atomstroyexport

We note that the people of Germany (and others) paid dearly for the sins of German leaders, their banks and Swiss banks, and of various corporations, before, during and after WWII. The bombing of Dresden is one terrible example of this. We believe that if the German and Swiss banks would not have aided and abetted Hitler, then there would have been no bombing of Dresden, no Holocaust, etc. Leaders, banks, corporations, and arms dealers are implicated in destroying Ukraine and causing much suffering right now.
Fotothek df ps 0000010 Blick vom Rathausturm
“Dresden, 1945, view from the city hall (Rathaus) over the destroyed city“, Deutsche Fotothek‎, via wikimedia: “The city authorities at the time estimated…25,000 victims, a figure which subsequent investigations, including one commissioned by the city council in 2010, support“. http://en.wikipedia.org/wiki/Bombing_of_Dresden_in_World_War_II
St Paul after the Blitz
St. Paul’s Cathedral after the Blitz
“Probably the most devastating strike occurred on the evening of 29 December, when German aircraft attacked the City of London itself with incendiary and high explosive bombs, causing a firestorm that has been called the Second Great Fire of London… Civilian casualties on London throughout the Blitz amounted to 28,556 killed, and 25,578 wounded.” [29 Dec. 1940] http://en.wikipedia.org/wiki/The_Blitz

We must also strongly condemn Germany’s current attempts to dump its nuclear-radioactive waste on other countries, and especially on the poor and vulnerable, as Germany has done in the past (Italy); recently (Tennessee, USA), and now wants to do again (Savannah River, USA)! It makes Germany look bad. It makes Germany appear still caught up in their racist Nazi past. It is largely Germans and Germany, by the way, who gave us the Atomic age. So, the least that Germany can do is to take care of its own nuclear waste!

We apologize for any errors. Unfortunately we do not have adequate staff to take comments and hence cannot receive corrections either.
Some of our information is more up to date than Wikipedia articles, as we have gone to the most recent company reports, to the extent that we could find them.
Additionally, sorting out the bastardized mix of private and state capitalism, which characterizes the Russian system, is well nigh impossible. It is always best to verify everything yourself, on this web site and any other.

Wikipedia References for the Dresdner Bank and Commerz Bank articles:
1. One or more of the preceding sentences incorporates text from a publication now in the public domain: Rines, George Edwin, ed. (1920). “Dresdner Bank, The”. Encyclopedia Americana.
2. Sale
3. Dresdner Bank Facts and Figures
4. : a b c Hitler’s Willing Bankers Spiegel Online International
5. Report: German Bank Helped Build Auschwitz Deutsche Welle
6. Seduced by secrets: inside the Stasi’s spy-tech world, Kristie Macrakis
7. Report Links Putin to Dresdner St. Petersburg Times
8. Nord Stream, Matthias Warnig (codename “Arthur”) and the Gazprom Lobby Eurasia Daily Monitor Volume: 6 Issue: 114
(http://en.wikipedia.org/wiki/Dresdner_Bank)
5. Robinson, Gwen (2 September 2008). “Dresdner deal raises concerns”. Financial Times. Retrieved 2008-09-03.
6. Dresdner Bank merged into Commerzbank” (Press release). Commerzbank. 11 May 2009. Retrieved 8 April 2011.
7. “COMMERZBANK A G SPON Stock Chart | CRZBY Interactive Chart – Yahoo! Finance”. Finance.yahoo.com. 2013-09-22. Retrieved 2013-10-26.
8. “comdirect.de”. comdirect.de. 2012-05-16. Retrieved 2012-05-21.
9. Jump up ^ Althaus, Sarah (2004-09-30). “Commerzbank unit chief ‘to quit'”. FT.com. Retrieved 2013-10-26.
10. “Commerzbank culls 900 as losses grow”. Efinancialnews.com. 2004-11-09. Retrieved 2013-10-26.
11. “The new Commerzbank”. About Us. Commerzbank. Retrieved 8 April 2011.
12. “Commerzbank Cancels Most Dresdner Kleinwort Bonuses”. The Wall Street Journal. 18 February 2009.
13. “Collegium Glashütten – Zentrum für Kommunikation”. Collegium-glashuetten.de. Retrieved 2012-05-21.
14. [3][dead link]. http://www.hypothekenbankfrankfurt. com/en/site/website/index.php
(http://en.wikipedia.org/wiki/Commerzbank)