Could it be true that Deutsche Bank was considering a bid for JP Morgan in mid-August? Deutsche was supposedly offering $175 a share in cash, 49% above the closing price the day before. But pooled accounting is forbidden by German law, so Deutsche’s capital ratios would have fallen to an unsustainable and illegal level had the deal gone ahead. And Deutsche’s recent history is hardly such as to endear Morgan’s chief executive, Sandy Warner, and his senior staff to a link-up.
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