John Mack: Don't Worry About Deutsche Bank, It Will Be Bailed Out By The Government

When it comes to government bail outs of insolvent banks few are as qualified to opine as John Mack who was CEO of Morgan Stanley when the bank, along with all other U.S. TBTF banks, was bailed out with a multi-trillion rescue package in the aftermath of the Lehman failure. Which is why it was illuminating, if not surprising, that during an interview with Bloomberg TV discussing the future of Deutsche Bank, John Mack said that "there’s no question in my mind, it is absolutely good for every penny." In other words, "Deutsche Bank is fine."

Why is he so confident? According to Mack, "this idea that I heard yesterday, the possibility of not making their interest payments, it’s just absurd. The government will not let that happen."

Said otherwise, it will be bailed out. One wonders if Germany's citizens were polled before John came up with this conclusion .... http://www.zerohedge.com