No one is buying Deutsche Bank's 'comfortable' story

REUTERS/Kai Pfaffenbach Shares of Deutsche Bank got bashed 7.6% today, to €10.49 in Frankfurt, down 67% from April 2015, to the lowest level since they started trading on the Xetra exchange in 1992. They traded below that level in the early 1980s, but decades of inflation have whittled down the purchasing power so much that comparisons are meaningless. Deutsche Bank’s 5-year default probability spiked to the highest level this year. Its balance sheet, bloated with opaque risks, equals 58% of...