Ultimately, the opacity of Deutsche Bank and the bad bank it is setting up prevents the market from being able to answer some important questions.  For example, will all of Deutsche Bank’s bad assets be put into the bad bank?  If not, how much in the way of bad assets will be left with Deutsche Bank?  Since these questions cannot be answered, investors are asked to “trust” without being able to verify what Deutsche management claims about the bad bank.

But why should any investor “trust” Deutsche management?

Clearly, investors shouldn’t.