[Illustrations, footnotes and references available in PDF form]
Readers who are familiar with the various issues will recognize that the Deutsche Bank (DB) report is one-sided. The weakness of its argumentation is partly due to its failure to properly quote the material it purports to rebut, so that its arguments are frequently shallow and unconvincing. In this rejoinder I will focus only on two items: The Hockey Stick controversy and the report’s treatment of the “Hide the Decline” email. These should suffice to illustrate the weakness of the DB report.