Banks in crisis ask for public help

Disclaimer: This will be my first politically biased post, but here I can not stay silent in this case.

In a recent edition of Financial Times Deutschland I read an article reporting that Josef Ackermann CEO of Deutsch Bank calls for public help to support banks that had been hit by the Subprime crisis.

I do understand that he talks about stability of the economy and jobs in the end of the day, however this is the guy that always argued that in banking and business is to much intervention by administrations.� Further he is one of the guys – amongst most of his colleagues for sure – filled his (private) pockets doing risky business and asking the public to stay out of his way.

Now, loosing the money (due to risky business) the public should pay the bill? Will these guys get a bonus for collecting public money to fill there companies losses after all? Unbelievable thinking if you ask me. I find this a rather cynical move – even if he tried to correct his statements later

Remark: Links (Articles) are in German (my apologies), however you should be able to find similar discusses in basically every business press these days.

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