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Deutsche Bank CEO rejects idolatry tag
Turkmenistan News.Net
Saturday 27th December, 2008
A public exchange between prominent German bank, Deutsche Bank, and Germany’s senior Protestant bishop, has turned controversial, with Deutsche Bank dismissing the remarks of Bishop Wolfgang Huber.
Deutsche Bank has reacted angrily to comments by Bishop Huber, who accused Josef Ackermann, CEO of Deutsche Bank, of turning money-making into a form of "idolatry."
The personal attack was made in a newspaper interview published on Christmas Eve, when Bishop Huber argued that bankers should ensure stability rather than set high monetary goals.
He said of Joseph Ackerman, who had set a profit goal of 25 percent for the bank, that such goals had driven up expectations to unsustainable levels and amounted to "a form of idolatry."
He said: "In the current circumstances, money has become a god."  Email this story to a friend
Comments on this story
Fliujniligui
12-28-08, 09:48 AM |
Deutsche Bank CEO rejects idolatry tag
Setting high goals is a nice way of getting superior results. The setting of high goals is not the source of the banking crisis, it is the way people in service to attain this did not use their heads and let their greed lead the way.
Ackermann did not only set ambitious objectives, but also kept exposure at a manageable level and Deutsche Bank is outstanding from the crowd for this. It may even continue to thrive as an unscathed investment bank along with a greater focus on retail consumer services.
Bishop has the easy job in this, but I am sure if that guy owned shares of any bank in 2006, he would have been 100% agreeing with the idea of setting high return on equity and growth objectives. Now that problems kicked in, he complains. Why did not he talk in 2006?
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Un Homme
12-29-08, 01:01 PM |
Deutsche Bank CEO rejects idolatry tag
Hizzoner Bishop Huber should stick to a subject perhaps he is more familiar with, and that is SIN.
SIN: Financial sociopaths like Madoff who steal from people for decades, funding their lifestyle while destroying the nest eggs of thousands of individuals, schools, and charities. How many more vultures are out there?
SIN: Systems that are set up to aggressively market debt instruments to people who can’t afford them, and don’t explain in plain English that the customer will be devastated by increases in their payments, and meanwhile these swindlers skim off their expenses up front and do it again millions of times.
In short, idolators cause only conflicts of faith, and sinners can devastate thousands of innocents via their actions. Which one deserves more condemnation?
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