Ten managers pushed down the German banks
| Reading time: 5 minutes
Millions of bonuses, scrap shops, greed for money: for almost 20 years, banks in Germany are in decline. Above all, ten executives have made significant progress in their descent – or at least they have failed to prevent it.
Josef Ackermann he is probably the most controversial banker of the recent past in this country. Under the Swiss bank, Deutsche Bank has reached unprecedented levels in the international capital market. To achieve this success, however, the money house has entered into very risky business, the effects of which continue to weigh on it today. Ackermann has the investment bankers of his house switch to pleasure and exercise. The result is well known: Deutsche Bank is only a shadow of itself and has had to face problems for years.
WestLB was considered the "power on the Rhine" – financially strong and influential. At times it was the largest German credit institution. But risky business abroad has undermined the Landesbank. Ex-German Bank Board Thomas Fischer it should fix it. In fact, he managed to drive the bank initially in quieter waters. But then the dubious equity speculation has created a new billion holes. Fischer had to leave his post in 2007, with an agreement of 3.9 million euros. In 2008, the bank had to be captured with financial injections by the federal and state governments and was destroyed.
Georg Funke For many Germans, he was the face of the financial crisis and was considered an "avid banker" because of his millions of dollars in compensation. The head of Hypo Real Estate (HRE) has built a risky real estate portfolio and securities. This caused the institution's stumbling block in the financial crisis. It had to be saved with billions of German states. Spark never failures could be demonstrated. The regional court of Munich appealed in September 2017 for a fine against money. He died at the age of 63 in June 2018 after a brief illness.
With the billion-dollar bankruptcy of the IBB based in Düsseldorf, the 2007 global financial and banking crisis reached Germany. The once reputable SME financier was involved in foreign garbage mortgages through foreign special vehicles with a total of around 17 billion euros. As distrust appeared on the financial markets, the bank ended the money virtually from one day to the next. However, the IKB boss fell Stefan Ortseifen the Supervisory Board and investors on the precarious situation of the Institute in the dark. In a dramatic rescue operation, the bank had to be supported.
Eberhard Martini As head of the Bavarian Hypo-Bank, the company's expansion in real estate transactions – especially in East Germany. But after his bank had been saved in a merger with competitor Vereinsbank, a 3.7 billion mark of losses from real estate transactions appeared in the books. The auditors stated in 1999: Martini and his council did not have a functioning control system installed. This was a heavy burden for the new HVB; today it belongs to Unicredit.
He is known by the nickname "Dr. No" and was probably the most unpopular boss that HSH Nordbank ever had. Dirk Jens Nonnenmacher was released in 2011 after various business and received an agreement of four million euros. Due to a risky and risky business before the financial crisis, he and other former managers of HSH again in August of this year in the dock of the defendants. This is "Omega 55", a company without economic benefits, which should only improve the balance of HSH Nordbank.
The Eurohypo was once founded as a landfill of the three major German banks. In the real estate and state financiers went on parts of the business, they wanted to get rid of these. But the controlled chief of the institute Bernd Knobloch barely in its ambitions: it pushed the capital market with real estate – for more business and more return. As long as the real estate boom continued, everything went well. But in the financial crisis, securitized real estate loans were difficult to liquidate – Eurohypo remained on billions of dollars in loans and accumulated heavy losses in the following years. For the parent company, Commerzbank has become a poisoned pill.
As a former star dealer of Deutsche Bank was the British Anshu Jain celebrated; has received millions of bonuses for its services. But after his promotion to co-chairman of the council he left his fortune. The change of culture that he and co-head Jürgen Fitschen required, which was also intended to free the bank from its legacies, was at best grim and sometimes seemed incredible. After all, many of the scandals have occurred in Jain's area of responsibility, such as the manipulation of Libor inter-bank interest. His term of office ended after just three years, shortly after a phantasmagorical Annual General Meeting at Frankfurt Festhalle in the summer of 2015.
Gerhard Bruckermann he is the man who has enriched himself, but has made Depfa a bankruptcy candidate. It has trimmed such a solid and boring institution with yields of over 30 percent to one of Europe's most profitable banks – and one of the riskiest. This was evident after Lehman's bankruptcy: the Depfa was on the edge, but Bruckermann was standing and away. He recently sold the institute to Hypo Real Estate – an asset that earned him 100 million euros as a partner and probably many billions of euros in losses for the German state. Because it was mainly the risks hidden in Depfa to make Hypo Real Estate a case for the bailout fund.
L & # 39; affable Klaus-Peter Müller it is very popular everywhere – in Berlin politics and in the Rhineland Carnival. It was he who, as chairman of the board of directors, had decisively promoted the decline of Commerzbank with serious purchases of money. With the acquisition of the real estate bank Eurohypo has taken immense risks in the financial statements. Then, in 2008, Müller also bought the Dresdner Bank under pressure from politicians. Without 18 billion euros of state aid Commerzbank would be at broken expense. But the critics especially hit his successor Martin Blessing. Müller joined the supervisory board as a supervisor.