Criticism of financial industry
Politicians declare enemy of the state banks
By Veit Medick
Money houses smashed, punish hard gamers: In rare harmony buttoning the policy before the financial industry, even with the FDP seems to be the world's anti-bank movement to show solidarity. The State's sake, signal strength, but the new course is populist - and risky.
Berlin - Things are going well for the critics of capitalism around the world. They camped on the outskirts of mega-banks, marching through the major cities, occupy iconic places - and no one gets in the way. On the contrary. The revolt against the dominance of financial institutions is almost mainstream. On weekends, hundreds of thousands were on the streets. In 80 countries worldwide.
What particularly pleased the demonstrators should: In Europe they have recently been an important ally - the policy.
While still arguing about the impending bankruptcy of Greece, going from Berlin to Brussels politicians suddenly on the financial institutions going. Because due to the impending bankruptcy of Athens probably need to be protected by large banks to use taxpayer billions - although not a few of them have been speculating in government bonds. This creates frustration in many major cities. The arrogance of some managers have increased the anger.
Now the politicians are fighting back. Of forced nationalization is talk of a realignment of the financial sector and the destruction of the banks. The policy explains the banks to the new public enemy.
Even punishment for greedy financial manager can imagine some now. He would "personally use it," that European law would be amended accordingly, said European Commission President Jose Manuel Barroso.
In this country, the parties vying for the best ways to put the banks in the chain. CSU General Secretary Alexander Dobrindt has targeted those institutions that "are still in revenues mainly in bonuses and dividends." Greens leader Cem Özdemir calls for debt brake for banks. The SPD is in favor of a separation of investment banking and commercial banking. "I want the business of investment banking is a very big sign on the door is the inscription 'Here ends the state liability,'" said party leader Sigmar Gabriel told SPIEGEL.
Even the FDP increased the pressure on banks
The anger on the power of the banks are united by the parties, it blurs the political boundaries. Even the traditionally state-FDP exacerbating the skeptical tone towards the private sector and called for renewed political intervention. "The banks are like states: Do they not do their homework, we take them by the hand," citing the "Bild"-Zeitung faction leader Rainer Bruederle. "If necessary, the state must make clear guidelines to the banks." It sounds a bit like as if the Liberals merged with the Left Party. "Only the man, then the banks," calls for their boss Klaus Ernst.
But really, some concerns may be, so predictable is the offensive. It will distract from their own fiscal policy mistakes in the past and his own uncertainty in the current situation. The euro crisis has exposed how much the mighty pushing the global markets are still going on. For months now the monetary union is in Schuldenschlamassel, a billion dollar package for months following the other, a summit the next - but the impression is created among the population, as everything will only get worse. To Greece and Italy and Spain have been downgraded by the rating agencies. The turnaround has not, it now needs a signal of resolve. And the supposedly cold since capital is a welcome opponent.
The banking industry itself is fighting back. "The policy we can not now declare war - but should rather go with us on bread and water to the monastery and work until white smoke rises and there is a common solution," said the President of the Federal Association of German Banks, Andrew Schmitz. "We have no banking crisis, but a political crisis of confidence."
In fact, the popular anti-banking is a risky course. The danger is great that people are awakened in the expectation that later can not be met. During the last bank bailout in 2008, the rhetoric was similar in this country. Little is happening. Even now many indications that the governments of the euro zone, including the sitting of the black-yellow coalition, again on the shorter lever.
Big trouble over Ackermann
This coming weekend will advise the leaders at their summit on how the private sector can be persuaded to adopt Athens a significant portion of the debt. Take them seriously with their restructuring plan, which could bring some big financial institutions and thus the entire financial market in trouble. Who then would dare to lay the ax to the whole system?
And so some prefer to brand the once too proud attitude of individual managers. Josef Ackermann on the example. The head of Deutsche Bank has dedicated itself to the fight against the forced capitalization. He would be "ashamed" if his house would have to take advantage of government money, he quipped soon as 2009. Last week, he renewed his criticism. He doubted whether "the policy at all is able to resolve the crisis permanently."
The outrage over this jab is great. As a representative of a major German bank wearing Ackermann "great economic but also social responsibility," writes about the chairman of the CSU group in the Bundestag, Gerda Hasselfeldt. "This includes the view of the interests of the public with one." There is also anger at the Greens: "I wonder whether Mr. Ackermann is at all interested in a lasting solution to the crisis," says Cem Özdemir.
"For," adds the party chief, "such a solution would in my view is that there are no more systemically important banks."
peace and solidarity to you
