Ackermann is bullish now, but in March he was on his knees
Horst Köhler, German president, heated up the debate over the credit crisis last week by attacking financial markets as a monster. The markets’ unacknowledged champion, Deutsche Bank CEO Josef Ackermann, hit back a few days later, saying the crisis would soon be over and banks should not be demonised. Much of what he said may be right, but it would be more persuasive if he had not led calls for the public sector to bail out the financial markets.
When he told a German magazine last week that international financial markets have developed into a monster that must be put back in its place, Germanys president Horst Köhler gave one of the most explicit criticisms of the financial system since the onset of the credit crisis.
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