Even Hansgeorg Hofmann, larger-than-life, engagingly jovial, and
one of Germany's few "real" investment bankers, finds it hard to
conceal his disappointment. The German establishment has closed
ranks and he - let's for the moment call him the embodiment of
Anglo-Saxon-style corporate finance - is left beating vainly on
their Teutonic shields.
Taking a break from shield-bashing, in his home town of Augsburg,
at coffee on the terrace of the Drei Mohren hotel in the September
sun, Hofmann reflects on the duplicity of Germany Inc. He explains
the schizophrenia: it wants financial reform - in fact major tax
reforms are under way - but when it comes to bank consolidation
these "overpaid workers" who run the banks will do anything to feed
their egos and save their jobs.
Thus Martin Kohlhaussen, head of Commerzbank, brought in a pair of
white knights, Assicurazioni Generali of Italy and Banco Santander
Central Hispano (BSCH) of Spain, in an old-fashioned
cross-shareholding...
