Running circles round the big banks
Seeking a cure for tax paralysis
It is October 19, a glorious autumn day at Kloster Andechs, a Benedictine monastery overlooking the Ammersee lake in southern Bavaria. Father Anselm’s guests today are not pilgrims but German corporate executives who have travelled the 20 miles from Munich by chauffeured Mercedes to reflect on the meaning of business life.
They gather in the baroque library, and the saintly Henning Schulte-Noelle, chief executive of Allianz, speaks first: “We’re relaxed about it,” he says, referring to the current mania for corporate mergers and acquisitions in Germany.
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