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Ackermann and Rampl: “shhh…don’t tell anyone about the bad bank idea” |
Germany’s banking elite struggles to keep a secret, it seems. Confidential talks between executives from the country’s largest banks and government officials wound up being anything but.
Senior figures, including chancellor Gerhard Schröder and Josef Ackermann, CEO of Deutsche Bank, huddled in Frankfurt to debate how to solve the financial system’s impending crisis. The next day, news broke of plans to create a government-sponsored “bad bank”.
Reports said Ackermann feels Germany needs a bad bank into which the other banks can offload non-performing loans.
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