Der Brandstifter an der Spitze des Löschzuges (5) – Stepic schafft es sogar in die internationale Managementliteratur
Posted by hkarner - 16. Juli 2011
Der Wirtschafskommentator (und „Editor-at-Large“) der „Times“ hat ein ganz wichtiges Buch geschrieben.
Ein Zitat daraus, bei dem ein österreichischer Spitzenbanker gar nicht gut davon kommt(S.100 f):
„The notorious comment by Charles Prince, the chairman of Citigroup, that turned into an ironic refrain throughout the financial meltdown: ‚when the music stops … things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing‘.
And despite the derision and humiliation suffered by Prince as a result of this statement, another leading banker made almost the same admission a year later, when the calamity suffered by Citigroup was well known. This time, the confession related to the wildly excessive foreign currency lending that ruined the economies and banks of central Europe. ‚Foreign currency lending in the short-term is a nuisance, in the long term it is worse.When it is in the Euro, it is a 50% sin, when it’s in other currencies, it is more sinful. But as long as big players are doing it, we have to do it or we could be out of the market’11
There could hardly be better illustrations of Keyne’s most famous remark about bankers: ‚A sound banker, alas, is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional way along with his fellows, so that no one can really blame him‘ ‚„