Germany: The Trouble is the "Anglo-Saxon" Banking Model

As much I’m happy to criticize the deranged U.S. for this ongoing credit market fiasco, the following quote from a German finance minister Peer Steinbrueck frankly pisses me off:

He championed the German banking system over its U.S. counterpart, dismissing the "Anglo-Saxon” model as having "an exaggerated fixation on returns.”

[via Bloomberg]

Right, as opposed to the Teutonic banking system’s fixation on what, nice drapes? Maybe he hasn’t been paying attention, but his lovely German banking system arguably been hit harder than any other European country’s banks with respect to subprime, Lehman exposure, etc. If that wasn’t driven by an exaggerated fixation on returns, what was it?

More reading:

  • German State-Owned Banks on Verge of Collapse (Spiegel)
  • Will Bigger But Fewer Mean Better ? (Spiegel)

Related posts:

  1. Banking Losses to Hit $1.6-Trillion
  2. Why isn’t Corporate Banking a Seller’s Market?
  3. Chris Dodd: Investment Banking Regulations Needed
  4. Books: Why Are there So Many Central Banking Crises?
  5. Banking Committee Meetings: Unprepared Kids

Comments

  1. gp says:

    Drapes? Is that a thinly veiled reference to Monty Python?

    As in:

    FATHER: One day, lad, all this will be yours!
    PRINCE HERBERT: What, the curtains?
    FATHER: No. Not the curtains, lad. All that you can see, stretched out over the hills and valleys of this land! This'll be your kingdom, lad.

  2. Ya Volt says:

    Germans should shut the fuck up —- forever.

    The only thing they really seem to accel in is odd sexual proclivities.