Madman’s Economy – the Scandals of 2008
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- DW-World
Madman’s Economy – the Scandals of 2008
The year 2008, as far as economies go, left everyone shaking their heads in dismay. One big problem is the issue of ‘ethics in business’, according to Ulf Posé, president of the ”Ethikverband der deutschen Wirtschaft”—an institution dealing with ethics in German economical activity. He highlights the ethical decay that resulted in the scandals of 2008 –if not the outright decline of the economy. Paris in January: A banker manages to bilk his employer to the tune of 5 billion euros! Germany in July: The Schaeffler company wants to take over Continental....with risky loans. New York in September: "Black Monday" on Wall Street not only brings down the investment bank giants Lehmen and Merrill Lynch, it also undermines trust in the financial system worldwide. Frankfurt in October: Investor and hedge fund greed drives VW shares to 1000 euros, and turns the German Stock Exchange up on its head. The grand finale in New York in December: one man cons investors out of 50 billion. Grit Hofmann and Ulf Posé reflect upon the economical insanity of 2008.
DW-World | December 30, 2008
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