Bankers slammed
May 2, 2009
President Horst Koehler, who is seeking a second term in office, stirred up the battle of words when he slammed the country's financial elite for failing to acknowledge personal errors that contributed to the global financial crisis.
In an interview in Saturday's edition of the tabloid newspaper Bild, Koehler complained that they "have, regrettably, remained silent."
Koehler blamed a lack of financial transparency and supervision for the financial crisis. The 66-year-old, who is the former head of the International Monetary Fund, excoriated bankers as having "tried to sue for multi-million (euro) payments, even though they are personally hardly hurting from the crisis."
He contrasted this attitude with the situation on the general job market. "The average workers like the super market cashier, are being punished severely for the smallest of errors," he said.
Seeking his second five-year term as president in the May 23 vote, he said in the interview that the Anglo-American model of "casino capitalism" had collapsed.
"What has failed is the wheeling and dealing without rules, without a sense of proportion and without values," he said.
Silver Lining
However, Koehler also forecasted that the crisis could have a positive side as well. He said this included a more cooperative atmosphere in companies, an increase in volunteer work, and more innovation.
He also said that the crisis could also benefit the environment, as companies become more energy-efficient in an attempt to reduce costs.
Repeat of 2004 candidates
A former leader in the Christian Democrats (CDU), Koehler is backed by Chancellor Angela Merkel's CDU and the opposition Free Democrats (FDP) in the up-coming election. The Social Democrats (SDP), who currently share power with the CDU have put forward their own candidate, Gesine Schwan.
Schwan -- who also ran against Koehler in 2004 -- is actively campaigning for the largely ceremonial office, which is normally expected to be above partisan party politics. She recently said she feared the economic crisis was creating an explosive social atmosphere in Germany.
Germany’s Federal Assembly will vote for the president in a secret ballot on May 23.