And the award goes to…

Josef Ackermann, come on down!

Simon Johnson, former chief economist of the International Monetary Fund, described Ackermann as “one of the most dangerous bankers in the world.” Johnson singled out Ackermann’s famous target of a 25 percent pretax return on equity for particular criticism. He said such returns were only possible because Ackermann knows that Deutsche Bank is too big to fail and that it would be “rescued by taxpayers” if it was faced with bankruptcy…In Johnson’s view, there is the danger of a new crisis occurring if the capital rules for banks are not made significantly tighter. He told the newspaper that the new Basel III rules — which will require banks to hold top-quality capital equal to at least 4.5 percent of assets by 2015, rising to 7 percent by 2019 — are “absolutely useless.” Instead, he argues, bank capital reserves have to be equal to between 20 and 45 percent of total assets. Deutsche Bank currently has a capital ratio of just 4 percent, he said.


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Comments (20)

  1. Posted by Spanishmoon | April 14, 2011 at 4:53 PM

    So exactly where does that leave Ben Bernanke………?

  2. Posted by Guest | April 14, 2011 at 4:56 PM

    My money was on Ken Lewis who like to get drunk and buy shit.

  3. Posted by Guest | April 14, 2011 at 5:00 PM

    still muddling through the racks at Jos A Bank.

  4. Posted by Ken Lewis | April 14, 2011 at 5:10 PM

    shut your mouth and get me a drink.

  5. Posted by Chompers | April 14, 2011 at 5:13 PM

    Regis Philbin

  6. Posted by Anonymous | April 14, 2011 at 5:17 PM

    dangerous(ly dreamy) bankers? J Dimon had a great pic in the FT today.

  7. Posted by Charles Gasparino | April 14, 2011 at 5:26 PM

    I know a banker.

  8. Posted by JR | April 14, 2011 at 5:29 PM

    The poor fool is the only gullible enough to believe that this is his last chance to take advantage of “Buy 1 at full price, get 2 free”.

  9. Posted by John Mack | April 14, 2011 at 5:37 PM

    Jimmy to the G

  10. Posted by derp | April 14, 2011 at 5:47 PM

    Simon “Iceman” Johnson: You’re everyone’s problem. That’s because every time you make a deal, you’re unsafe. I don’t like you because you’re dangerous.

    Josef “Maverick” Ackermann : That’s right Ice…Man. I am dangerous.

  11. Posted by Ben B | April 14, 2011 at 5:51 PM

    Go f-ck yourself… oh and UBS sucks


  12. Posted by Patriarch Intern | April 14, 2011 at 5:57 PM

    I thought Tilton and her leather punching bags would have won

  13. Posted by Lord Humongous | April 14, 2011 at 6:03 PM

    I knew he would pick Ackermann

    – Gartman

  14. Posted by Guest | April 14, 2011 at 6:30 PM

    Ughh….thanks for the mental image.

  15. Posted by Guest | April 14, 2011 at 6:45 PM

    Bess, Simon Johnson, any relation?

  16. Posted by Anonymous | April 14, 2011 at 7:58 PM

    You may criticize him now, validly, for being a fucktard, but I’d take a few hundos (millions that is) to sit on my ass, throw a few back and blow company cash. Life ain’t so bad for ole’ Kenny. Just sayin’

  17. Posted by Guest | April 14, 2011 at 8:15 PM

    i know right. made my desk move…

  18. Posted by Clueless | April 14, 2011 at 8:19 PM

    why does UBS suck? I thought they were really cool dudes!

  19. Posted by Eager Beaver | April 15, 2011 at 4:36 AM

    Simon Johnson is a fucking idiot who got kicked out of the IMF when the shit was about to hit the fan for a reason. Hearing a media whore like him be called “Professor of Entrepreneurship” makes me embarrassed to have gone to MIT – the guy probably never started a fucking lemonade stand in his life.

  20. Posted by Lumpy Fingered Beaver | April 15, 2011 at 10:33 PM

    I feel the same way about my college experience. It was meaningless to read about the Ukrainian famine of the 30’s without having an actual starving person in the room.