To explain the resentment executives in the rest of the modern world feel on occasion when forced to look at the United States on the map hanging in the conference room of their "European Headquarters Building," you have to look no farther than the story in yesterday's New York Times describing the absolute schooling a certain German bank faced at the hands of our favorite newly-defunct Investment Bank.
Of course, it's hard to feel too bad when the very first webpage on the bank's site brags that "In 2007 KfW Bankengruppe committed a total financing volume of EUR 87.1 billion - an increase of 13% over the previous year (EUR 76.7 billion)."
Apparently, this year's tally will include a 300,000,000 Euro payment wired to Lehman Brothers... the same day Lehman's holding company declared bankruptcy.
Don't Worry, Resignations and Dismissals Will Not Be "The Final Word.' And, according to themselves:
"In the first half of 2008 KfW successfully defied the very volatile international capital markets with its funding strategy."
Why is it that American banks never seem to make that mistake?
Calling the accidental transfer scandalous, the German Taxpayers Association demanded an investigation and recommended paring back the unwieldy, 37-member administrative board to encourage better oversight. (Emphasis ours).
Uproar Over German Bank's Payout to Lehman [New York Times]