"For many people, Deutsche Bank CEO Josef Ackermann is a hero of the German business world. But for one leading economist, at least, the Swiss banker is nothing less than a villain.
In an interview with the left-leaning German daily Die Tageszeitung published Thursday, 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. Return on equity is calculated by dividing profit by the capital invested"..............read it here
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