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Müller-Vogg, Hugo
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3 articles of this author have been cited in the European Press Review so far.
Schlecker's bankruptcy is a lesson
Germany's largest chain of drugstores, Schlecker, which comprises around 7,000 branches across the country, is expected to file for bankruptcy today, Monday. For the conservative tabloid Bild this bankruptcy is a lesson on how the free market economy works: "There are few positive aspects to the imminent bankruptcy of the Schlecker drugstore chain. ... And yet the downfall of this family business is a lesson for the free market economy - because fundamental rules were ignored. Firstly: take good care of your customers! Those who feel happier at your rival's stores because they're lighter and more modern won't come again! Secondly: your employees are your greatest capital. Only if they feel fairly treated and paid will they truly do their best for the company - and guarantee its success. Thirdly: react to changes quickly and consistently. Those who delay will be left trailing behind by their rivals."
» full article (external link, German)
More from the press review on the subject » Corporations, » Consumers, » Germany
German bankers can't count
The Hypo Real Estate bank, which was nationalised by Germany in 2009, made a huge miscalculation by mistaking a plus for a minus, which now means the institution is worth 55.5 billion euros more than previously calculated. This lowers Germany's sovereign debt for 2011 by 2.6 percent. The tabloid Bild fears that this error will cost the Germans the trust they enjoy in Europe: "The Germans of all people, considered the world over as the epitome of reliability, clearly cannot count. The Germans of all people, who wanted to help the Greeks construct solid financial management, confuse profits and losses. The disaster at the [state-owned] junk bank FSM shows in addition: state-run banks don't manage their assets any more carefully than the disgraced private bankers. The term 'bad bank' - a bank for bad debts - fits perfectly here: an incompetent, lowest-quality bank, and that's that. As delightful as the sudden windfall may be: the loss in trust is far greater."
» full article (external link, German)
More from the press review on the subject » Fiscal Policy, » Economic Policy, » Banks, » Germany, » Europe
Bailed out institutions should repay money
German Chancellor Angela Merkel and French President Nicolas Sarkozy intend to present a plan on protecting Europe's banks by the end of October. But the state's support to banks must not be unconditional, writes the tabloid Bild: "The bottom line is that the governments are stepping in to save the banks like they did after the Lehman bankruptcy. But the only ones to bear the risk are the taxpayers. It's scandalous that the 'gentlemen in pinstripes' have once again gambled themselves into a corner. No one forced the bankers to buy Greek bonds. But the profits were tempting - and greed outweighed common sense. For that reason the state should only come to the rescue under one condition: it must make the banks pay for its help as soon as they can. If you take a risk and lose, you've got to bear the consequences. It's high time the bankers learned that too."
» full article (external link, German)
More from the press review on the subject » Economic Policy, » Banks, » Germany, » France, » Europe
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