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page 162 chapter V
ment, the banks repeatedly find themselves having to
justify their above-average profits compared to other
sectors against the reproach of corporate greed. Particularly
if a bank with a two-figure return on equity
continues to raise the fees it charges its customers.
In addition to this “natural” function of banks (provision
of financing funds, including the creation of
money), there are also others, such as risk management
through the provision of derivatives, for example,
consulting as regards asset management, and the
development of confidence in liquidity. And finally,
banks are the key players in corporate control in all industrial
nations. How many companies do not have
bank representatives on their board of directors? To
put it in a nutshell: precisely because banks, by definition,
play such a central role in a modern national
economy, and given the great diversity of the activities
and tasks involved, there are countless opportunities
for banks to make blunders.
… in the cross-fire of criticism
There are more than enough spectacular examples
that confirm the preconceived idea of the “immoral
conduct” of financial institutions. You only need look
at the displays in bookshops. There, you can find the
“Raubritter in Glaspalästen” (“Robber barons in glass
palaces”) next to the “Kartell der Kassierer” (“Moneymaking
mafia”), or you end up “Im Netz der Geldfänger”
(“In the clutches of the money-catchers”). Vivid
examples of misguided actions on the part of banks
in the relatively recent past (but who wants to recall
them?) include the speculative deals of Nick Leeson or
Jérôme Kerviel, and also the involvement of major