Yes, people really are this stupid

Germany’s biggest bank got a better deal from investors because they confused it with the country’s central bank, one of its board members has admitted.
Stefan Krause, one of Deutsche’s management board, made the confession at a panel discussion on the subject of “Too Big To Fail”, according to Bloomberg, which first reported his remarks.
The former chief financial officer said that Deutsche had benefitted from mistaken identity, giving investors the impression that it had a guarantee from the government.

And that’s people in the financial markets too.

9 thoughts on “Yes, people really are this stupid”

  1. @Ironman,

    Most professionals are just winging it, understanding the minimum to do their jobs vaguely competently. Imagine how well the world could function if people were actually properly competent on average.

    But then, culturally, the British have made a moral good out of winging it to the extreme – anything else requires too much effort and study, which is akin to “trade” (spit).

  2. Not just Britain , abacab. Every organisation I’ve worked in, be it in Britain or on the continent, the higher up the corporate food chain you go the less competent the individuals appear to be. Every company seems to be run by complete fuckwits or accountants.

  3. @henry crum There are goodreasons why; to attain power you need to have a combination of personality traits and learned skills that to the average person look exactly as you describe. But they ended up with the power. Getting to the top of the greasy pole requires characteristics most of us are not comfortable with.

  4. In my accounting days I would say that the better accountants tended not to be the ones at the top of the food chain. A CFO that can’t do double entry accounting was pretty normal.

Leave a Reply

Your email address will not be published. Required fields are marked *