Monday, 11 February 2008

BASF chief Jurgen Hambrecht: teaching the banks a lesson

Jurgen Hambrecht, the chief executive of BASF, reckons people who work in banks are pretty stupid because they are not doing what BASF is doing. He says BASF is just wonderful at managing risk and keeping its products as simple as possible. Banks should follow BASF's example, apparently.

Well, BASF is a chemicals group. I'm quite sure that chemical products are completely different from complex banking products. Unless I'm missing something. I have been speaking to Susan Flint from Bad Moon Investments, and she says, 'Banking and chemicals? There's no connection! As far as I know, mystical workers haven't shown any interest in chemicals - except for Maurice Marble III, and he's nuts. Financial shamans and money mystics only work well in finance and banking. I can't explain why. I suppose Mr Hambrecht doesn't understand how banking has changed over the last year since Money is the Way came online. I wish these people would keep up.'