Proceedings of the ISL Maritime Conference 2008- 9 th and 10 th of December, World Trade Center Bremen
Edited By Burkhard Lemper and Manfred Zachcial
6 Session IV – Financing and Taxation Aspects
Chairman: Prof. Dr. Rolf W. Stuchtey, Institute of Shipping Economics and Logistics (ISL) 6.1 Re-Financing Aspects in Global Shipping Dr. Hans-Joachim Weinberger, Global Head Ship and Aircraft Finance, Norddeutsche Landesbank 6.1.1 Anatomy of a Crisis What happened to the financial sector? To summarize it in simple words: I believe we are victims of hubris caused on the one hand by scientific experts from the field of mathematics, statistics and physics and on the other hand by the simple greed of bank managers. It has been the close cooperation between promoting “alpha-male bankers” and ingenious scientists, delighted by the bankers' support which has created this explosive cocktail, bringing the world close to a disaster. This cocktail has been enriched by the accessibility of cheap hardware and software, providing the necessary data storage and processing capacity. Combined with intelligent analytical and modelling techniques as for example the Monte Carlo simulation, this mixture has proved itself almost as explosive as the H-Bomb. What is sometimes called “credit substitute business” (Kreditersatzgeschäft) has very little to do with the banking business. The intention has been to model a picture of the real world by simply omitting any distorting and time-consuming relationships to clients and replacing these with the “only and real truth” derived from these models. For example these models could provide default probabilities without having to take a close look at any “underlying” factors such as the inhuman description of the real society. Having said this, we can imagine the political implications of...
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