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Migrant Crisis Divides Europe

Germany and France press the rest of Europe to end squabbling over its exploding numbers of refugees as Hungarian leader says his country doesn’t want ‘a large number of Muslim people.’ 106

Image of Syrian Boy Echoes Around World

The 3-year-old was a Syrian Kurd whose relatives’ efforts to emigrate to Canada had been rebuffed, according to media and Kurdish activists. 623

Stocks Fall Ahead of Jobs Report

Global stock markets fell ahead of a U.S. labor market report that investors will examine for clues about the timing of the first U.S. interest rate rise in almost a decade.

Chinese Navy Ships Passed Through U.S. Territorial Waters

Pentagon officials said for the first time that five Chinese navy ships operating off Alaska came within 12 nautical miles of the U.S. coast, entering U.S. territorial waters, but they complied with international law.

Inside Israel’s Bid to Derail Iran Pact

Israeli Prime Minister Netanyahu has undertaken a high-stakes campaign to persuade Congress to scuttle the Iran nuclear agreement, leaving the White House infuriated and many Democrats resentful. 131

BASF, Gazprom Renew Abandoned Asset-Swap Plan

Germany’s BASF and Russia’s Gazprom will complete an asset-swap deal signed in December 2013 but called off late last year amid mounting political tensions between Russia and the West.

Volkswagen CFO Nominated as Board Chairman

The largest shareholder of Europe’s biggest auto maker nominated the company’s finance chief to become the next chairman of the VW supervisory board.

E-Book Sales Weaken Amid Higher Prices

E-book revenue is falling, and some people in the publishing industry say it is partly because of the higher prices that have resulted from new contracts negotiated with Amazon. 63

GVC Wins Race to Acquire Bwin.Party

GVC Holdings said it had clinched a deal to buy online gaming firm Bwin.party digital for $1.72 billion, beating rival bidder 888 Holdings to the post.

Facebook Advances Bazaar Ambitions

Facebook, which is trying to become a trading bazaar, is making it easier for its 1.49 billion users to buy, sell and trade used items from cars to waffle irons through Facebook groups.

ECB Willing to Expand Stimulus Amid Growth Worry

ECB President Mario Draghi indicated that the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates.

Private-Equity Firms Plunge Back Into the Oil Patch

Private-equity firms are doubling down on energy, despite heavy damage from their last adventure in the sector.

UBS Building Virtual Coin For Mainstream Banking

Swiss bank UBS is working on a prototype virtual currency that it hopes will be used by banks and financial institutions as a basis to settle mainstream financial markets transactions.

Traders Ride the ETF Roller Coaster

Mom-and-pop investors who trade in exchange-traded funds and notes linked to commodities have experienced some of the roughest volatility over the past several weeks.

U.S. Will Help Military, Diplomatic Families Leave Turkey

The U.S. has offered to help relatives of American military and diplomatic personnel stationed at Incirlik Air Base and a nearby consulate to leave Turkey, a cautionary move following the start of military operations directed against Islamic State.

Saudi King’s Visit a Chance to Invigorate U.S. Alliance

King Salman of Saudi Arabia arrives Friday for his first White House visit at a pivotal time, when the two allies are trying to maintain their lukewarm agreement on the Iran nuclear deal while striving for new commitments.

Middle East Crossroads

Yemen’s Unity Frays in Leaderless Aden

The battles of recent months have reopened historic divisions between Yemen’s north and south, writes Yaroslav Trofimov.

Kentucky Clerk Jailed Over Gay Marriage Licenses

A federal judge declared a Kentucky county clerk who opposes same-sex marriage on religious grounds in contempt of court for defying his order to issue marriage licenses, and sent the clerk to jail until she complies. 2434

Off Duty

Fashion

How Fashion Experts Shop the High Street

Despite the crowds, the lines and the overpacked rails, there are real gems to be found in mainstream stores—you just need to know how to find them.

Arts

Art

Sotheby’s to Auction $500 Million Taubman Art Collection

A day after Christie’s said it planned to sell a $100 million painting by Modigliani this fall, rival Sotheby’s countered by saying it has won the right to auction off the $500 million art collection of its former chairman and owner.

Film Review

‘La Jaula de Oro (The Golden Dream)’ Review: Dark Immigrant Odyssey

In Diego Quemada-Diez’s celebrated directorial debut, a trio of teenagers flee from Guatemala and make their way through a treacherous Mexico, where police and gangsters prey on vulnerable travelers.

Video

Father of Drowned Syrian Boy Describes His Sorrow

1:52

Migrant Crisis: The Schengen Agreement Explained

1:55

Tesla's New Model X SUV Finally Set for Delivery

2:25

Mind and Matter

The Power of Brains to Keep Growing

Not long ago, scientists thought that after infancy, our brains never added any neurons. Patricia Churchland on how brains keep growing

What to Read This Fall

Heavy hitters Elena Ferrante, Isabel Allende and Jonathan Franzen weigh in with new work, while first-time novelists Garth Risk Hallberg and Chinelo Okparanta offer buzzy debuts. Actress Mary-Louise Parker pens an unconventional memoir.

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Der joviale Herr Müller

  • Kommentar

Es gibt kein Thema, das Klaus-Peter Müller ins Schwitzen bringen könnte. Der umtriebige, bestens verdrahtete Ex-Chef der Commerzbank ist ein Meister des richtigen Tons. Wie geschickt er sich anstellt, hat er bewiesen, als er geräuschlos den Stuhl des Vorstands mit dem des Aufsichtsratschefs austauschte. Das ist besonders bemerkenswert, weil der Rheinländer ganz nebenbei auch die Kommission für gute Unternehmensführung leitet. Ob es gute Unternehmensführung ist, die eigenen Entscheidungen zu bewachen, das ist – nun ja – umstritten.

Während Josef Ackermann nach eigenen Worten „keine Lust“ hatte, mit Investoren der Deutschen Bank über die Regeln der guten Unternehmensführung zu diskutieren, und es vorzog, sich von seinem Traum, an die Spitze des Aufsichtsrats zu wechseln, zu verabschieden, ist Müller da ganz anders.  Sicher haben die Investoren auch ihm Fragen gestellt. Doch Müller hat einen großen Vorzug: Er lässt nichts an sich ran.

Sein Spitzname lautet nicht umsonst: der Teflon-Banker. An Teflon bleibt nichts hängen.

Bei kritischen Fragen, auch von Journalisten, runzelt er nur leicht mit der Stirn, um dann mit Inbrunst seine Haltung als den einzig richtigen Weg zu verteidigen. Müllers wahre Kunst besteht dahin, dass am Ende alle zufrieden nach Hause gehen.

Doch diesmal ist der Karnevalfan zu weit gegangen. In einem Interview mit der Wirtschaftswoche lässt er als Chef-Kontrolleur der Commerzbank nicht nur die Muskeln spielen, indem er den krisengeplagten Vorstandschef Martin Blessing vor Misserfolgen beim Umbau der Bank warnt. Nein, er verteidigt den verlustreichen Kauf der Dresdner Bank gar als richtig.

„Ich würde die Dresdner Bank heute wieder kaufen, denn die Fusion wird sich im historischen Rückblick als strategisch richtig für die Commerzbank erweisen“, sagt Müller. Und räumt dann mit Nonchalance ein: „Es dauert allerdings länger als gedacht, bis die Übernahme sich voll auszahlt.“

Wann genau sich die Dresdner-Übernahme überhaupt auszahlen wird, steht in den Sternen. Hier die Fakten: Müller hatte die Milliardenübernahme der längst kriselnden Allianz-Tochter eingefädelt, als der Sturm der Finanzkrise bereits wütete.  Kurze Zeit nach dem Deal musste die Commerzbank vor dem Zusammenbruch vom Staat gerettet werden. Insgesamt erhielt sie 18,2 Milliarden Euro Staatshilfe. Seitdem hält der Staat einen Anteil von 25 Prozent plus eine Aktie. Für die Steuerzahler jedenfalls hat sich das Investment nicht ausgezahlt. Sie dürfen für 2012 erstmals mit einer Zinszahlung rechnen.

Was haben die Mitarbeiter von der Übernahme gelernt: 9.000 Mitarbeiter mussten gehen. Jetzt kommt der Abbau von bis zu 6.000 Stellen hinzu.

Und was hat Müller daraus gelernt? Offenbar nichts.

Mitarbeit: Ulrike Dauer

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The Wall Street Journal & Breaking News, Business, Financial and Economic News, World News and Video
Search

Migrant Crisis Divides Europe

Germany and France press the rest of Europe to end squabbling over its exploding numbers of refugees as Hungarian leader says his country doesn’t want ‘a large number of Muslim people.’ 106

Image of Syrian Boy Echoes Around World

The 3-year-old was a Syrian Kurd whose relatives’ efforts to emigrate to Canada had been rebuffed, according to media and Kurdish activists. 623

Stocks Fall Ahead of Jobs Report

Global stock markets fell ahead of a U.S. labor market report that investors will examine for clues about the timing of the first U.S. interest rate rise in almost a decade.

Chinese Navy Ships Passed Through U.S. Territorial Waters

Pentagon officials said for the first time that five Chinese navy ships operating off Alaska came within 12 nautical miles of the U.S. coast, entering U.S. territorial waters, but they complied with international law.

Inside Israel’s Bid to Derail Iran Pact

Israeli Prime Minister Netanyahu has undertaken a high-stakes campaign to persuade Congress to scuttle the Iran nuclear agreement, leaving the White House infuriated and many Democrats resentful. 131

BASF, Gazprom Renew Abandoned Asset-Swap Plan

Germany’s BASF and Russia’s Gazprom will complete an asset-swap deal signed in December 2013 but called off late last year amid mounting political tensions between Russia and the West.

Volkswagen CFO Nominated as Board Chairman

The largest shareholder of Europe’s biggest auto maker nominated the company’s finance chief to become the next chairman of the VW supervisory board.

E-Book Sales Weaken Amid Higher Prices

E-book revenue is falling, and some people in the publishing industry say it is partly because of the higher prices that have resulted from new contracts negotiated with Amazon. 63

GVC Wins Race to Acquire Bwin.Party

GVC Holdings said it had clinched a deal to buy online gaming firm Bwin.party digital for $1.72 billion, beating rival bidder 888 Holdings to the post.

Facebook Advances Bazaar Ambitions

Facebook, which is trying to become a trading bazaar, is making it easier for its 1.49 billion users to buy, sell and trade used items from cars to waffle irons through Facebook groups.

ECB Willing to Expand Stimulus Amid Growth Worry

ECB President Mario Draghi indicated that the bank stands ready to expand its stimulus programs and projected slower-than-expected economic growth in the eurozone, as well as lower inflation rates.

Private-Equity Firms Plunge Back Into the Oil Patch

Private-equity firms are doubling down on energy, despite heavy damage from their last adventure in the sector.

UBS Building Virtual Coin For Mainstream Banking

Swiss bank UBS is working on a prototype virtual currency that it hopes will be used by banks and financial institutions as a basis to settle mainstream financial markets transactions.

Traders Ride the ETF Roller Coaster

Mom-and-pop investors who trade in exchange-traded funds and notes linked to commodities have experienced some of the roughest volatility over the past several weeks.

U.S. Will Help Military, Diplomatic Families Leave Turkey

The U.S. has offered to help relatives of American military and diplomatic personnel stationed at Incirlik Air Base and a nearby consulate to leave Turkey, a cautionary move following the start of military operations directed against Islamic State.

Saudi King’s Visit a Chance to Invigorate U.S. Alliance

King Salman of Saudi Arabia arrives Friday for his first White House visit at a pivotal time, when the two allies are trying to maintain their lukewarm agreement on the Iran nuclear deal while striving for new commitments.

Middle East Crossroads

Yemen’s Unity Frays in Leaderless Aden

The battles of recent months have reopened historic divisions between Yemen’s north and south, writes Yaroslav Trofimov.

Kentucky Clerk Jailed Over Gay Marriage Licenses

A federal judge declared a Kentucky county clerk who opposes same-sex marriage on religious grounds in contempt of court for defying his order to issue marriage licenses, and sent the clerk to jail until she complies. 2434

Off Duty

Fashion

How Fashion Experts Shop the High Street

Despite the crowds, the lines and the overpacked rails, there are real gems to be found in mainstream stores—you just need to know how to find them.

Arts

Art

Sotheby’s to Auction $500 Million Taubman Art Collection

A day after Christie’s said it planned to sell a $100 million painting by Modigliani this fall, rival Sotheby’s countered by saying it has won the right to auction off the $500 million art collection of its former chairman and owner.

Film Review

‘La Jaula de Oro (The Golden Dream)’ Review: Dark Immigrant Odyssey

In Diego Quemada-Diez’s celebrated directorial debut, a trio of teenagers flee from Guatemala and make their way through a treacherous Mexico, where police and gangsters prey on vulnerable travelers.

Video

Father of Drowned Syrian Boy Describes His Sorrow

1:52

Migrant Crisis: The Schengen Agreement Explained

1:55

Tesla's New Model X SUV Finally Set for Delivery

2:25

Mind and Matter

The Power of Brains to Keep Growing

Not long ago, scientists thought that after infancy, our brains never added any neurons. Patricia Churchland on how brains keep growing