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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

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Buhlmann's Corner


DAX40 versus Covid19 - the fat ship?

What is the difference between Covid19 in Berlin and the DAXes in Frankfurt? The answer is with Radio Yerevan: basically nothing. Politicians promise so much that even Freudian slips are no morenoticeable. After the coffers have been emptied due to 9-digit loan payouts the DAXes can magically send Wirecard into insolvency. And they are also able to buy a new company at a price that is higher than their own capitalisation, to then be collectively worth 11-digits less than what they bought (see Bayer & Monsanto).

Politicians in Berlin use other people's money to promote environmentally friendly electric cars, while at the same time being chauffeured around the capital in L-version burning polluters. Thyssenkrupp is doing something similar in America with comparable effort, then taking the lift down to the basement to survive. First, the management spends the money abroad, then it sells off assets that have been collected in generations. K+S, for example, drills for potash in Canada and claims to be worth significantly more than €41 per share, only to see just €5 shortly afterwards and exchange the salt for the soup for borrowed capital.

Then the politicians come along, make themselves important and recommend K+S to continue to write off the balance sheet values. Instead of joyfully and gratefully welcoming the offer, the K+S management seems to spare no effort to impose its position as God-given.

This is just as bad as using taxpayers' money to set up so-called "vaccination centers" which, due to the lack of vaccines, invite people to play cards - always at a distance of 2 meters. With the company doctors of the DAXes, half the population could be vaccinated immediately and within a few weeks while business continues; 40% know a family doctor or pharmacist, and the remaining 10% ...

The stock market can do better. Those who want to borrow shares are also sometimes offered and lent 142% of the available shares, just look at (www.vipsight.eu) - 142% in the historicGamestop case in New York. I recall a 90-day discussion with a bank that was no longer free about the proxy voting of equity investments: after 90 days, the talks broke down because the bank kept its entire holdings ready on the broker's lending platform, frictionless from purchase to sale. The board discovered it after 90 days, after all ....

Politicians come along and promise free Covid tests. Free doesn't exist, "someone else" pays the price. The electric cars agreed in Paris are being pushed into the German car market with a lot of state money, but in the Bundestag's motor pool only 5% of the cars work electrically. Why? The question will be asked later. At present, basic rights and human rights are popular in Berlin. Peoplehope for the judiciary, which can be quite creative.

A recent decision states that because infections mainly occur in private homes, the inviolability of the home may be restricted. Why the same court then does not open up trade and gastronomy, remains as much a mystery as transparency in the leasing business at Grenke.

As always, the old masters do not look beyond their own reflection, be it at Stroeer, Aareal, Osram, BMW, Airbus or ....Daimler. For years they had nothing to do with Dieselgate, only to then redistribute billions of someone else's money, or more precisely the shareholders' money. Just as innocent as the German stock exchange, which made a fortune with CumEx, but doesn't want to have understood anything about it. I am curious to see how ISS (Institutional Shareholder Service), Deutsche Börse's latest investment baby, will deal with this shortly.

... perhaps like the father of the Saint-Exupéry’s Little Prince:

“If you want to build a ship, don't drum up the men to gather wood, divide the work and give orders. Instead, teach them to yearn for the vast and endless sea.”From “The Wisdom of Sands”