Polemics in the German press

Although German newspapers entertain standards of objectivity quite different from their American counterparts – German articles often have an openly polemic bent, with positions advanced in a forthright manner that would surprise the uninitiated US reader – I was dumbstruck by a recent article in the Frankfurter Allgemeine Zeitung discussing the Deutsche Telekom scandal.

The following sentence left me baffled: “Finanzminister Peer Steinbrück (SPD) hat die Private-Equity-Gesellschaft Blackstone (”Heuschrecke”) nicht zuletzt deswegen als Minderheitsaktionär an Bord geholt, um dem Telekom-Management Dampf zu machen.” (My translation: Finance Minister Peer Steinburck (SPD) brought the private-equity firm Blackstone (”locust”) on board as a minority shareholder in part to exert pressure on Deutsche Telekom’s management).

While many German politicians are fond of employing the term Heuschrecke (”locust”) to attack the ostensibly pernicious influence of hedge funds, the term is a highly politicized one, and the off-handed manner with which it is used here is totally inappropriate. There is also a glibness to the gloss that I find highly annoying (but which may in fact simply relate to the brevity that often characterizes German parenthetical insertions): no explanatory remarks are offered, the term is simply interjected as if there were a 1:1 equivalence between “Blackstone” and “locust.”

What should one make of this? Was the author of the article simply unaware of the loaded nature of the term, which the editors subsequently overlooked? Or has this description of hedge funds now achieved a level of mainstream acceptance that no qualificatory remarks are required? Both of these alternatives are cause for concern.

Leave a Reply

Your email address will not be published.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