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It could be the biggest political comeback of all time: Friedrich Merz wants to become head of the CDU. In the private sector, he has had a remarkable career in recent years. This also raises questions.
5000 euros a day. It was the fees of Friedrich Merz, when he was "authorized to sell" the WestLB Landesbank, which was backed by mbadive state aid. Merz has held and occupies one of the many important private sector positions in the private sector. Since he retired from active politics in 2009, he has had a successful career: Merz, the multifunctional and networker.
What are the jobs of Merz in the private sector?
This 62-year-old lawyer has been working since 2005 in the Düsseldorf office of the international law firm Mayer Brown. According to the firm, Merz advises companies during mergers and counts among its clients "many DAX companies and international companies". Mr Merz also holds a number of posts: he heads the supervisory board of badet manager Blackrock Germany and also heads the supervisory board of the Wepa company, based in Arnsberg, which makes toilet paper, for example .
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In addition, Merz heads the Supervisory Board of Cologne-Bonn Airport and is a member of the Supervisory Board of HSBC Germany Private Bank. He also sits on the board of the Swiss company Zugbauers and competitor Siemens, Stadler Rail. Merz is so well connected. He wishes to resign from his mandate on the Supervisory Board, should he be elected in December as Chair of the CDU.
What does Merz do at Blackrock – and what does Blackrock do?
One of the Merz posts, which is currently in the headlines, is that of chairman of the supervisory board of the German branch of Blackrock. The largest fund company in the world holds considerable power in the financial markets. Critics such as journalist Heike Buchter ("Die Zeit"), who published the book "Blackrock – A Secret Global Power for Our Money" in 2015, consider this New York-based company a threat to the economy. World.
Blackrock founder Larry Fink created the company in 1988 as a small parallel company to Blackstone Investment Company. He eventually made them by purchasing the iShares fund provider after the industry giant's financial crisis. The last time Blackrock managed approximately $ 6.4 trillion ($ 5.7 trillion) of client money, more than any other financial group. In addition, the company benefits from its badysis department, which also advises governments and central banks, raises many suspicions.
In Germany, Blackrock has a lot of influence across many companies. According to data from the financial supervisory authority Bafin, Americans are involved in at least 67 public companies in this country. According to the Association of DSW, the Financial Group is the single largest shareholder in 20 of the 30 DAX companies and holds more than five percent of the 19 DAX companies.
What role did Merz play in WestLB?
NRW-Landesbank had difficulties during the financial market crisis, as the state had to support the institute. The plan was to sell to a private investor. Merz was named "transfer agent" by the bailout fund of SoFFin in 2010 – he was to sell the shares of the Landesbank, which was then owned by the Federal Government, North Rhine-Westphalia and the German banks. 39, local savings. A complete sale of the institute failed in the end, the Landesbank was demolished and the work of Merz ended after a year.
Fees agreed with Merz rose to 5,000 euros per calendar day and additional costs were incurred for other consultants, such as bankers and corporate leases, as 39 indicates the report of the NRW Landtag parliamentary inquiry committee on the events surrounding WestLB. This was "not really a cheap deal," said former NRW Finance Minister Norbert Walter-Borjans at the committee. Merz himself testified that the fees were in accordance with "standard hourly rates".
What makes Merz the "brexit manager" of NRW?
Since the beginning of January 2018, Merz has been the representative of the NRW state government, led by the CDU, at Brexit. He is also expected to strengthen relations with the tough US partner, led by President Donald Trump. The lawyer and "transatlanticist" convinced is well connected here since 2009, he is president of the "Atlantic Bridge". The opposition in North Rhine-Westphalia had criticized, with Merz, a "high lobbyist" of the private financial sector, a direct and unhindered access to the State Chancellery.
Why is there criticism of Merz?
The many roles and nature of his duties led critics to visit the scene. Timo Lange of LobbyControl, a non-profit organization committed to greater transparency in policy-making, said: "Given the life of Friedrich Merz and his many jobs and his lobbying in the area of 39 economy, conflicts of interest are almost inevitable. " Edda Müller, president of the anti-corruption organization Transparency Germany, said: "Friedrich Merz will have to explain to the members of the CDU how he has campaigned for socially responsible action of his clients in his various functions in the financial sector – for example as supervisory board HSBC Germany private bank, involved in ex-business activities. "Merz must show how he wants to use these experiences for a" common good policy ".
What does Merz say?
The CDU politician on Wednesday rejected allegations that Blackrock was a "grbadhopper". This term was coined in 2004 by Franz Müntefering, former director of the SPD, for financial investors who ruthlessly pressured and stole acquired companies. Blackrock handles the deposits of hundreds of thousands of private customers, claiming he sees "no conflict," Merz said. "I supervise this company in Germany, but I do not manage it." To say a little later in his appearance much appreciated in front of the journalists of the capital: "Germany has a number of shareholders much too small". (AP)
Blackrock third quarter financial report
Amazon Link to "Blackrock – A Secret World Power"
Locust Speech by Franz Müntefering
Inquiry Committee on NRW-Landtag WestLB Reports
Mayer Brown Law Firm
Supervisory Board of Cologne-Bonn Airport
Representative Brexit NRW
HSBC Supervisory Board Germany
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