I'm shocked--shocked, I say
(Another shock: private agencies are doing it better. Boy these things sure are coming out of left field.)
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Max Swing - 4/22/2005
In Germany, we have a different situation. While private insurance companies have a hard time to stay liquid on the market, the government-sponsored retirement fond, newly called "Riester-Rente", is on top of all the other private fonds. This is due to given the fond to top-notch fond managers, rather than doing the usual government beaurocracy.
I am rather surprised by the effect, but the fond (on the other hand) is still very young, so perhpas it will show the usual government defunctionality later.
Still, it is interesting to observe that the rather down-to-earth fond-managers of the Riester-fond are making more money than the expensive and over-egoed bankers of the Deutsche Bank or West LB (and believe me, if you met one of them, you can't stand talking to them for a few minutes...).