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Hexenbürgermeisterhaus, LemgoPosted by MadScientist (Düsseldorf, Germany) on 6 October 2008 in Architecture. Lemgo's Hexenbürgermeisterhaus, named after one of its owners, was built in the 16th century as a merchant's house. The aforementioned owner, Hermann Cothmann (1629-1683), infamous mayor and jurist, was a dedicated 'witch hunter', who, for realizing his ambitions political plans, ruthlessly sentenced up to 100 innocent people to torture and death. In remembrance of this era, a permanent exhibition shows various instruments of torture in that building. The house itself never was a place of torture, though. Executive summary of the following text here. Thinking about torture and witchcraft leads us directly to the financial crisis. Though today I was able to listen for some words of wisdom by our Finance Minister Steinbrück for a long time, this was just a straw fire. German government, together with private banks, ties up a rescue packet (several billion Euros worth) for a stumbling bank, the Hypo Real Estate (HRE). HRE has acute financial difficulties, largely resulting from the much-hyped acquisition of the Dublin-based Depfa bank. (It is especially this bank Mr. Steinbrück was making reference to in his quote of the day.) Depfa in turn has an affiliated company in the US, the Depfa First Albany Securities (DFAS). The blurb in the description shows that they are part of the current problems. It gets even worse when we have a look at HRE Holding, HRE's parent corporation. According to the German Securities Trading Act we are able to learn about HRE Holding's shareholders: according to the calculation of an alert German blogger, more than 65% of the companies having voting rights in HRE Holding are located in offshore havens (Bermuda, Cayman Islands). I'm passing out when I think about the money pipeline from our tax money to these tax refugees. (via) Stop - we're not finished yet! This rescue plan is a whole little drama, as private banks were unwilling to take their share of the bill (8 billion Euros) despite their initial agreement on the rescue. 'Suddenly' new numbers emerged that revealed HRE's real problems; HRE's debts are not only 35 but 50 to 100 billion Euros. Well, another blogger studied HRE's quarterly report and published his results one week ago. But our financial elite obviously isn't interested in the reports of banks that have a need for 35 billions in the short term and many, many more billions in the long term. A flame war in the German parliament about that miraculous increase of debts has already started. Download my coffee-table book of selected postings here. Enjoy!
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