Köhler blasts bank executives

German President Horst Köhler has accused banking executives of losing touch with what he termed the real economy and society as a whole. In his last formal address to Germany before his current term expires in May, Köhler blamed unregulated risk-taking by executives for sparking the global economic crisis. The German president, a former head of the International Monetary Fund, said tighter regulation was needed to prevent future excesses. He warned Germans that the coming months would be very difficult and that there could be no quick fixes to the global economic downturn.

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