'Monster' Markets Brought World to Edge: German Prez

Köhler, former head of IMF, rips lust for profit, calls for tightened regulaion
By Nick McMaster,  Newser Staff
Posted May 15, 2008 8:15 PM CDT
German president Horst Kohler is seen with the President of Latvia in this undated file photo.   (Getty Images (by Event))
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(Newser) – Germany's president, a former head of the International Monetary Fund, blasted the system of financial markets responsible for the global credit crisis as a “monster," Der Speigel reports today. Horst Köhler said the world “came close to a collapse of the global financial markets" as the system "greatly disgraced itself in pursuit of profit.

"The over-complexity of the financial products, and the possibility of carrying out large leveraged deals with a small amount of capital, have allowed the monster to grow,” said Köhler in joining a long line of German pols ripping capitalist excess.