Josef Ackermann, former CEO of Deutsche Bank, former Chairman of the Board of Directors of Zurich Insurance, former Chairman of the Institute of International Finance, sat across from documentary filmmaker Egmont R. Koch for an interview for four hours last October.

He spoke to him about his life, his career, his ambitious former plans, about mistakes and human disappointments.

He did not talk about his own leadership failure, personal responsibility or even culpable behavior that led to rejection, convictions and billions in fines.

Logical.

Anyone who expects public self-torture has neither understood the function of such films for those portrayed nor the mentality (and legal advice) of top managers.

Especially since Rolf Breuer's astonishing, momentous interview on the situation of the Kirch Group on the sidelines of the World Economic Forum in New York in 2002, tight-lippedness is actually trumps in the banking and finance sector.

However, unlike Breuer at the time, Ackermann is no longer a Deutsche Bank player.

He could afford a little self-criticism, and it would suit him well.

Such an approach would also have better embedded the harsh assessments of subsequent board members such as Christian Sewing (now spokesman of the board).

You allow criticism

But you have to explain Ackermann's character and role in this film to a large extent yourself. On the one hand, this is thanks to the chronicler Egmont R. Koch, who was awarded the German Television Prize together with Stephan Lamby for "Bimbes - The Black Boxes of Helmut Kohl".

On the other hand, it looks like an attempt to avoid unambiguous positioning as much as possible.

You allow yourself to be criticized and maintain your good relationship with the film's central character.

This is what it looks like when Ackermann verbally hugs the interviewer (“I'm actually a jeans guy like you”) and, as it were, mildly aged, calls the interview his “confession”.

He still speaks of the “greed” of investment bankers in a surprised way, like a disappointed father whose sons have gone astray.

Deviations, which in reality belong to the prerequisite of the culture of "make money, make more money".

The film author Koch does not dig deeper here.

But did anyone know that Pavarotti is said to have ennobled Ackermann's voice, which he had trained in singing lessons, with the comment "que bella voce"?

In "Time of Greed" the image of "Seppi" from Switzerland, a high-flyer who wanted to turn the bank into a global player in the financial business and brought Anshu Jain on board with fatal consequences, emerges in this way.

"Under the leadership of Mr. Ackermann, the formerly reputable Deutsche Bank has turned into a criminal gambling den," says Wolfgang Hetzer, former department head at the European Anti-Fraud Office (OLAF).

"He left the bank with risks up to its roof," says Ackermann biographer Erik Nolmans ("Josef Ackermann and Deutsche Bank: Anatomy of a Rise").

In Ackermann's time, the bank was "involved in practically every mess in banking worldwide," says the former SPD politician and CEO of the KfW banking group, Ingrid Matthäus-Mayer.

"The culture,

In addition, the film takes a look at Ackermann's time at Zurich Insurance, Deutsche Bank's earlier Russian deals, his personal relationship with Vladimir Putin and the suicide of Zurich CFO Pierre Wauthier in 2013.

Financial and global economic crisis, Greece and bank bailouts, the connection to Angela Merkel, the field is getting wider and wider.

Other things are left out, such as the relationship with fellow board member Clemens Börsig and the specific events of the succession plan at Deutsche Bank.

Paradoxically, anyone who wants to find out more about this is much better off with the in-house publication written by renowned historians and economists to mark the 150th anniversary of Deutsche Bank ("Die global Hausbank 1870 -2020", Propyläen Verlag): Here Catherine R Schenk Ackermann's time critically down to the last detail.

We also recommend the documentary "Death of a Manager - The Wauthier Case" by Tina Soliman and Torsten Lapp and Marc Bauder's investment banker portrait "Master of the Universe".

The film was recently supplemented with a statement by Ackermann,

in which he condemned Putin's war of aggression in Ukraine and expressly welcomed Swiss sanctions.

It's about legacy, about self-expression and self-explanation.

The result is also a lesson in the art of always blaming others for omissions and wrong decisions.

Ackermann only shows something like nerves twice: All he can think of about Ingrid Matthäus-Mayer is disrespectful.

And to Fabienne, Pierre Wauthier's widow, who held him personally responsible in his farewell letter ("Joe Ackermann is so far the worst Chairman I ever met"), the former CEO says in retrospect: "The lady" was "aggressive". , so he saved himself the condolences.

Of course, there is also a positive interpretation of the "Victory" sign in the "Mannesmann" process.

He is spontaneous, explains Ackermann, has "rough edges".

Rarely have such rough edges looked so smooth and self-satisfied.

Time of greed - Josef Ackermann and Deutsche Bank, at 8.15 p.m. on ZDFinfo.