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Hanns Ostmeier was stunned to pick up a popular German newspaper one recent Sunday and find a photo of himself along with several colleagues in a mock WANTED poster. Ostmeier's offense: he runs the German operations for the Blackstone Group, the big U.S. buyout firm. Blackstone isn't exactly a household name in Germany. But this spring, a top German politician named Franz Müntefering likened Blackstone and other private-equity groups to "swarms of locusts" that fall on companies and devour all they can before moving on. "Some financial investors don't waste any thoughts on the people...
...trampling over Europe seems misplaced. While some of the major U.S. investors have Americans on staff in Europe, their public face is usually local. "We are not showing up with a cowboy hat," says the principal of one U.S. fund. Ostmeier, for example, who is based in Hamburg, is German, a former management consultant with Boston Consulting Group in Düsseldorf. He spent seven years working for a London-based European private-equity group before he joined Blackstone in 2003. Jean-Pierre Millet, who runs Carlyle's European operations out of Paris, is the first non-American to work...
...happy ending at Rover. With Britain "the first place to get major Japanese investment" in its auto sector, "it would be in keeping to get the first major Chinese offshore investment," he reasons. Could the good times catch on over at Volkswagen? Peter Hartz, head of personnel at the German carmaker, quit last week in connection with a bribery and sex scandal. Separately, the firm unveiled a cost-cutting plan aimed at restarting the firm. Said Wolfgang Bernhard, chairman of the Volkswagen Brand Group: "If we cannot survive here at Volkswagen, then industrial Europe is going...
JOSEPH CARDINAL RATZINGER, in a newly disclosed letter written in 2003, before he became Pope, in response to a German critic of the Harry Potter books...
...opens the door of her brick house on the leafy Washington side street, a few turns from the German embassy. A Jaguar convertible sits in the driveway, the toys and bikes in the garage. There are children playing on the floor inside, and her look is icy as she asks, "Is my husband expecting you?" A British journalist had recently turned up at the door unannounced, and she's still angry. "I almost tackled you," she admits to TIME's Massimo Calabresi, and you have to wonder what a trained covert operative who was known as a crack shot with...