Substance needed as well as marketplace clamour
It is easy to dismiss the Bürgerbewegung Finanzwende as a market crier. The organisation founded by former Green Party member Gerhard Schick is convinced that „the Riester pension should be retired", beats the drum against a „sell-out of soccer" to financial investors, wants to see the influence of the Schufa (personal credit score agency) crumble, and mocks DWS as a „greenwashing champion“. The organisation further accuses wealth managers DVAG of operating like a sect. The association, which survives with the help of 7,800 supporting members, is no stranger to exaggeration.
A tiger joins the NGO
Despite all the shouting, the organisation wants to be taken seriously - and it is succeeding. The cum-ex scandal investigator Anne Brorhilker, a prominent senior public prosecutor, is joining the organisation. For many years, she was instrumental in initiating the prosecution of cum-ex tax fraudsters, in the face of resistance from the finance industry and politicians, making her famous throughout Germany. Her departure has already been interpreted as evidence of shortcomings in the prosecution service, which adds to her aura. This is no lightweight, but more of a tiger taking over the management of the finance industry- critical association.
Her merits as a respected cum-ex investigator make it difficult for the financial sector to argue against the association. This is because the widespread cum-ex tax fraud, in which many banks and financial institutions were involved in for years, has damaged the reputation of the entire industry. Financial sector NGOs might be able to study legislative proposals in detail, and put forward their arguments in a technically sound manner, but they are far from having the public on their side. But top lobbyists can only dream of the kind of reputation that Brorhilker enjoys.
Not a citizens' movement, but a powerful association
Finanzwende deserves a critical appraisal. But at present the association by no means embodies a broad „citizens' movement“, but acts single-mindedly according to the ideas of its founder and leader Schick. Neither the claim of being close to the people, nor the prominence of personalities, but only the substance of the arguments can lend the association legitimacy. Brorhilker still has to prove herself as a lobbyist for the good cause.
