Rarely can a disclaimer over forward-looking statements have been more prescient than when German insurer Allianz bought Dresdner Bank in April 2001. And, in the face of stiff competition from the likes of Citigroup, Merrill Lynch and UBS, rarely has there been such an obvious breakdown in corporate accountability as in the seven years since that unhappy marriage.

Last week, Allianz’s chief executive Michael Diekmann trumpeted the sale of Dresdner Bank to Commerzbank as “a milestone in the consolidation of the German banking sector” and “the best solution for Dresdner Bank”.