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Comment: U-turn uncovers the depth of distrust

Spare a moment to feel sorry for the German Finance Ministry. Its abrupt reversal of a carefully-considered move - the ministry has undone a proposed rule change that would have allowed pension schemes to invest more in hedge funds - demonstrates the power of resistance to change and how difficult it is to overcome.

The ministry has dropped the proposal in the face of summer's credit crisis. It does not take a lot of scrutiny to question the wisdom of this.

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