At bottom, he says, the Germans were blind to the possibility that the Americans were playing the game by something other than the official rules. The Germans took the rules at their face value: they looked into the history of triple-A-rated bonds and accepted the official story that triple-A-rated bonds were completely risk-free. This preternatural love of rules, almost for their own sake, punctuates German finance as it does German life. As it happens, a story had just broken that a division of a German insurance company called Munich Re, back in June 2007, or just before the crash, had sponsored a party for its best producers that offered not just chicken dinners and nearest-to-the-pin golf competitions but a blowout with prostitutes in a public bath. In finance, high or low, this sort of thing is of course not unusual. What was striking was how organized the German event was. The company tied white and yellow and red armbands to the prostitutes to indicate which ones were available to which men. After each sexual encounter the prostitute received a stamp on her arm, to indicate how often she had been used. The Germans didn’t want just hookers: they wanted hookers with rules.