Wrong Numbers

There is often only a small step between a disgruntled shareholder and an angry voter: if someone is furious over an investment going down in flames, if the company involved has a thick skin, who better to blame than the government? Governments, of course, prefer to redirect flak. The scenario has just been played out to perfection in Germany — an election around the corner, an icon company that inspired many cautious citizens to dabble in the market for the first time, and a fall guy.

Deutsche Telekom is a stock so widely held that it has become...