While top private equity managers recently descended on Germany to counter negative vibes emanating from some local politicians about the bug-like nature of p.e. activities in the country – vis à vis, calling them "locusts" – German investors apparently have not been swayed by such comments. A recent p.e. survey by Deloitte reveals that, in the third quarter of 2005, following reports of the "locust" appellation, the private equity confidence index reached an all-time high of 127 points. While the figure dropped to 117 in the following quarter, Deloitte suggests that has more to do with changes in the government and possible "insecurity regarding future economic circumstances." By the way, David Rubenstein of The Carlyle Group told that recent SuperReturn p.e. conference in Germany that countries that refuse to allow pension funds to invest in private equity are likely to "fall behind in global competition." Rubenstein acknowledges that perhaps p.e. firms need to be more sensitive to local considerations, but they also should be more aggressive in promoting their benefits as well. Also addressing the conference, Jon Moulton of U.K.-based buyout firm Alchemy called the big fees large buyout firms charge "ludicrous and inappropriate."