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Westlb Admits To Credit Exposure

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Another owns up.

http://www.ft.com/cms/s/09544c3c-46a0-11dc...00779fd2ac.html

WestLB admits to credit exposure

By Ivar Simensen in Frankfurt

Published: August 9 2007 22:35 | Last updated: August 9 2007 22:35

WestLB, the publicly-owned Landesbank, became the latest German bank to admit to exposure to the US subprime mortgage market, although it denied it was facing a liquidity problem.

The bank, which this week froze a fund managed by its joint venture with the Bank of New York Mellon, said it was exposed to structured credit instruments, but that “there is no liquidity crisis”.

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Another owns up.

http://www.ft.com/cms/s/09544c3c-46a0-11dc...00779fd2ac.html

WestLB admits to credit exposure

By Ivar Simensen in Frankfurt

Published: August 9 2007 22:35 | Last updated: August 9 2007 22:35

WestLB, the publicly-owned Landesbank, became the latest German bank to admit to exposure to the US subprime mortgage market, although it denied it was facing a liquidity problem.

The bank, which this week froze a fund managed by its joint venture with the Bank of New York Mellon, said it was exposed to structured credit instruments, but that “there is no liquidity crisis”.

....it's these Wall Street financial time bomb makers again.... :o:o:o how embarrassing for Europe's elite.... :o:o:o

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