Tuesday, January 22, 2008
More bad news from Germany’s embattled banking sector
A few billion Euro here, a few billion Euro there, pretty soon your currency is in the toilet.
I will repeat: The Euro is a sham
When ClubMed comes clean, we'll be getting over 2 Euro to the Sterling.
Jan. 21 (Bloomberg) -- WestLB AG, the German state-owned bank reeling from subprime investments and bad trades, said it had a full-year loss of about 1 billion euros ($1.45 billion) and may set aside the same amount for further writedowns. The state of North Rhine-Westphalia and the Westphalia-Lippe and Rhineland savings banks associations, which own a majority of the Dusseldorf-based lender, will cover the loss and possible further writedowns of up to 1 billion euros, WestLB said today.