Posted on 04/03/2008 4:32:04 PM PDT by kiriath_jearim
Germany's second biggest state-owned bank, Bayerische Landesbank, revealed Thursday that the global credit crunch (more...) has cost the bank €4.3 billion ($6.7 billion) -- far more than it had previouly predicted and more than any German state-owned bank has suffered so far.
BayernLB, which is based in Munich, reported writedowns of €2.3 billion in 2007 and another €2 billion for the first quarter of this year as a result of the fallout from the US housing market crisis.
(Excerpt) Read more at spiegel.de ...
When does Deutsche Bank take their medicine?
This should be good for a 300pt rise on the Dow tomorrow. LOL.
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