German WestLB bank sheds 87 bn EUR debt via ‘bad bank’

A

ASusilovic

WestLB, hit hard by the financial crisis, will become Germany’s first lender to create a “bad bank” after agreeing on Wednesday to offload at least €87bn ($128bn) in non-strategic assets. The publicly-owned Landesbank is one of only a few German banks expected to utilise the scheme, amid fears about the costs and potential government interference involved.

http://ftalphaville.ft.com/blog/2009/10/08/76451/westlb-sheds-debt-via-bad-bank/

Outsch ! :mad:
 
I hope this crap does NOT come to America AGAIN - they did that bullshit in the S&L scandal of the 1990's! The cowardly governments should just create NEW BANKS - that BY LAW CANNOT HIRE FROM OLD BANKS (If you worked in the mortgage industry or for a bank before today - you would be ineligible to work for a "new" bank). The governments should then fund these new banks, so they can responsibly lend out money. If unemployment is going to hit a nation - let it hit the dumb fucks who created the problem...aka the dumb present banks (and mortgage companies) that loaned out money without regard to ability to pay back the loan, etc.!!!

Why should taxpayers create a "bad" bank and "save" a bunch of dumb fucks - hell, don't even let these fuckers be able to collect unemployment!

-gastropod
 
^ that's just the reality of being a taxpayer. you get to pay for everyone else's stuff: 8k toward their new house, new car, college grant, healthcare, etc. AND, you don't qualify for any of those benefits.

If you shield some of your income from that bs you're an unamerican avoider of your obligations.
 
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