• 24 Nov 2009 at 2:51 PM

WestLB Finally Gets Its Bailout

By

Despite being owned by the government, WestLB is only now getting the government-funded bailout that is apparently the right of every bank.
Unlike many of the rest of the banks on both sides of the Atlantic, which got their billions (or trillions) with few–if any–strings attached, Germany and the European Commission are force-feeding WestLB some pretty stiff medicine. The bank plans the old good bank-bad bank split, but also has to reduce its size by half, sell off its riskier business and then sell itself over the next two years in order to qualify for the aid. In return, Germany’s bank-bailout fund will provide a capital injection to the WestLB “core bank.”


Up until now, WestLB has pretty much had to fend for itself as it tries to rid itself of €85 billion in toxic assets. The bank’s shareholders–including the German state of Nordrhein-Westfalen–have already put up €4 billion to guarantee the muck.
WestLB’s Owners, German Government Agree on Rescue [Bloomberg]

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Comments (38)

  1. 1
    Posted by CoveredLong | November 24, 2009 at 3:16 PM

    Big news day today huh.

  2. 2
    Posted by guest | November 24, 2009 at 3:19 PM

    Shazhole, you fucking suck.

  3. 3
    Posted by guest | November 24, 2009 at 3:20 PM

    @1 welcome to the week of thanksgiving.

  4. 4
    Posted by porta | November 24, 2009 at 4:29 PM

    The only solution out of this mess is vigorous economic growth. That will reduce unemployment and allow people to pay their mortgages and go shopping.
    If other countries can grow at 10% there is no reason why the US cannot do it. It is just a matter of policy and incentives.

  5. 5
    Posted by porta | November 24, 2009 at 4:31 PM

    And by the way, it is important to recognize that cutting taxes is the best way to stimulate the economy and allow such growth to occur. Enough with the bailouts.
    porta
    http://invetrics.com

  6. 6
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    Greg
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    *Your
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