German Subprime Casualty Gets Bought

Landesbank Baden-Württemberg is to buy SachsenLB, the German state bank that ran into trouble over the U.S. mortgage crisis

In a sign of just how globalized financial markets are, the Eastern German state bank of SachsenLB ran into trouble over the recent US subprime mortgage crisis. Now a Western German rival has stepped in to bail out the stricken bank.

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