BayernLB Shocks with $6.7 B Writedown

Investments by Germany's second biggest state-owned bank have lost twice as much in value as predicted earlier this year

Germany's second biggest state-owned bank, Bayerische Landesbank, revealed Thursday that the global credit crunch 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.

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