IKB Deutsche Industriebank, of Dusseldorf, Germany, announces that it is receiving a bailout from state-owned Kreditanstalt fur Wiederaufbas, (German for “Reconstruction Credit Institute”), as it is no longer able to repackage and rollover it debt because of downgrading of its United states based subprime mortgage backed securities.
[added 4/27/2024] Thanks to Freedom’s Phoenix for this entry.
Subsequent Events:
References:
Bernanke Shut down banks if they threaten system – Yahoo! Finance
finance.yahoo.com/news/Bernanke-Shut-down-banks-if-apf-572552694.html?x=0
FRB: Testimony–Chairman Ben S. Bernanke–September 2, 2010
www.federalreserve.gov/newsevents/testimony/bernanke20100902a.htm
Current U.s. National Debt:
