Commerzbank derivatives disaster?

John Mage jmage at panix.com
Sun Oct 6 08:40:37 PDT 2002


Global crash fears as German bank sinks

Faisal Islam, economics correspondent and Will Hutton Sunday October 6, 2002 The Observer

Stockbrokers around the world are braced for a potentially calamitous week as alarm mounts over a looming, Thirties-style global financial crisis. A leaked email about the credit-worthiness of Commerzbank, Germany's third largest bank, yesterday increased fears of the international stock market malaise exploding into a fully-fledged banking crisis.

Commerzbank lost a quarter of its value last week, raising the spectre of Credit-anstalt, the Austrian bank that collapsed in 1931, sparking global depression.

[more] http://www.observer.co.uk/economy/story/0,1598,805683,00.html



More information about the lbo-talk mailing list