Out of the ashes: Portigon’s rise from WestLB

Out of the ashes


By the time the financial crisis hit in September 2008, WestLB was already in the midst of turmoil. This was as a result of "serious financial difficulties due to excessive risk taking prior to the 2008 financial crisis", the European Commission said in a statement in December 2011. By the time the German regional bank, or Landesbank, asked its state owners for a €5 billion guarantee - in February 2008 - it had a €23 billion portfolio of structured investment products linked to the US subprime

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