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September 17, 2008

Who Says European Banks Aren't Helping in Bailout?

Many people are irritated that the U.S. is being forced to go alone in bailing out so many broken global financial companies as the shadow banking system falls apart. I'm here to tell you they're wrong. Check the following:

Germany's Finance Ministry said it is astonished that state lender KfW transferred 300 million euros ($426 million) to Lehman Brothers (LEH.P: Quote, Profile, Research, Stock Buzz) on the day the U.S. bank filed for bankruptcy protection.

"What we have had to read today is astonishing and exasperating," Finance Ministry spokesman Torsten Albig said on Wednesday when asked about reports of the transfer.

Time zones and automated systems are a bitch, aren't they?

[Reuters via Bronte Capital]

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