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  • 标题:Bankruptcy legislation for banks inevitable
  • 作者:Coen Teulings, director
  • 期刊名称:CPB Newsletter : Centraal Planbureau
  • 印刷版ISSN:1574-8251
  • 出版年度:2009
  • 卷号:3
  • 出版社:CPB Netherlands Bureau for Economic Policy Analysis
  • 摘要:Last year’s credit crisis has caused many victims. One of these was the German bank Hypo Real Estate. At the beginning of 2009, the bank was facing a bankruptcy. The German government was prepared to act as the ministering angel to bail out the bank. But there was a problem. Only one year earlier, the American investor JC Flowers had taken an interest — to the tune of one billion dollars — in the bank. At the beginning of 2009, the German government was prepared to pay Flowers only several tens of millions of dollars for his interest. That was not enough for him, and he refused to sell his shares. Flowers hoped that the bank would survive anyway. In that case, he could receive much more money for his shares. Eventually, separate legislation was passed that gave the German government the right to expropriate the bank, if deemed necessary. Only this threat made JC Flowers agree.
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