A Banker in Germany Says Trouble Is Not Over
Commerzbank’s chief, Klaus-Peter Müller, said bankers did not understand mortgage securities and relied too much on ratings.
Mr. Müller is unsparing in his criticism of American mortgage-market excess, which has mutated into a trans-Atlantic financial crisis, nearly ruined two German banks and, he predicts, will wreak more havoc in the investment portfolios of other European banks.
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