Germany’s second-largest bank, Commerzbank, which is a member of the Rothschild-dominated Inter-Alpha group, whose bankruptcy has been recently exposed by Lyndon LaRouche and his EIR magazine, has announced that it lost 4.54 billion euro in 2009—despite receiving huge public bailouts beginning in 2008. Commerzbank is currently 25% state-owned.
In the middle of 2008, Commerzbank took over Dresdner Bank, a daughter of the giant Allianz insurance company, which also owns Pimco, the world’s largest bond-trading fund. Dresdner had huge amounts of rotten paper on its books, which Allianz conveniently got rid of in the process—although Allianz still holds 15% of Commerzbank.
Recall that Allianz’s Pimco last week joined Rothschild interests and London-run Banco Santander in continuing to promote the Brazil carry trade, just as they had done in 2002 during the presidential elections which made Lula da Silva head of state.
As LaRouche has pointed out, the entire London-run European monetary system is bankrupt, and is being propped up by the equally bankrupt Brazilian carry trade.