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CEO of embattled Hypo Real Estate to step down

Posted on 08 October 2008

From Business Week: The embattled German lender Hypo Real Estate AG announced Tuesday that its chief executive, Georg Funke, was stepping down, following intense pressure from Chancellor Angela Merkel’s government.

The announcement by the Munich-based mortgage lender came days after the German government put together a second rescue package for the distressed commercial property lender worth 50 billion euros ($69 billion). That added a 15 billion euro ($20.75 billion) line of insured credit to an existing package of government and private credit offered last week…… Full Article: Source


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