Michael Kemmer News
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Germany’s commercial banks urged the government against rushing to force large retail banks to spin off their proprietary trading, saying the coalition should wait for outside appraisal of its plans before enacting them in law.
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Commerzbank AG, Germany’s second- biggest lender, said it repaid 10 billion euros ($13.6 billion) in three-year loans it borrowed from the European Central Bank after policy makers stepped in to stabilize markets.
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German Chancellor Angela Merkel will continue to work with Juergen Fitschen after the Deutsche Bank AG co-chief executive officer sparked criticism from lawmakers for complaints about raids on the firm to the leader of the bank’s home state, her spokesman said.
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Barclays Plc, Bank of America Corp.’s Merrill Lynch and Morgan Stanley can’t use New York law to block Theflyonthewall.com, an online financial news service, from issuing immediate reports about changes in their stock ratings, a federal appeals court ruled.
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The 750 billion-euro ($968 billion) rescue fund aimed at stemming the euro region’s debt crisis is “sufficient” for now and shouldn’t be increased, the Association of German Banks said.
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Offenbach, a city of about 120,000 people neighboring Germany’s financial capital Frankfurt, is so mired in debt it had to ask the state of Hesse for a 211 million-euro ($277 million) bailout in June.
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Michael Kemmer , former chief executive officer of Bayerische Landesbank , may be appointed to the vacant position of managing director of Germany’s BDB banking association, Financial Times Deutschland reported, citing an unidentified person involved in the talks.
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Farm credit banks won exemptions from almost the entire Dodd-Frank financial law, including the new consumer protection agency and the regulatory council overseeing systemic risk. Now the banks are seeking a carve-out for their $47 billion swaps business.
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Germany’s commercial banks are in a “stable” condition and it’s unlikely that the debt crisis will deprive a German lender of its ability to obtain funding as happened to Dexia SA, said Michael Kemmer, managing director of bank lobby group BdB on Deutschlandfunk.
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WestLB AG, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, will cease operations today. Its demise is a lesson in hubris to its peers.
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