This is government regulation in action, folks. Nationalize the banks? You betcha. State-owned banks are clearly the way to go.
“Germany is €55bn richer than it previously thought because of an accounting error at state-owned bank Hypo Real Estate Holding.” You see? The government really can make money out of nothing (and the chicks for free).
To be fair though, what’s 55 billion euros these days? And this mistake could have happened to anybody: “Collateral for derivatives wasn’t netted between the asset and liability side.” In other words, a government expert mixed up the + with the -.
The finance spokesman didn’t directly comment on the accounting error.