kaal:claim:1558614-001

German banks' exposure to CDO risk ran through credit enhancement and liquidity guarantees given to off balance sheet conduits, and because that exposure was often kept out of their accounting the inherent risk only surfaced once the CDO market collapsed.

was often hidden and not included in their accounting. The in- herent risk of the guarantees to the banks, however, became appar- 10 ent when the market for CDOs collapsed.

Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010), I.A. The Financial Crisis in the United States and Germany, p. 3
https://ssrn.com/abstract=1558614 · source PDF

Painter and Kaal, Initial Reflections on an Evolving Standard Constraints on Risk Taking by Directors and Officers in (2010). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1558614

• banks guaranteeing conduits located outside German banking supervision
• guarantee exposure not consolidated into bank accounts

failuresupport: evidencedfailure: hidden guarantee exposurefamily: disclosure-ineffectivenessrisk-and-incentivessystemic-riskdisclosure

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