In 2008, when the Landesbanks were found to be full of American subprime mortgages, the German government bailed them out with a €500 billion ($650 billion) rescue package at its taxpayers’ expense. In 2010, when German banks were badly over-exposed – to the tune of $704 billion – to Greece, Ireland, Italy, Portugal, and Spain, European taxpayers and the ECB helped them to bring most of that money home.