German office values tumble as problems deepen for banks

Short-sellers are stacking up to bet against troubled German bank Deutsche Pfandbriefbank (PBB) over worries about its exposure to US commercial property. Almost 8% of the company’s shares were being shorted, according to the Federal Gazette. Last week, PBB Issued a statement reassuring investors about its final position after one of its main shareholders cut its holding. Morgan Stanley (NYSE:MS) also advised clients to reduce holdings in the bank's bonds due to its US exposure. PBB has become a pinch point ...