Naked Capitalism carries a warning for everyone who thinks German banks are doing well.
Germany never participated in the upswing of the housing bubble. This fact has led German politicians of all stripes to mistakenly believe their banking system was somehow immune to the problems infecting bubble markets like the US or Spain. Unfortunately, it has not worked out that way because the globalization of finance has shifted risk far and wide within the global financial system.
The article points directly at the Landesbanks and says that the topping up of Commerzbank has given market observers with a false sense of security. Deeper discussion of the issue comes from a link provided by a reader in the comments section.