German bank BayernLB severed ties with Goldman Sachs, citing its obligation to "adhere to the highest ethical standards." The bank had hired Goldman as an adviser to strengthen its capital position in a restructuring. "In our deliberations it also played a role, that if the accusations made by the U.S. stock exchange regulator are true, the German taxpayer would have been substantially harmed," BayernLB said in a letter to Goldman.

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