Sonderfonds Finanzmarktstabilisierung Finanzmarktstabilisierungsanstalt. That just rolls off the tongue with ease, doesn’t it? That’s what Germany calls their financial-markets stabilization fund, aka “SoFFin” for short.

Germany is working on legislation (on which their upper house votes on April 3rd) to fully nationalize Hypo Real Estate Holdings, and today, SoFFin coughed up for a 8.7% chunk (20 million new Hypo RE shares for €60 million – €3 a share). J. Christopher Flowers, chief of U.S. private-equity firm J.C. Flowers & Co. LLC, who owns about 17% of Hypo for which he paid €22.50 a share, resigned from Hypo’s board today as well. Flowers wants Germany to only buy the 75% of Hypo that he and his pals at Grove don’t control, letting him remain Hauptdeutschenslumlord during the restructuring. However, by quitting the board you can tell he doesn’t expect that to happen. Not surprising, I suppose.

Wondering how long it took Flowers/Grove’s investment to go south? They bought in less than a year ago. Oops.