Archive for the 'Economy' Category
France Seeks €300bn Rescue Fund for Europe
October 2nd, 2008Via: Telegraph: France heaped pressure on Gordon Brown last night by floating an ambitious plan for a €300 billion (£237 billion) bailout fund to rescue crippled banks across Europe. As the world held its breath on the fate of America’s $700 billion bank bailout plan, President Sarkozy was seeking the backing of European leaders for […]
Wachovia Faced a ‘Silent’ Bank Run; FDIC Forced Sale
October 2nd, 2008Via: Charlotte Observer: On Friday, with its stock plunging 27 percent, Wachovia experienced a “silent run” on deposits, but the bigger worry for regulators was that other banks wouldn’t provide the Charlotte bank with necessary short-term funding when it opened for business Monday, sources familiar with the situation told the Observer. With Wachovia already looking […]
Nasdaq Cancels Late Google Trades
October 2nd, 2008Via: Mercury News: Erroneous trades sent to the Nasdaq Stock Market by another exchange caused Google’s share price to gyrate wildly Tuesday afternoon, soaring as high as $485.13 and falling as low as $25.80. The Nasdaq issued a statement Tuesday afternoon saying that all trades in Google’s shares made at or above $425.29 and at […]
Wealthy Investors Hoard Bullion
October 1st, 2008Via: Financial Times: Investors in gold are demanding “unprecedented” amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen. Industry executives and bankers at the London Bullion Market Association annual meeting said the extent of the move into physical gold was […]
The Risk of a Total Systemic Meltdown Is Now as High as Ever
September 30th, 2008Via: Roubini: The next step of this panic could become the mother of all bank runs, i.e. a run on the trillion dollar plus of the cross border short-term interbank liabilities of the US banking and financial system as foreign banks as starting to worry about the safety of their liquid exposures to US financial […]
Dow Takes 7% Whack, But in the Scheme of Things… * Meh *
September 30th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. In terms of the percentage, it was the 17th biggest decline. When it’s a grand a day, for a few days, that’ll really start to rattle the chook house. This is definitely not a recommendation, but, if it’s another down day, […]
UK Government Nationalizes Bradford & Bingley
September 29th, 2008Via: AP: The British government is nationalizing troubled mortgage lender Bradford & Bingley, the Treasury confirmed Monday, taking over the bank’s 50 billion pound ($91 billion) mortgage and loan books as turmoil from the U.S. credit crisis spread across Europe. The sweeping move is intended to preserve financial stability, Prime Minister Gordon Brown told reporters […]
FDIC Says Wachovia Didn’t Fail
September 29th, 2008It didn’t fail. Didn’t. Got it? That’s double plus good. Via: AP: Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation’s largest banks, in a deal facilitated by the Federal Deposit Insurance Corp. Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any […]
U.S. Government Bails Out Auto Makers
September 29th, 2008More BS. Why not make these “loans” available ONLY for the development of 100% electric vehicles… None of this Volt nonsense. Where else but in Soviet America does an “electric vehicle” come with an internal combustion engine? Thanks, GM. Here’s your dole payment. Via: Wall Street Journal: The U.S. Congress moved Saturday to provide $25 […]
Global Monetary Authority
September 28th, 2008Via: Financial Times: Even if the US’s massive financial rescue operation succeeds, it should be followed by something even more far-reaching – the establishment of a Global Monetary Authority to oversee markets that have become borderless. Washington recognises that the crisis has become global. Hank Paulson, Treasury secretary, has said that foreign banks operating in […]
