Archive for the 'Economy' Category
British Government to Nationalize Bradford & Bingley
September 28th, 2008Via: Bloomberg: The U.K. Treasury will act to protect Bradford & Bingley Plc customers, Chief Whip Geoff Hoon said after the BBC reported the U.K.’s biggest lender to landlords will be nationalized. Prime Minister Gordon Brown and Chancellor of the Exchequer Alistair Darling “have worked right through this weekend to sort out the problems we’re […]
WASHINGTON MUTUAL: LARGEST BANK FAILURE IN U.S. HISTORY
September 26th, 2008It’s not even FDIC Friday yet in the U.S. Via: Bloomberg: JPMorgan Chase & Co., the third- biggest U.S. bank by assets, agreed to pay $1.9 billion for the deposits of Washington Mutual Inc. after the thrift was seized by regulators in the biggest bank failure in U.S. history. The U.S. government closed Seattle-based Washington […]
Bailout Could Deepen Crisis; Firms Are Already Insolvent and Won’t Be Able to Keep Hiding It
September 25th, 2008That’s why Americans have to pay premium prices for this garbage. Via: Washington Post: The director of the Congressional Budget Office said yesterday that the proposed Wall Street bailout could actually worsen the current financial crisis. During testimony before the House Budget Committee, Peter R. Orszag — Congress’s top bookkeeper — said the bailout could […]
FDIC May Need $150 Billion Bailout as Local Bank Failures Mount
September 25th, 2008Via: Bloomberg: By the end of 2009, about 100 U.S. banks with collective assets of more than $800 billion will fail, predicts Christopher Whalen, managing director of Institutional Risk Analytics, a Torrance, California-based firm that sells its analysis of FDIC data to investors. “It’s not going to be Armageddon,” says Mark Vaughan, an economist and […]
China Banks Told to Halt Lending to U.S. Banks
September 25th, 2008Update: China Denies Report It’s Banned Lending to U.S. Banks Some weird financial ripples from China in the last couple of days… Via: Reuters: Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday. The […]
Country’s Top Chevrolet Dealer Closes
September 25th, 2008Via: Auto Channel: According to Automotive News’ Chrissie Thompson, Bill Heard Enterprises, the country’s top Chevrolet dealer group, is closing the doors at all of its 13 dealerships at the end of business today, according to a person with knowledge of the situation. The company notified the stores’ general managers at 2 p.m. today, the […]
Rumors Touch Off Bank Run in Hong Kong
September 24th, 2008Via: Telegraph: Panicked customers queued to withdraw their savings from branches of the Bank of East Asia in Hong Kong as rumours circulated that the bank was facing financial problems, agencies report. The rumours were categorically denied by the bank’s management, which nevertheless had to extend business hours by 30 minutes to cope with the […]
FBI Investigating Companies at Heart of Meltdown
September 24th, 2008Things started to get interesting when They sent a memo to all employees on what to say to anyone who presented themselves as auditors or investigators. We were to refer them to some flunkie. I thought, “Oh goodie, we’re going to get raided by a three-letter agency and guys wearing guns and blue wind-breakers are […]
Can You Trust a Wall Street Veteran with a Wall Street Bailout?
September 23rd, 2008Via: McClatchy: Paulson presided over one of the most profitable runs on Wall Street as chairman and chief executive officer of investment banking titan Goldman Sachs & Co. from 1999 until President Bush nominated him on May 30, 2006 to take over the Treasury Department. Back then, Bush saw Paulson’s Wall Street experience as a […]
Mushroom Cloud over Wall Street as U.S. Constitution Burns
September 23rd, 2008Congress, “the equivalent of Caligula’s horse, albeit, with considerably less dignity.” Via: Market Oracle: These are dark times. While you were sleeping the cockroaches were busy about their work, rummaging through the US Constitution, and putting the finishing touches on a scheme to assert absolute power over the nation’s financial markets and the country’s economic […]
