Word: bankes
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Dates: during 2000-2009
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After a period of a few weeks in which investors and analysts felt a little better about the prospects of the economy at the end of the year, the pallbearers have returned. The enthusiasm about a recovery in the banking system was sandwiched by bad news from bank analysts who think the largest financial firms will have to raise tens of billions of extra dollars on the one side and Congressmen who say that they will not provide more TARP money on the other. With insurance companies now begging for dollars as well, there is not going to be enough...
...Lehman Brothers. So after those two pillars of U.S. finance crumbled, German cities suddenly faced the risk of having to make huge payments - taken together, as much as €30 billion ($40 billion), according to some estimates - to their American investors. (Read "Why Berlin Says U.S. 'Bad Bank' Plan...
...case of BVG, the insurance was provided by Hypo-Vereinsbank, the Landesbank Berlin (LBB) and Credit Suisse. The LBB was privatized in 2007. Expecting that LBB would be downgraded by ratings agencies, BVG was planning to insure its assets through another state-owned bank in Germany, the Landesbank Baden-Wuerttemberg. But city officials say BVG's advisor, J.P. Morgan, suggested the transit company spread the risk by insuring the deal through a collateralized debt obligation, or CDO, backed by a consortium of some 150 banks and insurers that included AIG and Lehman Brothers...
...what happened in Gaza. But we have no option but to pick ourselves up from here. What happens in these next couple of months will really be critical. We need three elements: a credible political negotiation for a two-state solution; a program of major change on the West Bank, and an easing of the blockade in Gaza. If we get those, we'll be back in business again. (See pictures of the recovery attempts in Gaza after the Israeli invasion...
Have you found any? Yes, I think the fact that the new Prime Minister [Benjamin Netanyahu] is really clear that he wants economic and security change on the West Bank. That's what we agreed we'd work on with him. There are one or two things that [Netanyahu's] term "economic peace" can mean. One, that economic development is a substitute for state, and that's obviously not acceptable. I personally think he wants the second, to build the [Palestinian] state from the bottom up. I understand and buy into that. It's important for the Israeli government...