Word: bankes
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Dates: during 2000-2009
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...until 2010. Because the downturn is global, most manufacturers expect export orders to fall further in the coming months, according to the British employers' organization, the CBI. In the meantime, British holidaymakers used to vacationing in France or Spain are making plans for breaks closer to home. Outside the Bank of England, which moved to its present central London site in 1734, one oil-industry worker with a fondness for European travel says he'll "just sit tight" until the pound gets stronger again. Behind him, the city's buses shuttle workers home, with posters on their sides trumpeting...
Well, how did you do it? It felt like it was four years' worth of work. There was so much volatility. We changed the stocks around a lot throughout the year. In July, when the banks were cratering, we bought Bank of America at 18 [dollars a share], and it jumped right back up to the 30s, and we sold it there. That's not something you usually do within a month's time. Last year was really opportunistic. In a month's time you went from cheap to fairly valued - and in many cases back down to cheap...
...look at financials going forward? It's difficult. We avoided much of this mess, and we've tried to limit our exposure to the banks. We've dipped our toe in the water a few times now. USBancorp, I think, will be a survivor and will thrive. But we've got quarters of difficulty. The hardest part of this is figuring out when people will start looking beyond the near-term. We've tried to take small steps into the riskier stuff. We ended up buying Bank of America again, since that worked out so well for us last year...
Timothy Geithner, you're on your own. If Geithner, who was confirmed as Treasury Secretary late Monday, plans on waiting until a consensus forms on what to do with the second half of the $700 billion bank rescue fund approved by Congress in early October, he may be waiting awhile. Economists, Wall Streeters and industry analysts are split on how best to spend what remains in the Troubled Asset Relief Program (TARP), which has done anything but offer relief...
...Bank stocks have continued to plummet since the program was started in mid-October. Two of the nation's largest banks, Citigroup and Bank of America, have had to tap the relief fund twice, yet neither bank appears any more stable. Indeed, concerns about Bank of America's insolvency have grown, not shrunk, in the past few months. What's more, none of the government money spent so far has done anything to increase lending or lower foreclosures. (See the best business deals...