Word: bankes
(lookup in dictionary)
(lookup stats)
Dates: during 2000-2009
Sort By: most recent first
(reverse)
...Americans can also look at the choices made by the U.K. to salvage its credit system. Large banks there are being effectively bought out by the government as the U.K. attempts to put a firewall around huge losses from toxic assets. The Royal Bank of Scotland (RBS) is already 70% owned by the government and management's kilts have been repossessed. (See pictures of the financial crisis in London...
...case that the equity value of firms including Citigroup(C) and Bank of America (BAC) has dropped to nothing is compelling. Once the government said it would back losses of over $300 billion from the Citi balance sheet, it was a tacit way of saying that Citi was no longer independent. Its market cap is now down to $15 billion, and at $2.80 its stock is a day-trader's dream...
...Bank of America's purchase of Merrill Lynch could be the ruin of this bank. The bad assets of the brokerage firm were apparently both huge and well-hidden by management, the brokerage firm's board, or the auditors. The most charitable view of the people in charge at Merrill is that they were boobs. Anything beyond that starts to point a finger in the direction of liability and shareholder suits...
...banks do have one last and very large asset: their names. Marketers used to call this brand equity. It was a nonsensical way of saying that having a company's name on hundreds of buildings and sports stadiums made customers more comfortable being customers. Decades of advertising did that for Citi and B of A. The credit crisis has not entirely ruined those reputations. Citi retail customers in Italy probably don't worry about the hundred dollars they have in the big bank. It is simply very difficult to see how the "body of the brand" can be exhumed...
...former Rockefeller aide, Harry W. Albright Jr., recruited Parsons in 1988 to serve as chief operating officer of the Dime Bank, one of the largest thrift institutions in the United States...