Word: bankes
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Dates: during 2000-2009
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...TARP may simply disappear before the eyes of everyone debating how it should be used. Bank of America (BAC) is negotiating with the government for billions and billions of dollars to close its acquisition of Merrill Lynch. That was not how it was supposed to work. BAC was supposed to have had the balance sheet to suck up both Merrill and Countrywide...
...governments of the U.S. and E.U. are faced with another act of "the great bank salvation." This time around it is not clear what the Fed and Treasury will get for their capital. They already hold equity in all of the large financial firms due to recent investment from the TARP. What faces the system now is whether the federal government will end up with de facto control of the private banking system...
...Bernanke suggest creating a huge "bad bank" to own the toxic asset that are on the balance sheets of America's largest financial companies. There is some precedent for that from the savings and loan catastrophe two decades...
...except when the global financial markets are sending out warnings of extreme stress to come. By August 2007, the storm known as the subprime crisis had been gathering for much of the year, and inside the Fed, Timothy F. Geithner, president of the New York Federal Reserve Bank and a vice chairman of the Federal Open Market Committee (which sets interest-rate policy), had quietly been raising red flags among his colleagues. Earlier that month, the European Central Bank had startled traders by pumping close to 100 billion euros into the short-term-credit markets - an unexpectedly massive intervention...
...What to See All over the city, the old has become new again, from the Philadelphia Museum of Art's recently renovated Perelman Building - currently showing exhibitions on Matisse and African-American quilts - to the Pantheon-like Ritz-Carlton, housed in the refitted century-old Girard Trust bank. America's past also gets a fresh approach at the National Constitution Center, a high-tech temple to the country's cornerstone legal document. On Jan. 19 - Martin Luther King Day - the center opens "America I AM," an exhibition celebrating the contributions of African Americans to U.S. history. Among the artifacts...