Word: bankes
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...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...
...become a guy who might be the most powerful person in the wealthy Dallas enclave his family is moving to after Washington. Might be. So what's a former president to do? Bush has said he's going to work on his library, write a memoir, and earn some bank on that mythical "speaking circuit" that has proved so remunerative for Presidents past. His immediate predecessors include two astoundingly productive ex-presidents (Jimmy Carter and Bill Clinton), some lackadaisical ones (Gerald Ford, George H.W. Bush), a disgraced lion in winter (Richard Nixon) and a man who, in hindsight, was likely...
...employees and customers, which could make it harder for the company, which is suffering a cash squeeze, to continue operating. The government has stepped in and appointed a new board consisting of heavyweights from India's corporate sector, but officials say a bailout is not needed. Satyam is seeking bank loans to help cover salaries and other operating expenses as it tries to regain its balance...