Word: banking
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...Monday, Sept. 29, when it was clear that Wachovia, the enormous U.S. bank, couldn't open its doors to customers due to a lack of funds, the board of the Federal Deposit Insurance Corporation (FDIC) voted for the first time since its creation during the Great Depression to take a "systemic risk exception" to the rules that usually limit what it can do. The exception allowed the FDIC to cover some of Wachovia's potential losses, enabling the bank's sale to Citigroup and its continued operation...
...front as I drove away), Obama's in Woodbridge has been up and running since July, and has the dingy, cluttered, lived-in feel that every campaign office eventually acquires. The campaign's "Votebuilder" software - with house-by-house data on every registered voter in the area - dominated a bank of computer screens, and the walls were covered with cartoons, volunteer signatures and lists of "star phonebankers." Young volunteers bustled in and out with stacks of clipboards and canvassing materials to hand to the volunteers who were showing up by the carful in the parking lot. Word had gotten...
...incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which was nationalized on Thursday. After the British government used antiterror legislation to freeze Landsbanki assets (these laws were simply "the most efficient mechanism available," a Downing Street spokesman explains), Iceland's Prime Minister Geir Haarde protested. "Not many governments would have taken that very kindly," he said. His counterpart in London appears...
That comes as something of a surprise to some local councils. There have been warnings since the beginning of the year that all was not well with Iceland's banks. As early as Jan. 30, credit-ratings agency Moody's Investors Service said it was placing on review for possible downgrade Landsbanki, Kaupthing and Glitnir, another Icelandic bank. It did indeed downgrade all three a month later. In July, Kitty Ussher, then Economic Secretary to the Treasury and now a minister in the Department for Work and Pensions, was quizzed by an influential House of Commons committee after newspapers reported...
...pure panic, and the lack of logic involved explains the inability of markets to find new, stable values for stocks," says Deutsche Bank euro-zone economist David Naudé. He concurs with Touati that while the credit crisis and its consequences are grave, the wider economic realities don't merit the dread that is driving market reaction - at least...