Word: banking
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...read all about the combined woes afflicting the economy: the credit crunch, the subprime mortgage crisis, the housing slump. Things are bad out there, especially when the Federal Reserve has to intervene and rescue the financial markets from chaos, helping JPMorgan Chase buy collapsing investment bank Bear Sterns for a mere $2 a share. But even in the toughest times, some businesses and banks come...
...former Treasury secretary also devoted much of his prepared speech to a discussion of the country’s current economic turmoil—in particular, yesterday’s decision by the Federal Reserve to lend up to $30 billion to JPMorgan Chase to absorb floundering investment bank Bear Sterns. Summers said that the takeover was “as dramatic an episode for the U.S. financial system as we’ve had” since the stock market crash of 1987, but he called the decision “appropriate.” Summers criticized current Treasury...
...Indeed, commercial banks are among the most active in this market, with the top 25 banks holding more than $13 trillion in credit default swaps - where they acted as either the insured or insurer - at the end of the third quarter of 2007, according to the Comptroller of the Currency, a federal banking regulator. JP Morgan Chase, Citibank, Bank of America and Wachovia were ranked among the top four most active, it said...
...security fence”—the wall constructed to separate (sometimes disputed) Israeli land from the territory of the West Bank—a dean of East Jerusalem’s most prominent university told me that three Harvard students had visited the West Bank last summer on behalf of Harvard’s admissions office.The hope and angst juxtaposed on the wall’s face (where “Mr. Bush tear down this wall” stood spray-painted only a few panels over from “Zionism = Nazism”) underlined the story...
Others aren't that patient. "We need drastic measures to solve these problems," says Yamamoto of Royal Bank of Scotland. "Intervention may work to buy time, but it's not a fundamental solution. The authorities in Japan know this and they're hesitant to act." Finance Minister Fukushiro Nukaga did say this week that "excessive exchange rate moves are undesirable." But, in relative terms, the yen is not as weak as it was in 2004, when the government last intervened. Central bankers in Japan believe a rate of 100 yen to the dollar is not excessive appreciation but rather...