Word: banking
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...defense, the Prime Minister had little option but to take on Northern Rock, which was caught short of cash after the money markets it depended on for funds froze over last fall. There were two private bids - one from Richard Branson's Virgin Group, another from the bank's own management. But the Treasury's statements indicated that they fell short of offering enough in return for the $100 billion in loans and guarantees made to Northern Rock by taxpayers. Goldman Sachs, the investment bank advising the government on its handling of the company, didn't disagree...
...managed by Sandler "at arms length," as Brown insisted to reporters Monday, the potential for further government embarrassment remains high. Shareholders of Northern Rock - unlikely to get much in return for their investment - are threatening legal action. Robin Ashby, founder of the Northern Rock Small Shareholders' Group, said the bank had been "stolen away from them." Worse still, the dirty business of trimming the bank's 6,000 strong staff - something Sandler is expected to do - or repossessing homes, suddenly becomes the government...
...demand generally, although it also threw a record number of British companies into bankruptcy and millions of workers out of jobs. Since June 1979, when the downturn began, industrial production has slumped 11.6% (vs. an average fall of only 4% for other industrial powers). There are some encouraging signs. Bank lending rates are now in the 10% range, down from 17% in 1980, and mortgages have fallen from 15% to a more affordable 10%. Productivity is up, and the rate of wage hikes is down. But none of these signs of improving health are proof that the rebound will persist...
...enthralled by a tale of unbridled greed that offers as much drama as any Hollywood thriller could - but with possibly far greater political consequences. Prosecutors have said that further probes are under way into the tax affairs of hundreds of individuals suspected of funneling millions of euros into anonymous bank accounts in Liechtenstein under the radar of German tax authorities. The targets are thought to include some of Germany's wealthiest and most prominent citizens...
...probe began almost by accident. During an investigation into organized crime, agents of Germany's Federal Intelligence Service, the BND, became acquainted with an employee of a bank in Liechtenstein, a tiny principality between Austria and Switzerland with very secretive banking laws. The agents turned their contact over to German tax authorities. With the approval of the German government, tax investigators paid the contact more than $7 million (5 million euros) and provided him with a new identity in exchange for a CD detailing the Liechtenstein bank accounts of hundreds of German citizens...