Word: bankses
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A how-to model for nationalizations could prove valuable in the months ahead. The government is in the process of stress-testing the nation's largest banks as part of Treasury Secretary Timothy Geithner's plan to fix the ailing banking sector. And many think the outcome of those tests...
To be sure, many economists, and Americans in general, remain firmly against the idea. Some aversion relates to the very word nationalization, which evokes images of socialist regimes seizing private companies. A recent USA Today-Gallup poll found that 57% of Americans are against "temporarily nationalizing U.S. banks." Yet only...
But the debate involves more than semantics. One concern is that investors aren't going to want to hold any bank shares if the government can simply take ownership, effectively rendering the bank's stock worthless or close to it. An even greater concern is that the government won't...
The success of IndyMac, though, shows that the government can accomplish its goal in a relatively short period of time. That's not the only evidence that the feds know how to hustle. Since the beginning of 2008, the government has seized 41 failed banks. In nearly all those cases...
He is not alone in his frustration. In the past two weeks tens of thousands of Ukrainians have descended upon banks across Kiev, anxious to get hold of their cash. With a number of banks already under the administration of the National Bank, worried citizens have drained over 20% of...