Word: bankses
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No matter what happens, things have definitely changed for Lewis and other former titans of the banking business. A few months ago, BofA's CEO was hailed for running a bank so prosperous that it was able to swallow mortgage lender Countrywide Financial and investment bank Merrill Lynch in the...
Washington policy makers seemed to be moving closer to expanding loan guarantee programs, which have already been offered to Citigroup and Bank of America, to other banks. But in both those cases, the loan guarantee strategy seems to have produced few positive results.
It's not clear why the loan guarantees are doing so little to shore up confidence in the two banks. Some say it's because investors fear the problems at the banks are larger than the guarantees they received. What's more, both guarantees involve the two banks taking more...
"Actual money is better for these banks," says Alex Pollock of the American Enterprise Institute. "Because they can use it to offset losses wherever they come up."
But on Friday, reports surfaced that Geithner was thinking about shelving the bad bank approach for now, and just moving forward with the loan guarantee program. If it does, Washington officials would not be alone. Last week, Britain rolled out its own loan guarantee program as part of that country...