Word: bingley
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Dates: during 2000-2009
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...Germany to Iceland rushed to prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your money is safe. Most European...
...bank stocks has now fallen by 45% in a year. Even shares of some of the biggest and seemingly most solid financial institutions such as Royal Bank of Scotland have been mauled. Some depositors have taken fright, too. A day after the U.K. Treasury announced the nationalization of Bradford & Bingley and the sale of its branches to Spain's Banco Santander, Kusum Patel, a 50-year-old chef from Ilford, a gritty commuter suburb 9 miles (14.5 km) northeast of central London, withdrew all her savings and closed her account, as did several other customers. "They say it's going...
Fortunately, that sort of panic - which brought down British lender Northern Rock a year ago - was the exception. But the loss of confidence underlying it is every banker's worst nightmare - and every bank regulator's, too. At Bradford & Bingley, staff were given forms to hand out to customers explaining what had happened and why their money was safe. Elsewhere, it was national authorities who sought to reassure, most notably in Ireland, where the government announced an unprecedented $560 billion guarantee to cover the deposits and debts of the nation's six biggest banks for the next two years...
...quite so disastrously misread the economic situation, or so fundamentally misunderstood the inescapable nature of market economies - namely, that the greater the binge, the greater the hangover. Today, Britain is on the brink of recession, inflation has jumped to 4.7%, the housing bubble has burst, and mortgage lender Bradford & Bingley has just been nationalized...
...insurance and banking giant, had been partially nationalized through a $16.4 billion injection from the three Benelux governments, each of which will acquire a 49% stake in operations in their respective countries. In Britain, meanwhile, the government announced this week it had taken control of problem mortgages from Bradford & Bingley, Britain's second biggest mortgage lender. Despite those moves amid the spreading U.S. crisis, however, observers believe European companies and homeowners are not as exposed to financial ruin as their American peers. "For better or worse, depending on your perspective, these aren't the same property-owning societies like...