Word: bradfords
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...world is in the grips of a perilous market crunch, the boom is over, and tough times loom. The U.K.'s FTSE-100 stock index has nose-dived and is down about 35% in the past year. Two famous British banks have already imploded--Northern Rock and Bradford & Bingley. And after a dramatic plunge in the stock price of other banks, on Oct. 8 the British government announced an emergency $88 billion recapitalization package that includes partially nationalizing three other banks: Royal Bank of Scotland, HBOS and Lloyds TSB. The City has been through enough slumps to know what...
...situation is that it does not call for different central banks and Treasuries to do different things, but rather for them all to do the same thing in unison without fouling each other's oars. That should be relatively easy to arrange," wrote University of California, Berkeley, professor J. Bradford DeLong in a new e-book about the crisis...
...grips of a perilous market crunch, the boom is over and tough times loom. The U.K.'s FTSE-100 stock index has nosedived in recent days and is down about 35% in the past year. Three famous British banks have already imploded - Northern Rock, HBOS and Bradford & Bingley. And after a dramatic plunge in the stock price of other banks, the deeply rattled British government came to the rescue on Oct. 8, announcing an emergency $88 billion recapitalization package. The City has been through enough slumps to know what to expect next: layoffs, shrinking bonuses for those lucky enough...
...nationalizing and whose near failure raised serious questions about the effectiveness of U.K. banking regulation. Then came a damaging political storm over the taxing of "non-doms" - wealthy foreigners who move to Britain and are taxed only on their U.K. income. Following last month's rescues of HBOS and Bradford & Bingley, the big question now is what sort of new regulatory measures will be put in place as a result of the current market meltdown. Fraser, the City's policy head, is hoping that any changes will be peripheral. "We'd be in much greater danger if financial services accounted...
...Bank of Scotland group had seen their shares fall by 39% and 42% respectively on Tuesday, continuing a trend set at the beginning of the week as the FTSE 100 racked up its biggest fall in 21 years. Last month the government was forced to nationalize the mortgage lender Bradford & Bingley, and earlier this year it took over another debt-ridden bank, Northern Rock, guaranteeing the deposits of retail customers. Britain's protection scheme for private-sector banks guarantees deposits only up to $87,500, causing some jittery savers to look on enviously as some European Union countries announced full...