Word: crediteers
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...Indeed, falling U.S. consumer spending and the drying up of credit create big problems for Asian companies that may not be reflected in their current stock prices. "We have not yet seen the impact in the corporate sector yet," says Irene Cheung, a corporate director in ABN Amro's Asian markets trading business in Singapore. "That's the scary part." Cheung expects a further decline of 20% to 30% in Asian equity markets...
...Santander agreed to buy the savings deposits and branch network of the hopelessly overextended British lender Bradford & Bingley (B&B), forced into nationalization yesterday after investors and lenders lost confidence. B&B - whose share price has plummeted 93% this year - relied on the gummed-up wholesale credit markets for around half of its mortgage funding. Many of those home loans it has made, often without proof of the borrower's income, now look risky. For $1.1 billion, Santander will take on $37 billion in savers' deposits; the U.K. government, meanwhile, took on B&B's $78 billion mortgage book...
...concentrated in the hands of one person.” In a way, President Bush is correct when he puts the burden on Congress to act. But, it should act on the American people’s interest and not Paulson’s. To Congress’s credit, it proposed some limitations on Paulson’s power in the plan. That said, these modifications were not adequate to make up for the many flaws of the bill. For example, there were proposed modifications by Congress to give the money in smaller installments, beginning with $250 billion, still...
...being worked out last week, congressional offices were reporting that constituent phone calls were running 100 to 1 against the measure, which was seen across the country as a bailout of the very Wall Street executives whose misjudgment in making and selling bad real estate investments had spawned a credit crisis that threatens to drag down the entire financial system...
Meanwhile, the McCain campaign - which had been taking credit for the deal, when it appeared to be headed for passage - put out a statement blaming its failure on Democrats, starting with Barack Obama. "Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill," the campaign said in a statement attributed to economic adviser Doug Holtz-Eakin...