Word: crediteers
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...focus now is on the insurance giant AIG, where fears are that losses in real estate investments will spark a credit-rating downgrade that could lead to the firm's unraveling. On Sunday AIG reportedly asked the Federal Reserve for a $40 billion bridge loan to tide it over. On Monday the firm initially got a special dispensation from the governor of New York, the state that regulates it, to tap $20 billion in capital from its subsidiaries. Then it paid a visit to the Federal Reserve Bank of New York, where President Tim Geithner turned down its loan request...
...days - Kenneth Lewis was a Mississippi boy who lived in a town so small he once joked that you had to go one town over "just to be born." He went to Georgia State University and then to work at North Carolina National Bank (NCNB) in Charlotte as a credit analyst - his first banking job. That was back in 1969, and he never left...
...string of branches, he reported to his new job in less than 24 hours. Through a series of purchases made by McColl, NCNB turned into NationsBank, which turned into Bank of America, which in time grew to become the nation's biggest retail bank, home loan provider and credit card issuer...
...official: Lehman Brothers filed the largest bankruptcy case in history on Monday, Sept. 15, as the storied investment bank fell prey to the credit crisis. According to Bankruptcydata.com, Lehman's assets before filing for bankruptcy were six to seven times the pre-filing assets of the second largest bankruptcy since...
...McCain's credit that he so steadfastly disagrees, and it is unfortunate that voters might end up punishing him. But it's hard to feel too sorry for McCain. His distaste for earmarks is a byproduct of his distaste for deficits, following his belief that the government ought to live within its means. But McCain's current economic plan would explode the deficit, mainly by making permanent the Bush tax cuts he once opposed. The Brookings Institution has estimated that that would add $5 trillion to the national debt by 2018; meanwhile, the plan would eliminate only $18 billion...