Word: fallouts
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...thing we do: the fallout from the Northern Rock crisis will flush more than just King out into the open. While it falls to the Bank of England to shore up stability in the country's banking sector, it's the job of the Financial Services Authority (FSA) to supervise individual banks. Callum McCarthy, the regulator's chairman, and CEO Hector Sants are now set to appear in front of the parliamentary committee next month. Alistair Darling, the U.K. Chancellor, is expected to show too. Expect the FSA to come in for even more criticism than King, reckons Buik...
That gilt-edged pledge helped shares in Northern Rock recover. But the conditions that triggered the crisis - not to mention its fallout - look set to linger...
...Further fallout from the squeeze on credit could yet follow in the U.K. Northern Rock's rivals Alliance and Leicester and HBoS similarly rely on liquid credit markets, albeit to a degree that's "smaller in magnitude," Collins Stewart's Potter wrote in a research note Friday. But the anxiety's not limited to Britain. Spooked investors dumped shares in Spanish, French and German banks Monday. Northern Rock, in other words, may not be the last financial institution to find itself in a hard place...
...with more than $200 billion in assets, and a share price in freefall, a takeover is another potential outcome. "Who would be doing it?" asks Justin Urquhart Stewart at Seven Investment Management in London: "Anyone wishing to buy that asset book at discounted value." And further fallout from the squeeze on credit could yet follow in the U.K. Northern Rock rivals Alliance and Leicester and HBoS similarly rely on liquid credit markets, albeit to a degree that's "smaller in magnitude," Collins Stewart's Potter wrote in a research note. Northern Rock, in other words, may not be the last...
...FALLOUT The Harriers stopped using flour for a while after 9/11. Paint may be a safer bet from...