Word: hugeness
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...Americans can also look at the choices made by the U.K. to salvage its credit system. Large banks there are being effectively bought out by the government as the U.K. attempts to put a firewall around huge losses from toxic assets. The Royal Bank of Scotland (RBS) is already 70% owned by the government and management's kilts have been repossessed. (See pictures of the financial crisis in London...
...Bank of America's purchase of Merrill Lynch could be the ruin of this bank. The bad assets of the brokerage firm were apparently both huge and well-hidden by management, the brokerage firm's board, or the auditors. The most charitable view of the people in charge at Merrill is that they were boobs. Anything beyond that starts to point a finger in the direction of liability and shareholder suits...
...report for Needham and Co. CEO Mickey Drexler, ex-chief of the Gap, has jump-started the brand by revamping the quality of its merchandise. But the economic downturn has not left J. Crew unscathed - profits fell 6% through the first three quarters of fiscal 2008. "It's a huge deal," says Marshal Cohen, retail analyst for the NPD Group, of the Inaugural exposure. "This is something you get once in a lifetime. J. Crew will take this and run with it." Betty Chen, an equity analyst at Wedbush Morgan Securities, predicts an immediate bump in J. Crew's children...
...taking, success and near failure, that has marked the banking enterprise now known as Citigroup--and the American financial system--ever since. James Stillman, who became City's president in 1891, combined prudence with great ambition. City Bank cruised through the Panic of 1893, thanks in part to the huge stash of gold that Stillman had acquired--gold being the backing for credit then--because he sensed trouble. City joined J.P. Morgan in bailing out the nearly bankrupt Federal Government in 1895 and soon grew to be the country's biggest bank. Its growth went international in 1914, after City...
...emerged as a tough-as-nails dealmaker as he sat across the table from top GM executives. The Italian-born, Canada-raised Fiat chief told his American counterparts they would cough up the full value of the put option or battle it out in court. GM blinked, and the huge payout added to its accumulating troubles that today leave the American auto giant struggling to avoid bankruptcy...