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...plan to steady a nervous banking sector and kick-start a recovery, the details are emerging. Following a flurry of meetings over the weekend, the British Treasury said Monday that it plans to spend as much as $63 billion bolstering the capital bases of three of the country's largest banks, partially nationalizing once mighty lenders in the process. "Today's plan is unprecedented," British Prime Minister Gordon Brown said at a Downing Street press conference, "but essential...
...government and British lenders - talks given added urgency by the meltdown in global markets at the end of last week - the bailout is breathtaking for its scale. British taxpayers are on the hook for a $34 billion investment in the Royal Bank of Scotland (RBS), Britain's second-largest lender, a cash injection amounting to almost double the bank's current market capitalization. Most of the investment will take the form of ordinary shares, which private investors are invited to purchase along with the government. But under the deal, those shares yield no dividends until the government recoups its stake...
...average ended up a stunning 936 points, the biggest one-day point gain in history - all the more remarkable considering the index of blue-chip stocks had just come off its worst weekly loss on record. The S&P 500, a broader measure of the stock market, saw its largest one-day percentage gain since 1939, and the tech-heavy NASDAQ jumped 12%. Seems a gaggle of European countries rolling out billions of dollars to guarantee loans and recapitalize banks, and indications that the U.S. might do some of the same, was the confidence boost everyone needed...
...quite a few of our evictions myself and - I'm not kidding with you, I run the 2nd largest jail in the country - we have a very large police department so we see alot of nasty things. But my experience on these evictions are truly some of the most traumatic things I have ever seen. I'm going to these homes while the family is being put outside, because we first have to clear the house, and the movers then come in and take whatever possessions these folks have, and they put them out on the street...
...MSCI Asia Pacific Index was down 7.4%, adding to its largest one-week drop since...