Word: lehman
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Dates: during 2000-2009
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...Governments provided that for them with their collective rescue approach, which, it has to be said, was rolled out exceptionally well," says Mistral. Markets didn't want just a plan showing the way out, Mistral says, but also promises from governments that further failures like that of Lehman Brothers would not be allowed to happen. "We've avoided the worst and will probably see things returning to close to normal," Mistral says. "Still, we've got two to three months of anxious waiting to see how bad the wider economic outlook will...
...economic crisis tightens the screws on the city, both individual investors and Hong Kong businesses are appealing to the government for help. Pensioners who invested in Lehman mini-bonds have staged a series of protests during the last three weeks. And on Sunday, a group of business owners, organized by Hong Kong's pro-business Liberal Party, appealed to the government to increase loans for small businesses to cover short-term operational costs. "In Korea, Japan, even Singapore, they have lots of support from the government if you're running a new business. They'll back you up," says...
...incurred at just one state-run bank, Credit Lyonnais. The German state's track record in banking isn't much better. Regional governments own some of the dogs of the industry, like WestLB, and even the federal government isn't a brilliant manager. Last month, on the very day Lehman Brothers filed for bankruptcy, state-owned KfW sent a check to Lehman in New York for $466 million - earning itself the title "Germany's dumbest bank" bestowed by the biggest circulation tabloid, Bild-Zeitung...
Here's their take: it was a big mistake to allow Lehman Brothers to fail, because that just sparked panic in the banking world and led to a seizure of the global system. And they also believe that the $700 billion bailout plan was badly misdirected because it didn't set out to recapitalize the banks in a swift and clear fashion, but rather aimed to buy up the portfolios of toxic assets, which would be far more complicated and time-consuming. Paulson himself is now changing tack and looking to inject money directly into U.S. banks, too, which...
...been taking place anonymously, so as not to cause political ructions. But not all of it. France's Finance Minister Christine Lagarde told French radio shortly before last weekends G7 summit: "As soon as you let one domino fall, the rest risk crashing down." She didn't exonerate Lehman - "there were certainly bad decisions taken by that bank, bad management," she said. But under the present panicky conditions, no bank should be allowed to go under. That's the motto the Europeans have adopted as part of their plan...