Word: lehman
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Dates: during 2000-2009
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...proposal for this unprecedented government intervention in the market follows a series of financial shocks in recent weeks, including the failure of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, the largest government bailout to date, an $85-billion loan to the American Insurance Group, and most recently, the failure Washington Mutual and its subsequent takeover by federal officials in the largest bank failure in U.S. history...
...there is trouble in paradise. Industry stalwarts Bear Stearns and Lehman Brothers have vanished into the ether, while fellow bulge-bracket Merrill Lynch was engulfed by Bank of America. Even the top firms Goldman Sachs and Morgan Stanley have agreed to become bank holding companies, subjecting themselves to restrictive regulations in return for greater access to liquidity from...
...dreaded: the futures market in free fall. Bernanke, Treasury Secretary Henry Paulson and New York Fed president Timothy Geithner had spent the past year staving off one disaster after another, for the most part working behind the scenes. Earlier in the month, they had let investment bank Lehman Brothers slide into oblivion and then ushered another, Merrill Lynch, into the arms of Bank of America. Just the night before, the trio had wrapped up a deal to rescue insurance giant American International Group and gone to bed praying it would halt the panic and worrying it wouldn...
...them together in August 2007. They bring contrasting--and sometimes contentious--styles to their countless strategy sessions, all-nighters and weekends spent away from their families. Paulson is profane and direct and talks in anecdotes. He is also the bearer of bad news, having been the one to let Lehman Brothers' chiefs know they were going down without a helping hand. Checking in from his tomblike suite of offices at the Federal Reserve on Constitution Avenue, where he monitors two computers and a TV while chewing on Necco Wafers, Bernanke is calmer, quieter and prone to offering up a fourth...
...government plan to purchase up to $700 billion of toxic securities in an effort to cleanse the balance sheets of the country’s ailing financial institutions. The unprecedented government intervention in the market follows a series of financial shocks in recent weeks, including the failure of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, and the largest government bailout to date—an $85 billion loan to the American Insurance Group, Inc., an insurance company whose near-collapse some feared would send the financial system into a tailspin. The headline-grabbing failures...