Word: lehman
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...Following the collapse in September of U.S. investment bank Lehman Brothers, RBS's depleted capital reserves - a consequence of that ABN deal - meant "the spotlight fell on us, and the share price dropped 60% in two days," Goodwin said. Added McKillop: "We are sorry we bought ABN Amro." At HBOS, said Hornby, who stepped down as its CEO in 2008 after only two years in the job, "years of reliance on wholesale funding left us in a vulnerable position." No kidding. When the meltdown in those markets occurred, HBOS was history. "The fundamental mistake that HBOS made was," said Stevenson...
...Throughout Japan, managers are slashing production and restructuring to try to weather the economic downturn, which economists say could continue for the next two or three years. "Demand has been falling off a cliff since the collapse of Lehman Brothers," says Hiroshi Shiraishi, an economist at BNP Paribas in Tokyo. Shiraishi says exports declined a "massive" 15% in real terms last quarter...
...soft-spoken Schapiro bristled at media reports that she "infrequently" pursued tough action against big Wall Street names, saying the stories painted an "unfair picture." While chief at FINRA, she countered, her team handled 15,000 enforcement cases, including big names like Morgan Stanley, Citigroup, Merrill-Lynch and Lehman. "I have never been afraid to go after people I thought who have violated the public trust...
...Park Dae Sung, 31, an unemployed blogger now finds himself in hot water for allegedly being "Minerva," a web guru who posted his thoughts on the state of the economy and the government's economic policies. Those thoughts generated huge attention in Korea, particularly following Minerva's prediction that Lehman Brothers would fail. Those musings, however, have not sat well with Seoul. Now Park has been taken into custody by the government and, according to his lawyer, faces a maximum five-year prison sentence for allegedly spreading false information with the intention of harming or threatening public interest. Late last...
Many South Koreans have the nagging feeling that authoritarian tendencies are in play here since Minerva, who had already achieved notoriety months before the arrest, was in the government's sights as early as September and October after his blogposts predicted the fall of U.S investment bank Lehman Brothers as well as the won's decline. Minerva had become such a sensation during the global financial meltdown that Korea's Minister of Strategy and Finance, Kang Man Soo, weighed in, saying he hoped to furnish the blogger with more economic facts so he would trust the government. (See 10 things...