Word: monday
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Despite those big stakes, the government is not interested in running the banks; its shares, the Treasury made clear Monday, would eventually be sold off "in an orderly way." But with voters baying for the blood of Britain's bankers, the government was careful to secure concessions in return for taxpayers' money. There'll be no cash bonuses for execs of the three institutions this year (though their annual salaries, all upwards of $1.5 million, will remain intact). Future remuneration will be more closely tied to the banks' long-term performance. Government-appointed directors will join the lenders' boards...
...hole in its balance sheet. "It's immensely regretful we're coming to shareholders to raise funds again," said RBS chairman Tom McKillop. "It's something we feel bad about." So bad, in fact, that McKillop now plans to quit next year; RBS CEO Fred Goodwin resigned Monday, as did his counterpart at HBOS...
...inspired similar rescue packages across Europe. Still, one model won't fit all. "Some countries consider they don't have an insolvency problem, and are focusing more on providing guarantees to improve liquidity in the markets," says Antonio Ramirez, banking analyst at Keefe, Bruyette & Woods in London. (On Monday, for instance, Spain said it would guarantee new bank debt until the end of 2009.) But "the problems in terms of capital requirements of U.K. banks seem to be much higher than what they eventually could be in other countries," Ramirez says. "They have a solvency issue, and that's been...
...time for investors to celebrate, right? On Monday the Dow Jones industrial 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...
Turmoil on Wall Street and Main Street has forced the two struggling auto titans to consider the kind of merger that might have been unthinkable only a year ago. In an email monday to Chrysler employees, the company's CEO Robert Nardelli confirmed that Chrysler was holding discussions with potential partners, including GM. "I can tell you that we have approached and have been approached by third parties who are interested in exploring future possibilities with Chrysler," said Nardelli...