Word: northerners
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When England's century-old Northern Counties Permanent Building Society merged with the Rock Building Society to become Northern Rock in 1965, it's hard to imagine it was too troubled by the health of the U.S. mortgage sector. But times change. The tight squeeze in the global credit markets has struck another financial institution, and forced another central bank to intervene...
...Late Thursday, it emerged that the Bank of England had pledged emergency credit to Northern Rock, Britain's fifth-largest mortgage provider and the U.K.'s first bank to be left reeling from the global credit crunch. Jitters in the credit markets were triggered by the collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories. With that risky debt having been spliced, repackaged and flogged to banks around the world, financial institutions are less keen to lend each other cash. And when they do, they're charging each other more...
...German, French and Dutch institutions have already come unstuck through exposure to the subprime debts. Northern Rock's problem: Its modest savings business compared to its mortgage lending arm means it leans on wholesale credit markets for a larger share of its funding than its rivals. With that well drying up, it "hits them disproportionately," says Alex Potter, an analyst at Collins Stewart in London...
...required him to change his profile on civil rights. The next year, after epic wheeling and dealing as Senate majority leader, he produced the first successful civil rights bill since Reconstruction. It was weak enough to be supported by fellow Southerners, who constituted his political base, yet it offered Northern liberals the prospect of future progress. This balancing act did not win him the Democratic nomination in 1960, but it allowed John F. Kennedy to make Johnson his running mate...
...pretty high right now, but there is no issue of tempering expectations.”Senior co-captain Michael Byrd added, “It’s a great start to our season and hopefully it’ll carry over next weekend when we play the defending Northern champions [St. Francis]. We really have a lot of potential this year and I feel we can keep going as the season progresses and keep getting better.”HARVARD 13, YALE 5In an appropriate finish to a stellar weekend, Harvard captured its fourth win of the weekend against...