Word: partiality
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Dates: during 2000-2009
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...midst of a global stock-market rout that ate 18% of the Dow, Treasury Secretary Hank Paulson was forced to import a plan he once considered practically un-American. Paralleling a program authored by U.K. Prime Minister Gordon Brown, it called for the U.S. government to take partial ownership of nine leading banks and offer to buy pieces of hundreds of others. On Oct. 13, the nine bank bosses, assembled in the Treasury's imposing boardroom, were each handed a piece of paper with the terms: $25 billion of preferred shares each from Citigroup, JPMorgan Chase, Wells Fargo and Bank...
...that kind of state involvement is a central part of the European bailout plans, which involve governments recapitalizing banks in trouble in exchange for a slice of equity. In plain English, that's called partial renationalization. How much equity depends on the size of the bailout, and for the moment, other than in Britain, precise details about which banks will receive how much and in exchange for what remain to be negotiated. Along with the fresh capital, governments are proposing a series of other measures designed to restore confidence in the banking system by guaranteeing deposits, jump-starting interbank lending...
...York Times, the U.S. Treasury Department is considering taking part ownership of U.S. banks, effectively guaranteeing the solvency of the country's financial system. Britain announced a similar plan to shore up shaky banks by helping them refinance debt in exchange for ownership stakes. That move toward partial nationalization of the banking system underscores just how deep - and how apparently uncontrollable - the financial panic has become. With few tools left to central bankers seeking to calm markets, investors are likely in for more anxiety...
...authorities must do anything they can," Kanno says. "If the banks are in trouble, they can be nationalized and the government can protect the whole system." Yesterday, Britain pledged hundreds of billions of dollars in credits, guarantees and cash to shore up its banking system. The package included partial nationalization of some of the country's major banks...
...evacuate, many who fled aren't bothering to unpack as they grapple with the prospect of a powerful new storm, Ike. The category one hurricane has been downgraded to a category one storm and now appears to be headed west of Louisiana toward Galveston, Texas, but that's only partial relief to the weather-weary residents of Louisiana. (See photos of Hurricane Gustav's damage here...