Word: plan
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...number of Britons began moving their money to these apparently safer havens, but that's not what triggered the precipitous slide in bank shares on Oct. 6. Ironically, it was leaking news of the British government's still unfinished rescue plan that caused mayhem in the markets. The government is offering to help banks raise up to $88 billion of new capital, either by buying preference shares in the institutions or encouraging commercial sources to invest. Together with an extension of the Bank of England's special liquidity scheme, which will now make $350 billion available to banks in short...
...That was one reason so many Americans regarded Hank Paulson's bailout plan with skepticism. And it's why Britain's Prime Minister Gordon Brown and his Chancellor, Alistair Darling, did not want to dwell Wednesday morning on how Britain's banking sector had got into such a parlous state that the government was compelled to spend up to $88 billion in taxpayers' money to secure it. Their emergency rescue plan was hatched over weeks but finalized in such a hurry that bleary officials labored overnight to finish it before the skittish markets opened. At a morning press conference, both...
...stipulation that banks participating in the scheme must restrict executive pay and dividends to other shareholders. The voluntary nature of the scheme is also problematic, says a City fund manager based at an Asian-owned bank. "It would have removed more uncertainty if the government had just applied the plan to the banks across the board," she says. "Now we have to worry about which banks might need to participate, which managements will admit this, and how damaging it will be to admit needing...
...anxious Treasury official reminded journalists leaving the building after a briefing as word filtered through that the formal announcement of the rescue package had failed to immediately restore optimism in the market. At market close, London's FTSE-100 index had fallen by 5.18%, even though the bailout plan was swiftly followed by coordinated rate cuts in the U.S., Britain and elsewhere. France's CAC 40 closed 6.3% lower on the day, and Germany's DAX lost 5.9%. Certainly, at least some of the downwards momentum was generated the day before by sinking New York shares and rocky rides...
...Maybe so; Brown cuts a convincing figure abroad. But he finds it harder back home to win over doubters to a plan that could cost British taxpayers dearly, though he promises they may eventually earn dividends from the investments backed with their own money. Yet the crisis has had a bracing effect. A recent mutiny against his leadership in Labour ranks evaporated after a bold Cabinet reshuffle, and rebels shrank back from a coup attempt at such a tense time. "Who would have dreamed that a financial crisis would have given Labour a lifeline?" former Home Secretary David Blunkett wondered...