Word: pricing
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...Santander agreed to buy the savings deposits and branch network of the hopelessly overextended British lender Bradford & Bingley (B&B), forced into nationalization yesterday after investors and lenders lost confidence. B&B - whose share price has plummeted 93% this year - relied on the gummed-up wholesale credit markets for around half of its mortgage funding. Many of those home loans it has made, often without proof of the borrower's income, now look risky. For $1.1 billion, Santander will take on $37 billion in savers' deposits; the U.K. government, meanwhile, took on B&B's $78 billion mortgage book...
...squeeze what he wanted out of Congress. Over the last six months, with the help of Tim Geithner at the New York Federal Reserve Bank and Ben Bernanke at the Federal Reserve, he has driven Bear Stearns into the arms of J. P. Morgan at a fire sale price; he has forced the board of Fannie Mae to enable a government takeover even though it meant devastation for shareholders; he has stared down Richard Fuld at Lehman Brothers, who thought he could bluff Paulson into saving the firm; and he has negotiated brutal terms with AIG to save them from...
...Comprehensive American Energy Security and Consumer Protection Act. The measure, which allows for some domestic oil drilling and exploration in a zone 50 to 100 miles offshore, is widely viewed as a concession by congressional Democrats to the Republican minority during an important election year in which gasoline prices skyrocket and the economy continues to stagger. While the pinched wallets of gas-guzzling Americans has sparked a political showdown over offshore drilling, the partisan warfare has unfortunately obscured a larger, more serious issue—the need for a comprehensive energy security policy. Fortunately, the Democratic majority has made...
...economy, buying time to address root problems. The credit market freeze stems from banks that are unwilling or unable to lend out capital for any significant length of time. Surviving banks are, quite appropriately, concerned that their damaged assets, composed largely of mortgage-backed securities, may rapidly decline in price, leaving banks with a need for immediate capital. By purchasing a portion of these depressed assets from troubled banks, the Treasury will alleviate some of this market congestion. While there are concerns with the fine points of the bailout plan, the broad strategy of immediately removing these securities from...
...successful professional with a blue-collar background, degrees from Princeton and Harvard, and a penchant for making wifely jabs about her husband's morning breath - and switched to the Michelle-as-liability narrative to keep things entertaining. Certainly it seems that Michelle has paid as steep a political price for her national-pride remark, which some of us were not actually offended by, as Cindy McCain has for any of her own shortcomings...