Word: receiverships
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...weak, making the tests inadequate. Still, the tests should provide valuable information on the health of our banking system, and the administration was wise to order them. Should the results eventually show that any major bank is undercapitalized, the government should not hesitate in taking it into receivership...
...State and municipalities across the country are running deficits. Some cities and towns are already in receivership. Huge states such as Michigan and California are in terrible trouble. This could cause both the loss of jobs and pension benefits for retired municipal workers. The U.S. economy has never been faced with the serial failures of a large number of pensions, both public and private...
...banks, particularly if it decreases the number of REOs they must contend with. By staving off foreclosures the banks also benefit when it comes to condos because in Florida the lender has to settle up condo fees for the past six months when they take a property into receivership...
...geysers and the midnight sun has been swiftly eclipsed by its new incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which was nationalized on Thursday. After the British government used antiterror legislation to freeze Landsbanki assets (these laws were simply "the most efficient mechanism available," a Downing Street spokesman explains), Iceland's Prime Minister Geir Haarde protested. "Not many governments would...
When Rolls - which also manufactured aircraft engines - went into receivership in 1971, the auto and aerospace units became separate companies. After a variety of owners, BMW took over and now builds the cars at a plant in Sussex. A low-rise, energy-efficient facility, it currently operates one line and one shift that turn out four to five handbuilt cars a day. The 550 employees include craftsmen - skilled cabinet and saddle makers, for example. Most Rolls sold are bespoke; on average customers pay an extra $20,000 to have a car customized. The company is adding a second line next...