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Despite those big stakes, the government is not interested in running the banks; its shares, the Treasury made clear Monday, would eventually be sold off "in an orderly way." But with voters baying for the blood of Britain's bankers, the government was careful to secure concessions in return for taxpayers' money. There'll be no cash bonuses for execs of the three institutions this year (though their annual salaries, all upwards of $1.5 million, will remain intact). Future remuneration will be more closely tied to the banks' long-term performance. Government-appointed directors will join the lenders' boards...
...Japanese analysts believe that actions to date have been insufficient. They say that in addition to the U.S. Treasury Department's plan to spend $700 billion buying bad assets from banks, the government also needs to recapitalize banks using taxpayer money. Only then will confidence in the financial system return, ending the current paralysis in lending that threatens the entire economy. "Taking nonperforming loans out of the balance sheets is not enough," says Jun Saito, director general of the economic-research bureau for Japan's cabinet. "What we've learned [in Japan] from the 1990s is that we need recapitalization...
There's absolute agreement that banks have to be recapitalized. Britain, for one, has already done so, offering its big banks $692 billion in capital in return for preference shares. U.S. Treasury Secretary Henry Paulson announced this evening that the U.S. is working on a plan to go this route, saying that it intends to use some of the $700 billion rescue package passed by Congress to pour money (with some strings attached) into any bank that needs funds. But Japan and E.U. countries like Germany have been reticent...
Jennifer Leaning, the co-director of the Harvard Humanitarian Initiative, addressed the hesitancy of many Southern Sudanese to return home without well-defined land rights, community, and a sense of future...
...Icelandic accounts. Nick Chard, the council's cabinet member for finance, says he and his colleagues chose its banks in line with government rules about spreading risk by placing deposits with a range of institutions. Those rules also stipulate that councils should try to obtain as high a return as possible and should always check the credit ratings of the institutions. "At the time of making the deposits [on fixed terms of between 364 days and 2 years], the ratings were good," says Chard. He stresses that the council has no immediate liquidity problems but points out that Ussher made...