Word: stewart
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Ultimately, they may come to understand even more than that. Sidwell is a Quaker school, and headmaster Bruce Stewart points out that Quakers have a familiar saying: "Let your life speak," which means let actions represent you. "Now we say, 'Let your building speak,'" Stewart says. "Let this be a testament to who we are and what we believe." If the next generation is going to be the planet's last line of defense, the least we can do is prepare them in an environment that values the environment...
...around $60,000 are protected. For those customers with bigger deposits, the safeguards are less clearly defined. If authorities are to reassure savers in the event of another bank hitting the buffers, they'd do well to reform this system says Alex Potter, an analyst at Collins Stewart in London. For now, though, Northern Rock is trying to get back to business. "These have been troubled times," CEO Adam Applegarth said in full-page newspaper ads published today. "But Northern Rock will prevail...
...Northern Rock's problem: Its modest savings business compared to its mortgage lending arm means it leans on those wholesale credit markets for a larger share of its funding than its rivals. With that well drying up, it "hits them disproportionately," says Alex Potter, an analyst at Collins Stewart in London...
...with more than $200 billion in assets, and a share price in freefall, a takeover is increasingly likely. "Who would be doing it?" asks Justin Urquhart Stewart at Seven Investment Management in London: "Anyone wishing to buy that asset book at discounted value." Lloyds TSB, another major U.K. lender, could well figure among any suitors to emerge in the coming weeks. It's understood to have been in talks with Northern Rock about a deal just days before the Bank of England rescue. If there's no appetite for taking it on whole, Northern Rock could be broken...
...Further fallout from the squeeze on credit could yet follow in the U.K. Northern Rock's rivals Alliance and Leicester and HBoS similarly rely on liquid credit markets, albeit to a degree that's "smaller in magnitude," Collins Stewart's Potter wrote in a research note Friday. But the anxiety's not limited to Britain. Spooked investors dumped shares in Spanish, French and German banks Monday. Northern Rock, in other words, may not be the last financial institution to find itself in a hard place...