Word: stockings
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...bank that lasted several days, savers took back as much as $6 billion of their money (about 12.5% of the bank's total savings deposits) and helped sink Northern Rock's stock by 56%. As worries spread across the sector, other banks' shares dropped by as much as a third. And every day, the lines outside the branches seemed to grow rather than shrink...
...troubles at Northern Rock jar with the cachet the bank has enjoyed in recent years. Its low cost base, loyal customers and slick operation helped it outperform every other British banking stock in 2006. The lender - not yet 50 years old - "was a darling of the stock market," says Howard Wheeldon, senior strategist at BGC Partners in London. "It was perceived as a good growth stock with a good model." Its approach: a limited branch network meant savings chipped in by its own customers amounted to a smaller chunk of the funds it could lend in the form of mortgages...
...don’t like the argument that the Fed needed to prevent a further subprime lending crisis,” he said, “but if this is to stop the economy from slowing down, that is more defensible.” Professor of Economics James H. Stock also sympathized with arguments for and against the cut. “The Fed has to take a strong stance [against market freezes],” Stock said. “On the other hand, we can’t be in a situation where we’re bailing...
...taxpayers on the hook to bail out a business that supposedly lived and died in the free market) was enough to calm the markets Tuesday. While some of the Newcastle-based bank's savers still waited in lines to withdraw their cash, the bank's stock rose 11% in early trading, halting the freefall that has halved its share price since Thursday...
...Until Monday's grand gesture, the more the authorities tried to sooth, it seemed, the greater the panic. With no sign of the run on Northern Rock ending - savers have so far yanked out well over $4 billion - the panic began to spread. Alliance & Leicester's stock plummeted by almost a third on Monday despite a statement insisting its business was solid; shares in Bradford & Bingley dropped by 15%. Desperate to restore order, the U.K. Treasury put its own money (meaning the public's money) down. "I want to put the matter beyond doubt," Darling said. Customers' cash held...