Word: struck
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Dates: during 2000-2009
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...they are. Sources say the Federal Reserve would prefer to let the banks keep the loans and troubled bonds for now and instead provide the banks with insurance policies guaranteeing that the government will swallow a good deal of future credit losses. But a similar deal that the Fed struck with Citi did little to boost that company's stock or stave off fears that it may soon go under...
...late November, the government agreed in a deal struck over a weekend, to guarantee 90% of the losses on a pool of $300 billion in loans held by Citigroup. The government insurance was supposed to put the bank back on solid footing. At the time, a number of analysts said Citigroup needed as much as $300 billion in new capital to survive. The government thought insuring the loans, rather than the more costly and politically difficult path of just handing Citigroup money directly, would be enough to stabilize the bank. (Read "Why Your Bank Is Broke...
...Instead, the plan seems to have done little to slow fears that Citigroup would have to be broken up or shut down completely. Indeed, the bank has since announced plans to sell off a number of units, including its brokerage division. On the Friday before the insurance plan was struck, Citigroup's stock, a key measure of investors' faith in the institution, stood at $3.77. This past Friday Citigroup's stock finished...
Nonetheless, the idea of new loan guarantees as the solution to fix the banking crisis appears to be gaining momentum in Washington and abroad. Earlier in the week, Treasury Secretary Timothy Geithner seemed to have struck a deal between the FDIC and the Federal Reserve to roll out a new phase of the bank bailout plan that would include both guarantees and direct asset purchases. The latter plan is favored by the FDIC and is often called the "bad bank" approach, because the government would set up an institution to buy up all the loans or bonds that are backed...
...today's strike was noticed. Indeed, state sector employees were joined by an unusually high numbers of private sector workers. Many of the 376 staffers at Paris-based pan-European stock exchange Euronext, for example, struck to denounce job cuts announced despite the company's double-digit growth in 2008. "Before, the French were deeply shocked by the situation, but didn't want to add to it," Denis Muzet, director of the Médiascopie Institute which tracks public opinion, told Le Monde. "But now there's real anger. Banks have announced positive results for 2008 after the state extended...