Goodwin Procter — Financial Crisis Recovery List of acquired or bankrupt United States banks in the late ... This is a list of banks in the United States affected by the 2007–2012 global financial crisis. The list includes banks (including commercial banks, investment banks, and savings and loan associations) that have: been taken over or merged with another financial institution,been declared insolvent or liquidated, orfiled for bankruptcy. Banks bankrupt, filed for bankruptcy protection, or closed and received by the FDIC[edit] The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. As a result of the current economic and financial crisis, over 65 U.S. banks have become insolvent and have been taken over by the FDIC since the beginning of 2008. A list of all banks that have failed since October 1, 2000 and either have been liquidated or are being liquidated by the FDIC is located at 2007[edit] 2008[edit] 2009[edit] 2010[edit] See also[edit] Too big to fail General: References[edit]
2007–2012 global economic crisis This article is about the global economic downturn during the early 21st century. For background on financial market events dating from 2007, see financial crisis of 2007–08. The Great Recession is a term used to describe the general economic decline observed in world markets around the end of the first decade of the 21st century. The exact scale and timing of the recession is debated and varied from country to country.[1][2] In terms of overall impact, the IMF concluded that it was the worst global recession since World War II.[3][4] The recession is often associated with the U.S. subprime mortgage crisis and financial crisis of 2007–08. Terminology[edit] Overview[edit] According the U.S. US mortgage-backed securities, which had risks that were hard to assess, were marketed around the world, as they offered higher yields than U.S. government bonds. The emergence of sub-prime loan losses in 2007 began the crisis and exposed other risky loans and over-inflated asset prices. Causes[edit]
List of entities involved in 2007–2008 financial crises - Wikipedia ... A list of companies, governmental and quasi-governmental agencies (government-sponsored enterprises), and/or non-profit organizations involved in the various economic and financial crises of 2007–2008. Housing Bubble[edit] United States[edit] National Builders[edit] Real estate and appraisal[edit] Associations[edit] Mortgage crisis[edit] Subprime lenders[edit] Other lenders[edit] Washington MutualWachoviaSuntrustLuminent Mortgage CapitalAegis Wholesale1st National Bank of ArizonaGreenPoint Mortgage FundingVelocity Commercial LenderFremont Investment & LoanResMAE Mortgage CorpAmericans Brokers ConduitIndyMac Bank Insurers[edit] Secondary and securitized mortgage market[edit] Banks[edit] Governmental and quasi-governmental[edit] Central Banks[edit] Credit rating agencies[edit] [edit] Fannie Mae, Federal National Mortgage AssociationFreddie Mac, Federal Home Loan Mortgage Corporation Nonprofit Organization[edit] Community Organization[edit] Credit Counselors[edit] Hope Now Alliance Supporters[edit]
Great Depression USA annual real GDP from 1910–60, with the years of the Great Depression (1929–1939) highlighted. The unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.[2] The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The Great Depression had devastating effects in countries rich and poor. Cities all around the world were hit hard, especially those dependent on heavy industry. Some economies started to recover by the mid-1930s. Start Even after the Wall Street Crash of 1929, optimism persisted for some time; John D. Together, government and business spent more in the first half of 1930 than in the corresponding period of the previous year. Economic indicators Causes Keynesian Marxist
The Largest Heist in History October - December 2008 When the financial crisis erupted at the end of September 2008, there was an unusual sense of incredible panic among banking executives and government officials. These two establishment groups are known for their conservative, understated approach and, above all, their stiff upper lip. Yet at the time they appeared to the public running about like headless chickens. But what really caused such an incredible panic in the establishment well known for its resilience? Money Making Machine In order to answer these questions we have to examine the basic principles on which the banking system operates and the mechanisms that caused the current crisis. Therefore, the same money is re-lent over and over again. Fundamental to this deposit creation principle is the percentage of deposits that a bank lends out. Building a Pyramid In a City bar back in 1998, an academic was discussing modern banking with his City colleagues from university. Epilogue
Banking (Special Provisions) Act 2008 - Wikipedia, the free ... The Banking (Special Provisions) Act 2008 (c 2) is an Act of the Parliament of the United Kingdom that entered into force on the 21 February 2008 in order to enable the UK government to nationalise high-street banks under emergency circumstances by secondary legislation. The Act was introduced in order to nationalise the failing bank Northern Rock after the bank was supported by Bank of England credit and a private-sector solution was deemed "not to provide sufficient value for the taxpayer" by the UK government. After the nationalisation of Northern Rock, the Act allowed for the nationalisation of the mortgage and personal loan book of Bradford & Bingley on 29 September 2008.[5]
Citigroup Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group in October 1998 (announced on April 7, 1998).[3][4][5] The year 2012 marked Citi's 200th anniversary. It is currently the third largest bank holding company in the United States by assets. Citigroup has the world's largest financial services network, spanning 140 countries with approximately 16,000 offices worldwide. History[edit] The Citigroup logo, 1999–2007, 2012–present The Citigroup logo, 2007–2011 Citicorp[edit] City Bank of New York was chartered by New York State on June 16, 1812, with $2 million of capital. In 1976, under the leadership of CEO Walter B. Travelers Group[edit] The corporate logo of Travelers Inc. (1993–1998) prior to merger with Citicorp. Salomon Brothers[edit] 2002 Travelers spin off[edit]
Mitch Daniels: US faces 'survival-level' economic threat <img name="holdingImage" class="holding" src=" alt="Mitch Daniels" /><div class="warning"><p><strong>Please turn on JavaScript.</strong> Media requires JavaScript to play. </p></p></div> Governor Mitch Daniels on why he believes the stimulus is not working Newsnight's Paul Mason meets Mitch Daniels, the Republican governor of Indiana who is tipped to challenge Barack Obama for the US presidency in 2012. "America faces for the first time, other than the nuclear threat of a few decades ago, a genuine survival level issue," Mitch Daniels says. "My reading of history is that there are points of no return, past which nations will not recover to anything like their previous strength." It is apocalyptic language, and since Mr Daniels is widely regarded as having a decent chance of becoming the next US president, all the more alarming. But towards what, I ask him, perennial decline? "Decline might not be the right word.
Le Parlement chypriote adopte le plan de restructuration des banques Des Chypriotes retirent leurs épargnes d'une banque en difficulté. Photo : AFP/LOUISA GOULIAMAKI Les députés de Chypre ont adopté vendredi le plan de restructuration du système bancaire, qui s'inscrit dans le plan de sauvetage que le gouvernement doit conclure avec ses partenaires européens. Cinq autres projets de loi demeurent en suspens jusqu'à la reprise des travaux. Un de ces cinq textes prévoit notamment une taxe exceptionnelle de 15 % sur les dépôts bancaires supérieurs à 100 000 euros. La loi sur la restructuration des banques, la plus disputée des trois votées vendredi soir, a été adoptée par 26 voix pour, deux contre et 25 abstentions. Les députés ont également approuvé un texte créant un fonds de solidarité et un autre limitant les mouvements de capitaux pour éviter une trop forte pression sur les banques à leur réouverture, prévue mardi. Jeudi, la BCE a prévenu qu'elle couperait les vivres aux banques chypriotes au début de la semaine prochaine si aucun accord n'était conclu.
The Financial Crisis Timeline Price of Petroleum Long-term oil prices, 1861–2011 (1861–1944 WTI, 1945–1983 Arabian Light, 1984–2011 Brent). Red line adjusted for inflation, blue not adjusted. Due to exchange rate fluctuations, the red line represents the price experience of U.S. consumers only (linear graph). Long-term oil prices, 1861–2011 (logarithmic graph) Brent barrel petroleum spot prices since May 1987. Weekly reports on crude oil inventories or total stockpiles in storage facilities like these tanks have a strong bearing on oil prices The price of petroleum as quoted in news in North America generally refers to the WTI Cushing Crude Oil Spot Price West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. The demand for oil is highly dependent on global macroeconomic conditions. History[edit] Price history before 2003[edit] Price history from 2003 onwards[edit] Benchmark pricing[edit]
Salomon Brothers This article deals with Salomon Brothers. For other uses of the name Salomon, see Salomon. Salomon Brothers was a Wall Street investment bank, known as a bulge bracket company. Early history[edit] Salomon Brothers & Hutzler logo c.1922 In this period the firm used its own capital and did not have fee-paying clients. During this period, the upper management became dissatisfied with the firm's performance. Finally, the firm decided to imitate Drexel Burnham Lambert, using its investment bankers and its own money to urge companies to restructure or engage in leveraged buyouts. 1990s Treasury bond scandal[edit] Salomon Smith Barney logo from the late 1990s In 1991, U.S. After the acquisition, the parent company (Travelers Group, and later Citigroup) proved culturally averse to the volatile profits and losses caused by proprietary trading, instead preferring slower and more steady growth. Notable former staff[edit] Notes[edit] See also[edit] Sobel, Robert (1986).
Bilderberg Group The Bilderberg Group, Bilderberg conference, Bilderberg meetings or Bilderberg Club is an annual private conference of approximately 120–150 political leaders and experts from industry, finance, academia and the media.[1][2] About two thirds of the participants come from Europe and the rest from North America; one third from politics and government and the rest from other fields.[1][3] §Origin[edit] The original conference was held at the Hotel de Bilderberg in Oosterbeek, Netherlands, from 29 to 31 May 1954. It was initiated by several people, including Polish politician-in-exile Józef Retinger, concerned about the growth of anti-Americanism in Western Europe, who proposed an international conference at which leaders from European countries and the United States would be brought together with the aim of promoting Atlanticism – better understanding between the cultures of the United States and Western Europe to foster co-operation on political, economic and defense issues.[4]