Trouble, Darling?

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November 2008
- Britain Now Owns Majority Share of RBS
  
  Guardian (UK) | Nov 28, 08 6:44 AM CST
  
  (Newser) - The Royal Bank of Scotland, one of the giants of British banking, confirmed today that taxpayers now own a majority share following a $30 billion government bailout, reports the Guardian . The country's No. 2 bank failed to raise sufficient cash via a $22.5 billion rights issue, with only 1 in 400 shares finding a buyer. Treasury has bought 57.9% of the business and also acquired $7.5 billion in preference shares, which must be paid off before ordinary shareholders can receive dividends. More »
October 2008
- Feds Consider Insuring All Bank Deposits
  
  Wall Street Journal | Oct 10, 08 4:39 PM CDT
  
  (Newser) - Under the shadow of the deteriorating global economy, the US is considering two more steps to assuage markets, the Wall Street Journal reports: guaranteeing billions in bank debt and insuring all US bank deposits. Either move is an aggressive step, and in tandem they would mark Wasington's largest intervention yet into the financial markets. More »
- US Must Save Global Economy —This Weekend
  
  New York Times | Oct 10, 08 7:30 AM CDT
  
  (Newser) - Since the collapse of Lehman Brothers the financial crisis has gone from severe to terrifying, but the response of the United States and Europe has been "woefully inadequate," writes New York Times columnist Paul Krugman. We are now at a tipping point, and if world policymakers don't come up with a coordinated plan—this weekend—then we may well experience the "worst slump since the Great Depression." More »
- UK Buys Up Bank Shares in Radical Bailout
  
  Wall Street Journal | Oct 8, 08 4:29 AM CDT
  
  (Newser) - The British government will become part owner of the nation's biggest banks with a mammoth $88-billion rescue package for the troubled institutions, the Wall Street Journal reports. Under the plan, swiftly assembled after UK bank stocks plummeted in trading yesterday, the government will purchase non-voting shares in eight of the largest banks as a way to provide extra capital to the institutions. More »
September 2008
- Views on the Meltdown From Across the Pond
  
  Financial Times (UK) | Sep 30, 08 12:54 PM CDT
  
  (Newser) - The banking crisis isn’t limited to the US—it’s a cross-continental phenomenon. Here’s what the British press saying about the mood: France and Germany are livid, reports Charles Wyplosz of the Financial Times. There, individualism isn’t seen as a virtue, and free markets are greeted with suspicion. Both Nicolas Sarkozy and the German finance minister have "announced the end of Anglo-American financial supremacy." More »
- Market Crunch Spanks UK Nannies
  
  Reuters | Sep 21, 08 4:56 AM CDT
  
  (Newser) - British nannies are lining up for jobs alongside the bankers and financiers who once employed them, Reuters reports. Renowned as the world's best, Britain's nannies are losing work to the credit crunch that has wiped out US investment banks and rippled through London's financial district, threatening thousands of jobs. Problems for nannies are "just starting," warning an employee at a nanny placement firm. More »
- UK's Largest Mortgage Lender in Buyout Talks
  
  Financial Times (UK) | Sep 17, 08 10:36 AM CDT
  
  (Newser) - Britain's biggest mortgage lender, HBOS, is in advanced discussions with Lloyds about a possible buyout, reports the Financial Times . Stock in the troubled lender has yo-yoed today, falling to less than a pound a share before rocketing up and then plummeting again. While a Lloyds purchase of HBOS could trigger monopoly concerns, several bankers close to the talks said the government was prepared to ignore competition issues in the short term. More »
- Pound Plunges to Record Low Against Euro
  
  Financial Times (UK) | Sep 2, 08 2:26 AM CDT
  
  (Newser) - The British pound has sunk to its lowest level ever against the euro since the European currency was introduced in 1999, the Financial Times reports. The fall follows Chancellor Alistair Darling's dire warning that the outlook for the British economy is the worst in 60 years. The pound dropped to $1.79 against the dollar, its lowest since April 2006. More »
August 2008
- Darling: British Economy Is at 60-Year Low
  
  Guardian (UK) | Aug 30, 08 10:29 AM CDT
  
  (Newser) - The outlook for Britain's economy is the bleakest since the days when the country was rebuilding from the Blitz, Chancellor Alistair Darling tells the Guardian . Darling warns that the downturn for the UK and the wider world could be "more profound and longer-lasting" than people expect. He acknowledges that voters are "pissed off" with the Labour party, and him personally. More »
- UK Banks 'Milk Borrowers' to Pay for Credit Crunch
  
  Daily Mail (UK) | Aug 23, 08 7:19 PM CDT
  
  (Newser) - Britain's big banks are being accused of hoisting nearly £3 billion in interest payments on customers to make up for bad bank investments, the Daily Mail reports. Seeking to recoup huge losses from assets linked to subprime US mortgages, the banks have hiked mortgage rates and fees despite interest rate cuts that make it easier for banks to borrow. More »
- Financial Faith Is Crisis' Top Casualty
  
  Financial Times (UK) | Aug 4, 08 2:35 PM CDT
  
  (Newser) - Last summer, central banks injected hundreds of billions of dollars into the financial system, desperate to restore liquidity to battered markets. But by then the credit crunch was on—and after 12 months, it shows no signs of abating. The Financial Times looks at how risky US mortgages set off the worst economic crisis in 70 years. More »
April 2008
- Down in Polls, Brown Admits 'Mistakes'
  
  Reuters | Apr 30, 08 3:25 PM CDT
  
  (Newser) - With polls predicting big losses for his Labour party in tomorrow’s local elections, British Prime Minister Gordon Brown admitted he’d made mistakes in the past six months, Reuters reports. Chiefly, Brown acknowledged increasing the tax burden on the lowest-paid workers and those aged 60-64, but said both problems were currently being “dealt with.” More »
- Bank of England Launches Mortgage Swap Plan
  
  BBC | Apr 21, 08 4:00 AM CDT
  
  (Newser) - Commercial banks will be allowed to temporarily swap some $100 billion in troublesome mortgages for securities backed by Britain's central bank under a plan announced today, the Wall Street Journal reports. The move by the Bank of England, aimed at boosting liquidity and confidence in the banking system, follows similar action by the US Federal Reserve. More »
- Latest Credit Victim RBS Seeks $24B
  
  Daily Telegraph (UK) | Apr 18, 08 9:34 AM CDT
  
  (Newser) - Royal Bank of Scotland is preparing to issue new stock after conceding it was facing serious cash flow problems. After consulting with the Treasury and the nation's financial oversight authority, Britain's second-largest bank is planning a rights issue for around $24 billion to rebuild its capital reserves. The move may trigger a wave of other appeals for help, writes the Telegraph . More »
- G-7 Leaders Offer No Fix for Credit Crisis
  
  Wall Street Journal | Apr 14, 08 7:31 AM CDT
  
  (Newser) - Group of Seven finance ministers ended 3 days of meetings in Washington yesterday by endorsing a plan to create greater transparency and oversight in financial markets to avert future crises, but no emergency measures to stem the current one. Despite a downbeat report on the likelihood of worldwide recession, and even hunger riots as the cost of food continues to soar, responses to the credit crisis remain national responsibilities, writes the Wall Street Journal . More »
- Mortgage Crisis Spreads Across the Atlantic
  
  Times (UK) | Apr 9, 08 10:58 AM CDT
  
  (Newser) - UK home prices tumbled 2.5% in February—the largest fall since the 1990s—as the International Monetary Fund warned that Britain could face a housing crisis similar to the US. British PM Gordon Brown insisted yesterday the decline was containable, but the Bank of England is now under serious pressure to cut interest rates at its meeting tomorrow, the Times of London reports. More »
February 2008
- Feds Brace for a Wave of Bank Failures
  
  Wall Street Journal | Feb 26, 08 7:13 AM CST

News Sections

Newser Specials

Stories

Britain Now Owns Majority Share of RBS

Feds Consider Insuring All Bank Deposits

US Must Save Global Economy —This Weekend

UK Buys Up Bank Shares in Radical Bailout

Views on the Meltdown From Across the Pond

Market Crunch Spanks UK Nannies

UK's Largest Mortgage Lender in Buyout Talks

Pound Plunges to Record Low Against Euro

Darling: British Economy Is at 60-Year Low

UK Banks 'Milk Borrowers' to Pay for Credit Crunch

Financial Faith Is Crisis' Top Casualty

Down in Polls, Brown Admits 'Mistakes'

Bank of England Launches Mortgage Swap Plan

Latest Credit Victim RBS Seeks $24B

G-7 Leaders Offer No Fix for Credit Crisis

Mortgage Crisis Spreads Across the Atlantic

Feds Brace for a Wave of Bank Failures