Oct 23 2008
A financiouch September to remember
-September 7: US government seizes control of Fannie, Freddie in 200-billion-dollar bail-out.
- September 15: Lehman Brothers investment bank declares 600- billion-dollar bankruptcy. Merrill Lynch acquired by Bank of America.
- September 17: US bails out AIG insurance giant for 85 billion dollars.
- September 19:White House requests 700-billion-dollar bail-out plan from Congress for all financial firms with bad mortgage securities to free up tightening credit flow.
- September 22: Last two standing investment banks, Morgan Stanley and Goldman Sachs, convert to bank holding companies.
- September 26: Feds seize Washington Mutual in largest-ever US bank failure.
- September 29: US House of Representatives rejects mammoth 700- billion-dollar bail-out plan.
- September 29: Governmental bail-outs announced for key banks in Britain, the Benelux and Germany as well as a state takeover of a bank in Iceland. British government intervenes to save major mortgage lender Bradford & Bingley. Netherlands, Belgium and Luxembourg to take over substantial parts of Belgian-Dutch banking and insurance company Fortis. German Finance Ministry announces that government and top banks were moving to inject billions of euros into troubled mortgage lender Hypo Real Estate. Iceland government and Glitnir bank announce state takeover of 75-per-cent stake in Glitnir.
- September 30: Wachovia Bank teeters on collapse, starts negotiating with Wells Fargo or Citigroup for takeover deal.
The good news it is finally October .Dow Jones industrial had its best week in 5 years.This month has looked like there are some better days in the global financial markets. World financial summit Nov 15. 2008 because the global markets have been on the largest roller coaster ride in history.Then we will have the Decembers reports on retail markets.In January, A NEW YEAR and people will look forward with a more positive out look plus a resolution to be more positive in 2009., meanwhile have a great day@Today.
