Word: banking
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...Most importantly, the government stipulated that in order to become eligible for government funding, banks would have to give up something - namely equity - in return. In the case of one leading bank, the mere prospect of the government taking a stake was enough to persuade shareholders to dig deeper and raise money on their own. For the rest, the government was able, once the markets rebounded, to sell off the stakes it had acquired, making a profit that was effectively returned to taxpayers' coffers. At one point the government controlled more than 20% of the entire banking system...
...Swedish experts caution that the Swedish financial system is relatively small compared to the U.S. In 1992 most leading government officials knew the bank chiefs on a first name basis. Still, the Swedish experience could hold other lessons, says Robert Bergquist, chief analyst at SEB, one of Sweden's largest banks. "The Swedish success depended on four factors," he explains. Stockholm acted quickly, in open acknowledgement of the problems, and under a broad political agreement across the party spectrum. "Running parallel with these three factors," he says, "a new economic policy - new goals for inflation and the budget - was developed...
...system into a tailspin. The headline-grabbing failures follow a year-long financial decline, caused by unexpectedly high rates of home loan defaults that tore through the economy and wiped out billions in capital. The downturn accelerated in recent months as lenders spooked by steep losses and high-profile bank failures have tightened their purse strings. Worried that recent high-profile failures could spread and freeze financial markets, Treasury Secretary Henry M. Paulson Jr. announced the plan now under consideration to bolster confidence in U.S. financial institutions. “PIMCO is ready to work for no fee in helping...
...recent market turmoil has directly affected the career paths of Harvard undergraduates who spent their summers interning at many of the global financial firms whose balance sheets have deteriorated in the last few weeks. A number of these students, who interned at investment banks such as Lehman Brothers, have seen their full-time offers enter a state of limbo. The Lehman offers extended to seniors who interned last summer are still under deliberation, according to Matthew P. Bresnahan ’09 who interned in Lehman’s Global Consumer/Retail Group. Bresnahan received an offer for full-time employment...
Tucked between a Rite-Aid drug store and an overgrown field, the converted bank building in New Orient Heights seems unremarkable to me. But the East Boston building is actually home to the Excel Academy, a charter school headed by Teach for America alumni that has played a significant role in improving middle school education since it was founded...