Word: banking
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Amid the chaos and confusion that has accompanied the credit crisis at British bank Northern Rock, Bank of England Governor Mervyn King has remained tight-lipped. There was barely a word from him when the Bank, as Britain's lender of last resort, made emergency cash available to Northern Rock last week. When that triggered a run on the High Street lender, with customers lining up for days to take back their savings, King still failed to utter a word. And when the government finally stepped in Monday to offer a gilt-edge guarantee for spooked depositors in the form...
...Until late this week. Appearing before a committee of British M.P.s Thursday to explain the Bank's handling of the crisis - the first run on a U.K. lender in living memory - King finally opened up. The Governor, the bank's former chief economist and an academic who's taught at Cambridge, Harvard and MIT, first got wind of problems at Northern Rock on Aug. 14. The Newcastle-based bank - Britain's fifth-largest mortgage provider - leaned heavily on wholesale money markets to fund its own mortgage loans. When those inter-bank markets started to freeze up in recent weeks amid...
...Fast-forward a month, however, and things looked grim. Still short of credit in those tight money markets, Northern Rock had little choice but to approach the Bank of England for cash. And that - the emergency credit that King duly put up - was supposed to be that. It wasn't. Far from reassuring savers, the central bank's efforts amounted to "the equivalent of screaming fire in a crowded cinema," offered John McFall, chairman of the Treasury select committee. King could hardly quibble with that, but coming to his own defense, the Governor made clear it hadn't been...
...combined population of almost 25 million people. When it comes to cultural influence, there is strength in numbers. Noma's Redzepi sees all that open space as uncharted culinary territory. Did you know there are more than 130 different kinds of horseradish registered in the Nordic gene bank? "We've only just begun to scratch the surface of flavors to discover...
...founders are retired (although very much looming on Paris' Left Bank), and since 1999 the company has been owned by the Gucci Group, a division of one of France's largest conglomerates, Pinault-Printemps-Redoute (PPR). Managers and designers have come and gone, yet none of them have been able to take on the YSL legacy and create something new?and lucrative...