Word: banking
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Monday morning is never a quiet time for a Main Street bank. At branches of Northern Rock, a British lender, the lines outside extend even further than usual. But it's not exactly welcome business. Savers flooding the Newcastle-based bank on Monday joined the thousands to have withdrawn their cash from Northern Rock in recent days. So far, customers have emptied the bank of around $4 billion, or 8% of its deposit base...
...panic? Late Thursday, it emerged that the Bank of England had agreed emergency credit for Northern Rock, Britain's fifth-largest mortgage provider and the U.K.'s first bank to be left reeling from the global credit crunch. Jitters in the credit markets were triggered by the collapse of a U.S. subprime mortgage sector built on lending to home buyers with poor credit histories. With that risky debt having been spliced, repackaged and flogged to banks around the world, financial institutions are less keen to lend each other cash. And when they do, they're charging each other more...
...Shares in the lender plummeted by a third in Monday morning trading (they'd already fallen by a quarter on Friday). But Northern Rock is still unlikely to fold. Britain's Financial Services Authority called the bank's loan book "good quality" in a statement issued jointly with the Bank of England and the U.K. Treasury last week. And though it's not yet clear how big the Bank of England's lifeline is, the central bank's cash means savers' own deposits are safe. "We are a well capitalized, solvent and viable business," Northern Rock CEO Adam Applegarth told...
...Management in London: "Anyone wishing to buy that asset book at discounted value." Lloyds TSB, another major U.K. lender, could well figure among any suitors to emerge in the coming weeks. It's understood to have been in talks with Northern Rock about a deal just days before the Bank of England rescue. If there's no appetite for taking it on whole, Northern Rock could be broken up. And should no credible bids be forthcoming, it may even be forced to wind...
...engage in a critical and nonetheless loving conversation about Zionism with a community as gravely traumatized as the Jewish people? The question has become particularly difficult to answer since Harvard’s previous president publicly declared that petitions against the Israeli occupation of the West Bank and Gaza were a form of anti-Semitism, comparable to vandalizing Jewish gravestones...