Archive for the ‘other implodes’ Category

Bradford & Bingley

Tuesday, November 11th, 2008

Bradford & Bingley did not demutualise, which is what the British call going public, until December 2000. Just eight short years later, with the credit crisis casting a pall over the European economy, the company was nationalized on Monday, September 29, 2008. Mortgage lender Bradford & Bingley confirmed ...

National City

Friday, October 24th, 2008

2008-10-24 -National City Implodes: With write-downs and losses piling up and no possible means of generating earnings to fight back, National City Corp took an offer from the Treasury czar that it could not refuse. The bank has agreed to sell itself to PNC. And the price?? Chump change compared to what ...

Merrill Lynch – >$115.4B

Friday, October 17th, 2008

2008-12-31 2008 - Imploded: Merrill Lynch has not been bailed out, bought up or kept around for any other reason than to pay Thain's bouns. The bank exists in name only so, going into 2009 we will drop the pretense and imploed it. 2008-10-18 Q3 - Final Report: Merrill Lynch reported Q3 results ...

Iceland’s Landsbanki Islands

Thursday, October 16th, 2008

The cold water of the credit crunch swept Iceland's Landsbanki Islands out to sea, forcing all of Europe into panic. Glitnir Bank hf, Landsbanki Island hf and Kaupthing are unable to finance about US$61-billion of debt, 12 times the size of the economy, according to data compiled by Bloomberg. Their collapse has ...

Iceland’s Kaupthing Bank

Wednesday, October 15th, 2008

The credit crunch swept over Iceland like a cold tsunami, shutting down the country's largest lender, Kaupthing Bank, crashing the national economy and threatening to bring down the government. Witness: The cost of insuring against a default by Iceland's government and the three banks has surged to a record, credit- default ...

Iceland’s Glitnir Bank

Wednesday, October 15th, 2008

The credit crunch swept over the small country of Iceland like a tsunami and Glitnir Bank became the first major Icelandic bank to be nationalized. The government said it bought a 75 percent stake in Glitnir, the country's third largest bank, for 600 million euros ($878 million) to ensure broader market ...

Royal Bank of Scotland

Friday, October 10th, 2008

2008-10-13 -Royal Bank of Scotland Implodes: Once the king of European banks, the Royal Bank of Scotland finally ran out of credit and crashed over the weekend. The bank had been burning white hot profits from leveraged loan buyouts and acquisitions of enormous scale. The speed of the RBS rescue plan underlines ...

HBOS PLC

Friday, September 19th, 2008

2008-09-19 - HBOS Implodes: The symbols of a community always have intrinsic value to the people in it even though they benefit directly in no meaningful way. Even though the residents of Brooklyn New York gained no benefit, they even had their taxes raised to keep their baseball theirs, yet there ...

Lehman Brothers

Thursday, September 11th, 2008

2008-09-14: They're goners. 2008-09-11 Q3: Lehman Brothers reported its fiscal third-quarter 2008 results last night. The results weren't due for another week, but maybe they were afraid they wouldn't be around by then. For the second consecutive quarter, the company has made no mention of its loan loss provisions. Hmmm... That may be ...

IKB

Tuesday, May 27th, 2008

2008-08-21 IKB Implodes: IKB was bailed out again! This is the final bailout which is actually a buyout of the subprime battered German bank. With that we say that the tortured bank has imploded not so quietly into that good night. The parent bank KfW has been in frantic, 11 month ...