Suddenly, stodgy banks are looking smart. And with former Wall Street giants toppling almost daily, some European banks are starting to look especially wise. European banks are holding up pretty well amid the turmoil sweeping the industry. None of the Old World's biggest banks appears likely to fail or put itself on the block, analysts say.
European banks are holding up pretty well amid the turmoil sweeping the industry. None of the Old World's biggest banks appears likely to fail or put itself on the block, analysts say.
At the end of a tumultuous week for financial markets, the FTSE rocketed 431.3 points to 5311.3 - a rise of 8.8 per cent. It is the blue chip index's biggest one day rise since being established in 1984, adding £103 billion to the value of Britain's biggest companies. Financial stocks were the top performing shares, led by Natwest owner Royal Bank of Scotland which posted a 32 per cent rise, Barclays up 29 per cent and Lloyds TSB up 20 per cent.
At the end of a tumultuous week for financial markets, the FTSE rocketed 431.3 points to 5311.3 - a rise of 8.8 per cent.
It is the blue chip index's biggest one day rise since being established in 1984, adding £103 billion to the value of Britain's biggest companies.
Financial stocks were the top performing shares, led by Natwest owner Royal Bank of Scotland which posted a 32 per cent rise, Barclays up 29 per cent and Lloyds TSB up 20 per cent.
Trade union Unite today demanded that the bosses of merging banks HBOS and Lloyds TSB "come clean" over speculation of job cuts as a result of the deal.
Of course they did. The Bush administration has just told them that there are no consequences to financial stupidity, and that the public will carry the can for stupid, selfish executives, no matter how insane they have been.
We don't have a market anymore. We have a welfare system for the rich.
We've had that for years now. what we now in addition is the blatant, in your face, acknowledgement of it, accompanied by the taunting "What are you going to do about it, suckers? We own you and we can take you down with us"...
And the Shock Doctrine in action. In the long run, we're all dead. John Maynard Keynes
That's the first thing that came to mind when Bush came out of his undisclosed location long enough to read a prepared statement about how this guvmint action is necessary to stave off even more dire consequences. The fix is in.
The Associated Press: Bush to Congress: move fast on financial rescue
As negotiators from Congress and the White House worked feverishly through the weekend on a federal financial rescue package, President Bush asked lawmakers to look beyond partisanship and move quickly on the urgently needed measure.
Bush says U.S. financial rescue needed to prevent worse | Markets | Markets News | Reuters
"Further stress on our financial markets would cause massive job losses, devastate retirement accounts, further erode housing values, and dry up new loans for homes, cars and college tuitions."
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.
