Tag Archives: banking crisis

USA foreclosures set record in July…again

Home loan defaults continued at a record pace in July despite ongoing programs by government authorities at both federal and state level to avoid foreclosures. Home seizure activity jumped by 7 percent in July from just a month previously and … Continue reading

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Northern Rock loses $1.2bn in first half of 2009

British Bank, Northern Rock, has reported losses of more than $1.2Billion (UK£724 Million) for the first 6 months of 2009. This signals a worsening of the situation for the bank as it shows an increase of 24% over the loss … Continue reading

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AIG to be bailed out by US Fed again

American International Group Inc (AIG) will receive almost $30bn in additional federal assistance in the fourth chapter in the government rescue of the company. The new cash injection is intended to save the struggling insurers – once the world’s largest … Continue reading

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Citigroup (citibank) to go bust next?

Citigroup Inc lost more than 25% of its market value on Thursday amid growingfears over whether it has enough cash to withstand the billions of dollars of expected losses. The second-largest U.S. bank by assets is looking at its options … Continue reading

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McGraw-Hill, Standard & Poor’s and Moody’s to be investigated

In yet another twist in the financial crisis, A U.S. Senate subcommittee is focusing on whether bond-ratings firms, driven by conflicts of interest, boosted mortgage investments which have since collapsed according to an article in this morning’s Wall Street Journal. The … Continue reading

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Ireland raises tax to pay for bank bailout

The 2009 budget in ireland was announced on October 14th 2008. Following the complete collapse of their property driven tax base and the recent €400billion bailout of their banking system, the Minister for finance Brian Lenihan has placed an additional

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Stocks tumble across europe

Stock markets across europe have nosedived on opening this morning. At 9:15 BST the FTSE is down almost 7% and the Dax is down 6%

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