And the Roller Coaster Ride Continues…
There is so much happening on the global economic front that its difficult to ignore them or keep tabs of all the happenings. The following is just a gist of all the happening in the past 10 months and majorly in the past one month. And mind well the roller coaster ride is still on. So fasten your seat belts (or your money) and enjoy the ride.
Jan – March 2008 :
Bank of America buys Countrywide, the major mortgage lending firm for $4 billion
Bear Stearns, one of the five major brokerage firms get sold out for peanuts price to JP Morgan Chase
September 7 th – Fannie Mae and Freddie mac are nationalized by the US Treasury for $5 trillion
September 15th - Lehman Brothers, the second major brokerage firm files for bankruptcy and Merrill Lynch the third brokerage firm is brought by Bank of America
September 16th – A $85 billion Federal loan to insurance giant AIG
September 19th – Henry Paulson, the national secretary call for a major bailout plan for the country’s financial backbone, banks to be give loans in huge denomination by the government
September 20th – A $700 billion bailout plan is revealed
September 21 st – Golfman Sachs and Morgan Stanley, the last two standing brokerage firms are made into bank holding companies.
September 24th – Warran Buffer buys 9% of Goldman Saschs. Gives a $5 billion loan to GE, which is finding hard to get the loans
September 25th – Washington Mutual(WAMU) closed by US Government, JP Morgan buys the assets worth $1.9 billion
September 29th – US house of Representatives reject the $700 billion bailout. DOW drops by 800 points.
October 1st – US senate revamps the US financial resue plan
October 3rd – US house of representative pass the $700 billion bail out package.
Wachovia is bought by Wells Fargo. Initially Citibank wanted to strike a deal by things didn’t workout
October 5th – European Union nations fight over saving their economies. Germany, France, Iceland, Britain etc. all work for a bailout packages.
October 8th – A co-ordinated global interest rate cut pumps $87.2 in the economy
Jan – March 2008 :
Bank of America buys Countrywide, the major mortgage lending firm for $4 billion
Bear Stearns, one of the five major brokerage firms get sold out for peanuts price to JP Morgan Chase
September 7 th – Fannie Mae and Freddie mac are nationalized by the US Treasury for $5 trillion
September 15th - Lehman Brothers, the second major brokerage firm files for bankruptcy and Merrill Lynch the third brokerage firm is brought by Bank of America
September 16th – A $85 billion Federal loan to insurance giant AIG
September 19th – Henry Paulson, the national secretary call for a major bailout plan for the country’s financial backbone, banks to be give loans in huge denomination by the government
September 20th – A $700 billion bailout plan is revealed
September 21 st – Golfman Sachs and Morgan Stanley, the last two standing brokerage firms are made into bank holding companies.
September 24th – Warran Buffer buys 9% of Goldman Saschs. Gives a $5 billion loan to GE, which is finding hard to get the loans
September 25th – Washington Mutual(WAMU) closed by US Government, JP Morgan buys the assets worth $1.9 billion
September 29th – US house of Representatives reject the $700 billion bailout. DOW drops by 800 points.
October 1st – US senate revamps the US financial resue plan
October 3rd – US house of representative pass the $700 billion bail out package.
Wachovia is bought by Wells Fargo. Initially Citibank wanted to strike a deal by things didn’t workout
October 5th – European Union nations fight over saving their economies. Germany, France, Iceland, Britain etc. all work for a bailout packages.
October 8th – A co-ordinated global interest rate cut pumps $87.2 in the economy
posted by Rohit at
10:07:00 PM
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