Jan 24, 2018 1 min read random

Financial crisis headlines

Blast from the Past | Financial Crisis headlines as of October 7, 2008

Just some notes I took while things were unfolding. Many names live only in people’s memories now…

September 7: FNMA and FHLMC are put under the conservatorship of the FHFA
September 14: Bankruptcy of Lehman Brothers
September 14: Merrill Lynch announces sale to Bank of America
September 16: US government takes over AIG
September 16: Reserve Primary money market fund breaks the buck
September 17: Putnam Prime Money Market Fund closes due to a “run on the fund”
September 18: HBOS is acquired by Lloyds
September 21: Goldman Sachs and Morgan Stanley become bank holding companies
September 26: Washington Mutual files for Chapter 11 bankruptcy
September 28: UK nationalizes B&B Bank
September 29: House rejects $700B TARP proposal
September 29: Forced takeover of Wachovia by Citigroup
September 29: Iceland nationalizes Glitnir Bank
September 30: Belgium, France, Luxembourg support Dexia with loans and capital injections
September 30: Irish Government guarantees all bank deposits until September 2010

October 3: $700B Troubled Assets Relief Program is approved
October 3: Wachovia backs out of Citigroup acquisition, says it would merge with Wells Fargo
October 5: BNP Paribas takes over Fortis
October 6: Germany nationalizes Hypo Real Estate Holding AG
October 7: Fed announces it will buy unsecured and asset-backed commercial paper
October 8: Fed, ECB and four other central banks cut interest rates