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U.K. Chiefs Repair Image With Bailout
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Gordon Brown, Britain's prime minister and the finance minister Alistair Darling have lifted their reputations with their decisive plan and execution of it to inject capital and take majority ownership of British banks RBS and HBOS/Lloyds. This comes after earlier missteps which led to a bank run on Northern Rock bank. Their plan is now held up as a model plan around the globe and is being followed in the US and in other countries. It could not have come at a better time, as in the US Fed chairman Bernanke and Treasury Secretary Paulson were having some missteps of their own with their plan to buy up troubled assets. That turned out to be difficult to carry out and may take months- very costly missteps leading to freezing up of global credit markets and criticism from most economists and experts. An account of how the plan was developed as daily events unfolded for Britain's banks.
The British rescue Plan of Gordon Brown with direct injection of capital into banks for equity stakes.
10/09/2008
Gordon Brown's plan is a direct way to recapitalize British banks.
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Britain Takes a Different Route to Rescue Its Banks
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RBS and Lloyd's Banking Group and reckless management.
09/17/2007
Royal Bank of Scotland and Lloyd's banking Group were part of the U.K. bank bailout. This was a case of poor decisions, reckless management and excessive risk taking without attention to possible consequences. Cameron and Osborne of the Conservatives and Mervyn King of the Bank of England voiced criticism of these behaviours that has cost the British taxpayer.
Grouped Articles
Wall Street Journal 06/13/2013
New York Times 06/12/2013
The future of Lloyds: Stuff happened
Economist 09/25/2010
Past Sins Haunting Royal Bank of Scotland
New York Times 01/27/2014
Legal Costs Set to Put RBS in the Red
Wall Street Journal 01/28/2014
Wall Street Journal 01/28/2014
Gordon Brown enjoys a moment of satisfaction as his plans are followed around the world.
10/14/2008
Gordon Brown sees the ups and downs with equanimity but he must have the satisfaction that this crisis for Europe and the world has brought out the best in him.
Linked Articles
British Prime Minister’s Stock Rises as His Bank Plan Lifts Stocks Worldwide
New York Times 10/15/2008
U.K. Chiefs Repair Image With Bailout
Wall Street Journal 10/14/2008
British Plan lifts reputation of Gordon Brown and Alistair Darling, his finance minister.
10/09/2008
After some fumbling in the bank run on Northern Rock, Gordon Brown and Alistair Darling come up with what the Wall Street Journal calls "A Plan at Last," as if heaving a sigh of relief after Paulson and Bernanke's own fumbling with troubled assets program.
Linked Articles
U.K. Chiefs Repair Image With Bailout
Wall Street Journal 10/14/2008
Wall Street Journal 10/09/2008
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