The empire (tries) to strike back …
How many announcements can one weekend bring???
I just try to list the NEWS (not necessarily in order of importance):
- German Bailout Likely to Be Over $400 Billion, injecting capital into banks and even guarateeing interbank lending
- Euro-zone governments to issue guarantees and insurance, to buy stock in needy companies, to issue qualifying capital to financial institutions through preferred shares and other instruments and to act to stabilize long-term maturities.
- European Central Bank to create a facility to acquire commercial paper from financial institutions and other companies
- ECB to loosen monetary policy if needed
- French government plans to propose a law Monday that would offer a state guarantee for banks and create an agency to help channel capital into them
- The U.K. government is finalizing plans to invest billions of pounds in four of its largest banks as part of its efforts to stabilize the country’s financial system, a move that could lead to the suspension of London stock trading Monday.The government could take a majority stake in Royal Bank of Scotland Group and HBOS PLC.
- Australia and New Zealand will guarantee all deposits with institutions
- The United Arab Emirates said Sunday it will guarantee all credit risks and deposits at national banks and interbank lending among all banks operating in the UAE
- Saudi Arabia’s central bank made 150 billion Saudi riyals ($40 billion) available for its banks
- The U.S. Financial Accounting Standards Board issued a clarification late Friday of its mark-to-market accounting rules that could allow financial firms to value some illiquid assets higher than those assets could sell for in the current distressed markets.
- Fannie, Freddie to buy a lot more mortgages, reportedly ordered to buy $40 bln of mortgage bonds a month, mostly subprime, Alt-A and non-performing prime mortgage securities
- Even in the car industry, moves are on the horizon … GM, Pressured By Downturn, Had Talks With Chrysler, Ford, the WSJ reports
I think, more will follow on Monday … SO BE AWARE!!!
