Financial crisis headlines

by | Jan 24, 2018 | Rarus Et Sine Gravitas | 0 comments

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

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

September 2008 (S&P 500: -9.2%)

  • 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 2008 (S&P 500: -14.5% as of Oct 7)

  • 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

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