Britannia Radio

The August Review August 19, 2008 Credit crunch may take out large US bank warns former IMF chief TimesOnline (UK) The deepening toll from the global financial crisis could trigger the failure of a large US bank within months, a respected former chief economist of the International Monetary Fund claimed today, fuelling another battering for banking shares. August 19, 2008 Large U.S. Banks May Fail Amid Recession, Rogoff Says Bloomberg Credit market turmoil has driven the U.S. into a recession and may topple some of the nation's biggest banks, said Kenneth Rogoff, former chief economist at the International Monetary Fund August 19, 2008 National City Bonds Show Defaults KeyCorp Can't Deny Bloomberg National City Corp. Chief Executive Officer Peter Raskind says Ohio's biggest lender is the ``best capitalized of all major U.S. banks'' after raising $7 billion this year, yet its bonds show it's at risk of default. August 18, 2008 Bernanke Tries to Define What Institutions Fed Could Let Fail Bloomberg Ben S. Bernanke is still trying to define which financial institutions it's safe to let fail. The longer it takes him to decide, the tougher the decision becomes. August 18, 2008 U.S. banking agency brings back retirees to manage crisis Int'l Herald Tribune Before he retired from the Federal Deposit Insurance Corp. three years ago, Gary Holloway was cleaning up the remnants of the U.S. savings-and-loan crisis two decades earlier. August 12, 2008 Prince Charles warns GM crops risk causing the biggest-ever environmental disaster Telegraph (UK) The mass development of genetically modified crops risks causing the world's worst environmental disaster, The Prince of Wales has warned. August 11, 2008 FDIC Fund Strained by Bank Failures Bloomberg The failure of IndyMac Bancorp Inc. and seven other banks this year may erase as much as 17 percent of a government insurance fund and raise premiums for all banks, from Franklin National of Minneapolis to Bank of America Corp. August 10, 2008 China to overtake US as largest manufacturer Financial Times China is set to overtake the US next year as the world’s largest producer of manufactured goods, four years earlier than expected, as a result of the rapidly weakening US economy. August 10, 2008 U.S. land grab by sovereign wealth funds Miscellaneous Foreign money, which up to now has focused its attention on investing in iconic commercial real estate - like Barneys New York and the Chrysler Building - is now moving to scoop up tens of thousands of discounted foreclosed homes across the country. August 09, 2008 The Fannie and Freddie doomsday scenario CNNMoney Here's a scary, and relevant, question to ponder as the housing market continues to slide: What would it take for the government to step in and help Fannie Mae and Freddie Mac, and how would a rescue affect you, the taxpayer?