Wed, October 15, 2008
Oct. 14, 2008 - U.S. President George W. Bush announced measures to implement a plan of action agreed by the Group of Seven (G7) major advanced countries and to strengthen the banking industry.
Oct. 14, 2008 - The European Union (EU) gave green light to British package to bail out its struggling banks and stabilize the financial markets.
Oct. 13, 2008 - German Chancellor Angela Merkel announced in Berlin a huge financial rescue plan worth close to 500 billion euros (about 685 billion U.S. dollars).
Oct 13, 2008 - The French government is to set aside up to 360 billion euros (490 billion U.S. dollars) to prevent its banks from falling prey to the current credit crisis.
Oct. 13, 2008 - The UK government announced that it would inject up to 37 billion pounds of taxpayers' cash into major banks -- Royal Bank of Scotland (RBS), Lloyds TSB and Halifax Bank of Scotland (HBOS).
Oct. 12, 2008 - Leaders from the eurozone countries hammered out an action plan in a joint response to the unfolding financial crisis at their first ever summit in Paris.
Oct. 8, 2008 - The British government announced a massive plan which would inject 50 billion pounds (87 billion U.S. dollars) into its banks through the purchase of preferred shares.
Oct. 3, 2008 - The U.S. House of Representatives approved a revised 700 billion dollars bailout plan, authorizing the government the largest financial intervention since the Great Depression.
Sept. 25, 2008 - JPMorgan Chase on Thursday night acquired the banking operations of Washington Mutual Bank.
Sept. 17, 2008 - The U.S. Federal Reserve Bank will lend an 85 billion-U.S. dollar-bridge-loan to American International Group Inc. (AIG) to save the country's biggest insurer from bankruptcy. >>>
Sept. 15, 2008 - Lehman Brothers files for bankruptcy court protection.
Sept. 15, 2008 - Bank of America agrees to acquire Merrill Lynch for up to $50 billion.
Sept. 6, 2008 - U.S. Treasury Secretary Henry Paulson announces a takeover of Fannie Mae and Freddie Mac, putting the government in charge of the two mortgage giants.
March 16, 2008 - JPMorgan Chase & Co. acquires troubled Bear Stearns.
June 2007 - Two hedge funds run by Bear Stearns run into large losses and are forced to dump assets.
April 2, 2007 - New Century Financial, one of American largest subprime mortgage lenders, files for bankruptcy court protections.
Feb. 7, 2007 - HSBC announces it will see larger than anticipated losses from rising defaults of subprime mortgages in the United States, the first major bank to make an announcement about rising losses in the sector.
