nationalization

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Chavez Orders Army to Seize Rice Plants

Struggle over nationalization as plants fear bankruptcy

(Newser) - Venezuelan President Hugo Chavez has ordered the army to seize control of the nation's rice processing plants, continuing a trend of industrial nationalization by his government, reports the BBC. Chavez accused the plants of failing to meet government price quotas for grain, intended to ensure cheap food prices. The plants,...

US to Take 36% Stake in Citi
 US to Take 36% Stake in Citi 
UPDATED
Feb 27, 2009 6:57 AM CST

US to Take 36% Stake in Citi

Treasury will take up to 40% of bank in return for boardroom overhaul

(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of...

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

(Newser) - The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%,...

We Know What We're Doing, Bernanke Assures Congress

Fed chair defends response to financial crisis

(Newser) - Ben Bernanke defended the government’s response to the financial crisis today before Congress, saying regulators’ various approaches reflect different aspects of a unified strategy, MarketWatch reports. “We’re not making it up,” the Federal Reserve chief said. “We’re working along a program that has been...

Citi Struggles Under Fed Oversight, About to Get More

Tottering bank may give 40% of shares to Washington

(Newser) - Citigroup is in talks with Washington about a restructured deal that would see the US convert its 7.8% stake of preferred shares into up to 40% of common stock. The deal would provide Citi with desperately needed capital, but would place the bank under further control of the federal...

Politicos' Loose Lips Sink Stocks

Pols still don't know their own strength on Wall St.

(Newser) - DC and New York usually keep a healthy distance. These days, though, Wall Street has no choice but to hang on every word of key politicians. For the pols themselves, Politico reports, that takes some getting used to. When Sen. Chris Dodd publicly toyed Friday with the idea of bank...

Citi CEO Drops by White House, Sparking Chatter

Parsons' meeting ratchets up rumors of bank nationalization

(Newser) - Citigroup’s new chief, Richard Parsons, dropped by the White House last night, Politico reports, visiting Valerie Jarrett, an adviser and longtime confidante to President Obama. “He was here to meet with Valerie—something she often does with business leaders,” explained an official. Still, the visit fueled more...

Dow Off 251; Lowest Close Since '97
 Dow Off 251; 
 Lowest Close Since '97 
MARKETS
Feb 23, 2009 3:09 PM CST

Dow Off 251; Lowest Close Since '97

Financials do better on reports of that nationalization will be gentle

(Newser) - Stocks fell today as concerns about waning global demand sank shares of giants like IBM, Hewlett-Packard, General Electric, and Alcoa, the Wall Street Journal reports. Citigroup bucked the trend on reports that a government takeover wouldn’t wipe out shareholders, and rose 11%. The Dow fell 250.89 to 7,...

Stop Stalling and Nationalize Bailout Banks: Krugman

The sooner we take over zombie banks, the better, says Krugman

(Newser) - The case for temporarily nationalizing some of America's biggest banks is so persuasive that even Alan Greenspan, the baron of laissez-faire capitalism, thinks it's a good idea. Yet the Obama administration keeps proposing half-measures and workarounds. New York Times columnist Paul Krugman says the government should get it over with:...

Taxpayers May Get 40% Stake in New Citi Deal

Bank proposes converting public bucks into common stock

(Newser) - Fearing further losses, Citigroup is negotiating with the government to convert part of the public's $45 billion investment in Citi from preferred to common stock, which could give the US up to 40% of the bank at no additional cost. Such a move would boost the bank's capital portfolio while...

Doctor Doom Says It's Time to Nationalize
Doctor Doom Says It's Time
to Nationalize
interview
Feb 21, 2009 9:25 AM CST

Doctor Doom Says It's Time to Nationalize

Temporary takeover isn't 'Bolshevik'—it's the only option

(Newser) - Nouriel Roubini thinks it will soon be time to nationalize the banks, and these days people listen to Nouriel Roubini. For years the NYU economist has been predicting financial catastrophe, earning the nickname “Doctor Doom,” so he’s now looking pretty prescient. “No one’s in favor...

Dow Ends Sorry Week Off 101
 Dow Ends Sorry Week Off 101 
MARKETS
Feb 20, 2009 3:21 PM CST

Dow Ends Sorry Week Off 101

Nationalization talk spurs financial sell-off

(Newser) - Stocks lost value again today as talk of nationalizing top US banks spurred investors to sell financials, MarketWatch reports. The Obama administration tried to tamp down the nationalization chatter, but without success. Meanwhile, General Electric and General Motors fell 6% and 16%, respectively. The Dow lost 100.28 to close...

Dodd Backs Nationalizing Banks; White House Doesn't

Banking chair weighs short-term moves

(Newser) - Chris Dodd says the US may have to nationalize the most troubled banks for “a short time” to save the financial system, Bloomberg reports. The chairman of the Senate Banking Committee joined Ben Bernanke and Alan Greenspan in calling for serious consideration of nationalizing flailing institutions such as Bank...

How the Crisis Changed Bernanke
 How the
 Crisis Changed
 Bernanke 

ANALYSIS
Feb 19, 2009 12:33 PM CST

How the Crisis Changed Bernanke

Extraordinary times have changed the Fed chairman's language and policy

(Newser) - Crises change people, and the changes wrought by the financial meltdown on Fed Chairman Ben Bernanke were well evident at a Press Club lunch yesterday, writes Dana Milibank for the Washington Post. Previously known for bland answers, this academic now tempers his economist-speak with straight talk and supplemented official data...

Nationalize Some Banks: Greenspan
Nationalize Some Banks:
Greenspan
Feb 18, 2009 8:06 AM CST

Nationalize Some Banks: Greenspan

Ex-Fed head abandons free-market purism, wants temporary move

(Newser) - Alan Greenspan, once famed for his light touch, now says the US may have to temporarily nationalize some banks. The former Fed chairman said in an interview with the Financial Times that some institutions need government ownership to restore liquidity and help shore up the larger financial system. "In...

Cramer Changes Course: Have Faith in Geithner
Cramer Changes Course:
Have Faith in Geithner
OPINION
Feb 13, 2009 9:46 AM CST

Cramer Changes Course: Have Faith in Geithner

It's cheaper than nationalization, and gets banks moving again

(Newser) - Geithner’s got it, James Cramer writes in New York—much to his own surprise. Cramer notes that he's railed against the Treasury chief for months, but he's now come around just as others have abandoned him. “The press, the pols, the Wall Streeters—they are all dumping their...

Nationalizing Banks Looks More and More Likely
Nationalizing Banks Looks More and More Likely
Analysis
Jan 26, 2009 9:35 AM CST

Nationalizing Banks Looks More and More Likely

Case for Nationalization grows

(Newser) - Team Obama is coming closer and closer to using the N-word they've been studiously avoiding: nationalize. Already the government is the top shareholder at both Bank of America and Citigroup, and with both banks in freefall, many think buying the rest is the only option. “I would guess that...

Sweden's Advice on US Banks: Be Wise, Nationalize

Taxpayers eventually benefited from early '90s move to recapitalize busted system

(Newser) - One option to save US banks: follow Sweden’s lead and nationalize them. Sweden’s banks were essentially bankrupt in the early 1990s, but a center-right government took them over, and taxpayers ultimately reaped the benefits, the New York Times reports. Troubled assets were isolated into a single “bad...

Create a Good 'Bad Bank' to Ease Crisis
Create a Good
'Bad Bank' to
Ease Crisis
OPINION
Jan 22, 2009 8:44 AM CST

Create a Good 'Bad Bank' to Ease Crisis

Institutions must write down toxic assets to ease larger woes

(Newser) - The world’s banking crisis is entering its endgame, and it’s time to shore up the most troubled institutions using a strategy that worked in Sweden in the 1990s, writes David Roche in the Wall Street Journal. It won't be easy, he warns: "A good bad bank...

Nationalization Looms for Royal Bank of Scotland

Lack of faith in government's bank bailout plans sparks investor stampede

(Newser) - One of Britain's biggest banks is on the verge of nationalization, reports the Daily Telegraph. The Royal Bank of Scotland's shares plummeted more than 65% yesterday after it revealed massive losses of $56 billion for 2008—the highest in British history. The government has upped its stake in the bank...

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