The Global Financial Crisis of 2007-2008 was widely blamed on the subprime crisis and its fallout, which led to the collapse of Lehman Brothers in 2008, with the US government forced to bail out AIG, and to rescue both General Motors and Chrysler, while also adding liquidity to avert a severe credit crunch in the banking sector. Banks in Europe, the US and Britain also came under extreme pressure and the GFC contributed to the euro zone sovereign debt crisis.
You have to give the world’s big banks this: they’ve got gumption.Monday, 15 December, 2014, 9:35am
During the financial crisis, the major emerging markets escaped the damage from the United States and European Union relatively unscathed. Not any more. The rout in the capital markets of the emerging economies in the past week is a reminder that many of them face serious problems from heavy government debt to large current account deficits. In a sense, it was a continuation of the mayhem they experienced during last summer, when talks about tapering by the US Federal Reserve were first raised.29 Jan 2014 - 4:09am
European Union lawmakers have clinched a deal that overhauls the bloc's financial market rulebook in a bid to toughen requirements and remedy deficiencies laid bare in the 2008 financial crisis.16 Jan 2014 - 2:36am
Things have never been the same in the financial world since the 2008-09 global crisis, but globally governments and bureaucrats are still trying to reshape them so that it does not happen again. In Hong Kong the government proposes to adopt powers of market intervention that not long ago would have been anathema to our free-wheeling economy. This would bring the city into line with rules brought in by the Financial Stability Board established by the Group of 20 industrialised countries after the avalanche of defaults that froze credit markets during the crisis.13 Jan 2014 - 4:47am
Five years after US investment bank Lehman Brothers collapsed, triggering a global financial crisis and shattering confidence worldwide, families in major countries around the world are still hunkered down, too spooked and distrustful to take chances with their money.8 Oct 2013 - 12:45pm
It is an anniversary without celebration: five years after the implosion of banking giant Lehman Brothers sparked the worst crisis in generations, the US can say it avoided catastrophe.
After just barely pulling back from the precipice, industry is picking up, home prices are gaining, banks are stable and American consumers have started spending -- albeit still with great caution.12 Sep 2013 - 3:06pm
The US Treasury said on Wednesday the government’s massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system.12 Sep 2013 - 3:06pm
In China today, the term "shadow banking" has a negative meaning. Over the past year, the China Banking Regulatory Commission has issued numerous policy directives to try to contain its explosive growth. Xiao Gang , the head of the Chinese securities watchdog, called shadow banking "a Ponzi scheme" in an opinion piece he penned last year while still serving as chairman of the Bank of China.31 May 2013 - 5:35am 1 comment
Ten times as many London-based bankers as previously expected could be caught by Europe's cap on bonuses in a fresh sign that regulators are attempting to clamp down on City of London pay.21 May 2013 - 5:46am 1 comment
The outgoing Bank of England governor has called on the British people not to "demonise" bankers, prompting debate on how much responsibility he should take for the financial crisis.21 May 2013 - 5:40am