Emergency Bank Closures Imminent - Times Online

News Type: Opinion — Seeded on Sun Mar 16, 2008 2:46 PM EDT

Article Source: The Times

So who is next? As advisers to Bear Stearns struggle to find a buyer or funding in the next 28 days, Wall Street, the City and the financial district in Tokyo were scrabbling to find out who is the most exposed to Bear Stearns, either through loans or trading positions.

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{"commentId":1584895,"authorDomain":"headinthegame"}

headinthegame

However, Chris Whalen, of the Wall Street consultancy Institutional Risk Analytics, said: "This is going to go all the way up the chain. There is a risk that all broker dealers are going to become an endangered species if the credit crisis is not sorted out. If they can't fund themselves, they will have to shrink. All the other firms are in danger, too."

He said that should the US Federal Reserve, the US Treasury and the Securities and Exchange Commission not devise a broad rescue plan to address the credit turmoil on Wall Street this weekend, "I would not be surprised to see an emergency bank holiday announced. That hasn't happened since Roosevelt." During the Depression, 75 years ago almost to the day, Franklin Roosevelt declared a four-day bank holiday, which stemmed a frantic run on banks. Mr Whalen added that should banks such as Lehman continue to be unable to sell the billions of dollars of mortgage-backed securities held, they were doomed. He said: "Broker dealers have to be able to get rid of assets. If they are illiquid, they die."

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2 votes

#1 - Sun Mar 16, 2008 2:46 PM EDT

{"commentId":1585315,"authorDomain":"myriver"}

River-239955

Things seem to be getting a little serious, don't they?

{"commentId":1585315,"threadId":"235421","contentId":"1370344","authorDomain":"myriver"}

1 vote

#1.1 - Sun Mar 16, 2008 4:19 PM EDT

{"commentId":1585343,"authorDomain":"headinthegame"}

headinthegame

yeah, think we're about to finally see some really serious bad sh!%#

{"commentId":1585343,"threadId":"235421","contentId":"1370344","authorDomain":"headinthegame"}

1 vote

#1.2 - Sun Mar 16, 2008 4:27 PM EDT

{"commentId":1585357,"authorDomain":"myriver"}

River-239955

It seems that America's salvation is going to come through government reform and better business ethics. Now, I'm hoping someone can help me figure out a way to get that to happen.

{"commentId":1585357,"threadId":"235421","contentId":"1370344","authorDomain":"myriver"}

1 vote

#1.3 - Sun Mar 16, 2008 4:30 PM EDT

{"commentId":4768964,"authorDomain":"unlikelybanter"}

Unlikely Banter

Nobody is listening. This is the best idea out there. A total accounting of the financial services industry is needed; especially in sectors that were designed to confuse investors and regulators alike by hiding any actual assets and value in the fine print.

{"commentId":4768964,"threadId":"235421","contentId":"1370344","authorDomain":"unlikelybanter"}

1 vote

#2 - Sun Jan 11, 2009 9:14 PM EST

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