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The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
January 1, 2008 (became Subsidiary) Landesbank Sachsen Landesbank Baden-Württemberg: Landesbank € 328,000,000 [6] February 22, 2008: Northern Rock: Government of the United Kingdom: Retail and mortgage bank [7] April 1, 2008: Bear Stearns, New York City: JPMorgan Chase, New York City Investment bank $ 2.2 × 10 ^ 9 [8] June 7, 2008: Catholic ...
The failure of IndyMac Bank on July 11, 2008, was the fourth largest bank failure in United States history up until the crisis precipitated even larger failures, [415] and the second largest failure of a regulated thrift. [416] IndyMac Bank's parent corporation was IndyMac Bancorp until the FDIC seized IndyMac Bank. [417]
Hundreds of billions in taxpayer dollars were used to bail out banks and other corporations during the 2007-2008 financial crisis and the savings and loan crisis in the 1980s and 1990s. Bank ...
In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt. The solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset ...
Which bank will follow the trail blazed by Bank of America (BAC) and be next to exit the government's bank rescue program? Probably not Citigroup (C), where taxpayers' own a 34% stake that the ...
In President Obama's first State of the Union address, he tried to capture the public's anger toward Wall Street while defending his decision to bail it out. He argued that while his rescue of the ...
The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. [2] In contrast, in the five years prior to 2008, only 10 banks failed. [ 2 ] [ 3 ] At the end of 2022, the US banking industry had a total of about $620 billion in unrealized losses as a result of investments weakened by rising interest rates.