Sentences with phrase «blown banking crisis»

In autumn 2008, the Lehman Brothers crash heralds the full - blown banking crisis.

Not exact matches

The weekend decision to strip $ 5.8 bn from the savings accounts of Cypriot banking customers has blown a hole in the EU's ambitious reforms billed as the route out of the eurozone crisis, while potentially undermining a growing reliance at banks around the world on funding their operations with customer deposits.

Citigroup, however, the bank that spectacularly blew itself up with toxic derivatives and subprime debt in 2008, became a 99 - cent stock during the crisis, and received the largest taxpayer bailout in U.S. financial history despite being insolvent at the time, today holds more derivatives than 4,701 other banks combined which are backstopped by the taxpayer.

Each of those four banks also have an outsized presence on Wall Street; each of them received taxpayer bailouts during the 2008 crash; each received secret, below - market interest rate loans from the Federal Reserve during the crisis; and three of them (JPMorgan Chase, Bank of America and Citibank) are currently holding tens of trillions of dollars in derivatives within the insured banking subsidiary — meaning there would be a forced taxpayer bailout if the derivatives blew up the bBank of America and Citibank) are currently holding tens of trillions of dollars in derivatives within the insured banking subsidiary — meaning there would be a forced taxpayer bailout if the derivatives blew up the bankbank.

What was supposed to be a liquidity crisis soon turned into a full - blown solvency crisis due to the lack of a lender of last resort, or to be more precise: the unwillingness of the European Central Bank (ECB) to fill this void.

When banks loaded up on too many worthless mortgage - backed securities, it triggered a series of insolvencies in 2008 — most notoriously at Lehman Brothers — and a full - blown financial crisis.