Whenever there is earth shattering change on the earth some animals just disappear because they can not cope up with the changes and they were not prepared for these changes. Dinosaurs were a breed which became extinct because they could not survive the changes taking place on the earth at that time. Now in the current financial tsunami as well many financial animals (banks) are becoming extinct because of the very same reason.
Here are some of the banks and financial institutions which have now become extinct or become too dependant on others or governments they can not survive on their own.
Animal extinct so far
- New Century Financial, one of the biggest sub-prime lenders in the US
- Dillon Read Capital Management, UBS’s US sub-prime lending arm
- American Home Mortgage, one of the largest US independent home loan providers
- Sachsen LB Landesbank faced collapse, Landesbank Baden-Wuerttemberg buys it
- Northern Rock
- Bear Stearns was acquired by JPMorgan Chase
- US mortgage lender IndyMac collapsed -- the second-biggest bank in US history to fail.
- Fannie Mae, rescued by the US government
- Freddie Mac, rescued by the US government
- Lehman Brothers
- Merrill Lynch
- Insurer American International Group
- HBOS, British bank
- Bradford & Bingley is nationalised
- Germany’s Hypo Real Estate, commercial property lender
- Washington Mutual, mortgage lender , sold to its JPMorgan Chase
- Goldman Sachs
- Morgan Stanley
- Fortis, the European bank, partly nationalised
- Glitnir, Iceland’s third largest bank is nationalised
- Wachovia, bought by Citigroup
- European bank Dexia is bailed out by he Belgian, French and Luxembourg governments
- Icelandic internet bank Icesave is closed
- Icelandic banks Kaupthing Edge gone into administration and is nationalised
- Icelandic bank Heritable Bank gone into administration
- Royal Bank of Scotland (60%) end up being owned by govt.
- Lloyds TSB/HBOS(40%) end up being owned by govt.
There are only the prominent names there have been many hedge funds and smaller insititutions who are closed unceremoniously and not reported in media.
…..and more to come
After institutions now it seems it’s turn of countries:
Following are the countries who have so far felt the pressure due to tsunami and their existence is dependant on other’s help
Obviously the tsunami does not seems to be mild one.