Milestones From a Credit Meltdown

2008 will be known as the Year of the Bailout

By Rick Newman

September 19, 2008 RSS Feed Print

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In just over a year, the landscape of Wall Street has undergone a stunning transformation.

July 31, 2007: Two Bear Stearns funds that invested in mortgage securities file bankruptcy.

Aug. 9, 2007: French bank BNP Paribas freezes three funds with U.S. mortgage exposure, helping to spark a worldwide credit squeeze.

Oct, 30, 2007: Amid mounting losses, Merrill Lynch CEO Stan O'Neal resigns.

Nov. 4, 2007: Citigroup CEO Charles Prince steps down.

Jan. 11, 2008: Bank of America agrees to acquire Countrywide Financial.

March 16, 2008: JPMorgan Chase agrees to acquire Bear Stearns at firesale price.

July 11, 2008: Mortgage lender IndyMac Bank becomes the third-largest bank failure in U.S. history.

Sept. 5, 2008: Silver State Bank is closed in the 11th bank failure of the year.

Sept. 7, 2008: The government seizes Fannie Mae and Freddie Mac.

Sept. 15, 2008: Lehman Brothers files bankruptcy; Bank of America agrees to acquire Merrill Lynch.

Sept. 16, 2008: Government takes control of insurer AIG.

Tags:: Lehman Brothers,; Fannie Mae,; JPMorgan Chase,; Citigroup,; Bear Stearns,; Freddie Mac,; government intervention,; AIG, Inc.,; Merrill Lynch,; stock market,; Bank of America,; Wall Street

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BrandChannel just published an article asserting that especially in times of economic downturn, a company's brand is its most valuable asset.
Dr. Tantillo ('the marketing doctor' - http://blog.marketingdoctor.tv ) did a recent post on the Merrill Lynch acquisition by B of A, asserting the importance of Preserving Merrill Lynch's brand (name)--because in the eyes of most people, it is still a strong brand name: "The companies can still reap all the benefits of merging (back office efficiencies, etc.) while profiting from the value of separate brands. From my perspective ML becomes a superbrand —the advantages of great street cred (ML), along with the stability of a great bank brand— BOA."
Here's a link to Tantillo's full post: http://blog.marketingdoctor.tv/2008/09/16/brand-advisory.aspx
Tantillo also wrote a previous post on Freddie & Fannie--suggest that if they do persist...that they choose a new name!
http://blog.marketingdoctor.tv/2008/09/12/brand-winners-and-losers.aspx

kevin of CT 8:52AM September 20, 2008

Milestones From a Credit Meltdown

2008 will be known as the Year of the Bailout

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