Wednesday, December 5, 2007

Oups... (The name of the game)

Oups 1:
Florida Just First to Face National Run on the Bank

"The pool, which is where most of the state's municipalities put their money when they are not using it, owns $1.5 billion in securities that have been downgraded or defaulted as a result of the subprime market collapse.

In freezing the pool, Coleman Stipanovich, executive director of the board, said, ``If we don't do something quickly, we're not going to have an investment pool.''

The state stopped the clock.

The same clock is ticking for every state in the country where school districts and cities and towns put their faith in someone else, usually at the county or state level, to manage their money..."

Oups 2:

"UK mortgage lenders have to prepare for the "very real prospect" of the global credit crunch getting much worse.
The Financial Services Authority (FSA), said a tougher global financial situation could affect the whole UK mortgage market, boosting defaults.

Access to cash could become more difficult - a problem that caused the run on Northern Rock earlier this year..."

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