When Harold Macmillan, the wonderfully urbane former UK prime minister, was asked what he considered the biggest threat to a politician, he replied: “Events, my dear boy, events.” Welcome to my world. Since this column was last penned, half of the mortgage stock of the US has been moved onto the government’s balance sheet and the world’s largest insurer has been nationalized. Investment banking as we came to know it has disappeared.
Now there is a proposal before Congress to get credit and interbank markets functioning again by injecting up to $700 billion into Tarp (Troubled Assets Relief Programme).
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
