February 7, 2009 |
Bank of America Corp. Chief Executive Ken Lewis capped off a week of defending his bank and his role in it on Friday by firing back against rumors that his company could be in danger of nationalization. "It's absurd," Lewis said in an interview on CNBC, adding that he knew of no government officials who had talked about nationalizing the bank. Treasury Secretary Timothy Geithner and other top officials are close to finishing a plan to overhaul the government's $700-billion financial rescue fund.
May 2, 2007 |
Venezuela stripped the world's biggest oil companies of operational control over massive Orinoco Belt crude projects Tuesday, sending in workers backed by troops to occupy the multibillion-dollar installations. Rallying thousands of workers dressed in the signature red of his self-styled revolution, President Hugo Chavez hailed what he called the end of U.S.-prescribed policies that had opened up the largest oil reserves in the hemisphere to foreign investment.
April 8, 2013 |
ATHENS - Fears concerning Greece's efforts to fix its faltering economy flared anew Monday as bank shares sank 30% -- the maximum allowed in a day -- after plans to merge the country's two biggest lenders were suddenly frozen. Investors dumped shares of the National Bank of Greece and Eurobank during the early hours of trading after both institutions confirmed late Sunday that their merger was off because of fears that the new combined entity would be too big to handle. The surprise freeze came amid testy talks between the government and international lenders from the European Commission, the European Central Bank and the International Monetary Fund, which together are keeping Greece afloat with a multibillion-dollar rescue package in exchange for strict fiscal reforms.
January 10, 2007 |
Hugo Chavez spoke, and investors smelled sulfur. Stocks fell sharply Tuesday in his own country and across Latin America as markets felt the effects of the Venezuelan president's nationalization plans for three key industries. On Monday, Chavez announced his intent to take control of businesses in telecommunications, electricity and oil that have sizable U.S. investments. The IBC index of the Caracas Stock Exchange plunged 18.7% on Tuesday.
September 21, 1988 |
Alarmed that banks might have to pay some of the cost of rescuing failing savings and loan associations, the banking industry called Tuesday for a federal takeover of hundreds of sick thrifts by a new government corporation to be funded by as much as $100 billion in tax revenues. The American Bankers Assn., warning of national "financial instability," took the extraordinary step of advocating the nationalization of a significant portion of a major rival in the financial field.
February 9, 1999 |
More than 1,000 ICN Pharmaceuticals Inc. workers walked off the job Monday to support their boss, Milan Panic, in his fight to take back a factory seized by the Yugoslav government. But police here turned the screws still tighter on ICN's Yugoslav subsidiary by arresting six of his local vice presidents, Panic said. "I think this is not about business anymore," Panic, chairman and chief executive of the Costa Mesa-based company, said in a telephone interview from Hungary.
May 24, 1991 |
The Polish government has begun what promises to be a long struggle to find a fair, affordable means of compensating private owners for property confiscated or nationalized by the Communists. At issue are thousands of properties with a total value estimated as high as $20 billion. They were once in private hands but were taken over by the state beginning in 1946. The post-Communist government has established a new ministry to oversee the "reprivatization" process.
April 1, 1987 |
Selling government-operated enterprises to private investors may be a way of "getting the government off the backs of the taxpayers," as President Reagan and other conservatives claim so enthusiastically. But the privatization last week of the government-owned Conrail freight railroad sounds like a raw deal for taxpayers. And surely it isn't a good example of what the government's role should be in a relatively free-market economy. It was the largest sale of government property in U.S.
February 9, 1999 |
More than 1,000 ICN Pharmaceuticals Inc. workers walked off the job in Yugoslavia on Monday to support their boss, Milan Panic, in his fight to take back a factory seized by the Yugoslav government. But police here turned the screws still tighter on ICN's Yugoslav subsidiary by arresting six of his local vice presidents, Panic said. "I think this is not about business anymore," Panic, chairman and chief executive of the Costa Mesa-based company, said in a telephone interview Monday from Hungary.
September 13, 1991 |
Russian Federation President Boris N. Yeltsin flexed his expanding political muscle on Thursday by taking over control of his vast republic's government and nationalizing all energy facilities on Russian territory. With his decree making the Russian Council of Ministers subordinate to the presidency, Yeltsin put into law the broad powers conferred on him by the crumbling Soviet leadership since he defied a Communist coup attempt and spared the country another era of hard-line rule.