_Chronology_FinInstitutions

Financial Institutions

2007, Aug 8 : The German state of Saxony bails out Sachsen LB, the Saxon publicly owned bank, providing a credit facility of 17.3bn to a Sachsen conduit because of its exposure to US ABSs.

2007, Aug 17 : Sentinel Management, a cash management firm that oversees $1.6bn, filed for bankruptcy after stopping withdrawals three days previously.

2007, Aug 29 : Moody's downgrades by 5 levels, describing it as a "fire sale" an SIV managed by Cheyne Finance, an MBS fund management firm.

2007, Jul 18 : Bear Stearns tells the investors of two of its hedge funds that they will get little if any money back from their investments due to unprecedented declines in the value of the CDOs that the funds are exposed to.

2007, Oct 10 : Famed trader Niederhoffer closes his company's Matador fund, after steep losses and withdrawals.

2007, Nov 12 : The SIV of Rhinebridge, IKB's asset management arm with $1.2 billion in commercial paper outstanding, says it's unable to pay back debt coming due.

2008, Feb 16 : Citigroup has been forced to bail out one of its best-known hedge funds managed by its arm CSO Partners, with a $100mn capital injection.

2008, Feb 20 : Citigroup decides to bail out Falcon by extending a $500mn credit line and taking its $10bn in assets and liabilities back onto its book.

2008, Feb 28 : Peloton Partners, the London-based hedge fund, is liquidating its 2 funds and shutting up admitting the previous week that it was being forced to liquidate its $2bn MBSs fund.

2008, Mar 4 : Focus Capital liquidates its entire portfolio of european mid-cap stocks after missing some margin calls. Focus has lost about 80 per cent of its value. It is rare for an equity fund to have problems meeting margin calls, as typically equity investors are far less leveraged.

2008, Mar 7 : Under sustained pressures from brokers and investors, Tequesta Mortgage Fund decides to close down two days previously.

Citigroup, unlike other lenders making margin calls to Tequesta, was willing to liquidate inventory below loan values and sell collaterals more than $25 below where they had been trading in the previous days.<?xml:namespace prefix = o />

2008, Mar 12 : Carlyle Capital winds up after the $22bn highly leveraged Mortgage Fund said its shareholders had approved an application for a liquidator to sell its remaining assets.

The <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Blue River Municipal Bond Fund, $1B in assets at peak, begins to liquidate due to market distress. The fund may have been highly leveraged, given the assumption that Municipal bonds were totally safe. 

2008, Oct 9 : Yamato Insurance corp. files for bankruptcy in Japan.

GM shares slump to lowest level since 1950s amid solvency concerns.

2008, Oct 30 : Lancelot Investment, managing $1.8bn in hedge funds through an alleged ponzi scheme, file for bankruptcy.

2008, Nov 11 : Tontine Partners, a global macro hedge fund company, is down 78% on 2 funds being liquidated.

2008, Dec 10 :  ING Diversified Yield, Regular Income and CDOs fund estimate a loss of 50% of their NZ$521mn.

2009, Jan 8 : German lender Commerzbank receives a bailout package to backstop losses at newly acquired Dresdner Bank. Government takes a 25% stake.

2009, Jan 16 : Anglo Irish Bank seized by Irish authority.

Citigroup posts $8bn loss.

US Treasury invests $20bn in Bank of America and guarantees a pool of $118bn of bank's assets.

2009, Jan 19 : UK Government increases its equity stake up to 70% into troubled RBS after its 2008 28bn losses.

2009, Jan 26 : The Dutch authorities grant part of ING's securitised mortgage portfolio worth $35bn

2009, Feb 10 : UBS reports a 4th quarter loss of Chf8.1bn.

2009, May 18 : Japan foreign currency bond rating cut from AAA by Moody's.