Wednesday, September 5, 2012

Timeline of Events Since 2007

The following is a non-exhaustive timeline of the events of the credit crisis:

2007 Dec - Fed's Term Auction Facility commenced.

2008 Mar - ECB extended the longest tender of Long Term Refinancing Operations (LTRO) to 6 months.
2008 Mar - Bear Stearns acquired by JP Morgan.
2008 Mar - Investment banks were allowed to borrow from the Fed's discount window.

2008 Jun - Countrywide Financial acquired by Bank of America.

2008 Jul - IndyMac placed into conservatorship.

2008 Sep - AIG bailed out by NY Fed.
2008 Sep - Goldman Sachs and Morgan Stanley became bank holding companies.
2008 Sep - Goldman Sachs bailed out by US government and Berkshire.
2008 Sep - Morgan Stanley bailed out by Mitsubishi UFJ
2008 Sep - Washington Mutual put on FDIC receivership.
2008 Sep - Lehman Brothers declared bankruptcy.
2008 Sep - Merrill Lynch acquired by Bank of America.
2008 Sep - Fannie Mae and Freddie Mac placed into conservatorship.

2008 Oct - Troubled Asset Relief Program (TARP) was signed into law.
2008 Oct - Wachovia merged with Wells Fargo.

2008 Nov - Quantitative Easing (QE) began. Fed started purchasing MBS securities.
2008 Nov - Citi bailed out by US government.

2009 Jan -  Bank of England's Asset Purchase Facility (APF) began.

2009 Jun - General Motors filed for bankruptcy.

2010 Nov - QE2 began.

2011 Aug - US government downgraded by S&P.

2011 Sep - Fed announced Operation Twist.

2012 Sep - Fed announced QE3
2012 Sep - ECB announced Outright Monetary Transactions (OMT)


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