Dollar Declines On Toxic Bank Ideas, Another US Bank In Trouble
The dollar is lower again Wednesday, extending declines from earlier in the week, on ideas that the Obama administration may announce outline details of a plan to for a so-called toxic bank as early as next week.
Plans are afoot to expand the $700 billion aid package announced by the Bush administration, buying more credit assets from US banks. All of this, or course, comes at a financial cost to the US taxpayer, the few that are left!
Meanwhile Florida's largest bank, BankUnited reported a $607 million loss for Q4 and said that it may have to go into administration as its capital ratios are now outside regulator limits.
The pound climbed close to $1.43 in early trade. Assurances yesterday from Barclays that it did not need a Government bailout, which would have put the UK's fragile finances under even greater strain, eased some traders' fears that sterling is 'finished' - as suggested last week by American investor Jim Rogers.
Plans are afoot to expand the $700 billion aid package announced by the Bush administration, buying more credit assets from US banks. All of this, or course, comes at a financial cost to the US taxpayer, the few that are left!
Meanwhile Florida's largest bank, BankUnited reported a $607 million loss for Q4 and said that it may have to go into administration as its capital ratios are now outside regulator limits.
The pound climbed close to $1.43 in early trade. Assurances yesterday from Barclays that it did not need a Government bailout, which would have put the UK's fragile finances under even greater strain, eased some traders' fears that sterling is 'finished' - as suggested last week by American investor Jim Rogers.
