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Financial Melt-down: Chronolgy of Events
                    USA                            UK                                Europe                                RoW               Text in Red - Government action
                                                                                                       2007                                                                                                                                                                                         2008
              Jan    Feb      Mar       Apr             May             Jun                 Jul                Aug                Sep              Oct               Nov               Dec              Jan               Feb             Mar             Apr              May             Jun             Jul            Aug                 Sep              Oct               Nov               Dec

                                                                                                                                                                                                                                                                                                                     4. HSBC
                                                                                                        1. IKB warns of    13 Northern                                                                              13. Bush                                                                                                           8. Nationwide                                        11. Bank of
                                                                                     24-26                                                                                                                                                                                                                           announces                                             3. Soc gen
                                                                 14. Rumours of                         losses in          Rock gets         10. Hope Now       1. Bank of      10. UBS raises                      announces        17. JP                                            6. Lehman                                       merge with        3. Wells Fargo                     America
                                                                                     Countrywide                                                                                                2. Weak data                                                                                                         28% fall in                                           announces 84%
                                                                 Bear Stearns                           subprime and       emergency         Alliance           America buys    CHF 13bn GIC                        economic         Morgan buys                                       Bros seeks                                      Derbyshire and    buys                               announces
                                                                                     reports drop in                                                                                            published in US                                  8. IMF warns                                                        profits and                                           slump in profits
                                                                 (BS) difficulties                      gets $3.5bn from   liquidity from    established        Countrywide     and Middle East                     stimulus         BS                                                capital                                         Cheshire Building Wachovia                           35,000 job
                                                                                     earnings                                                                                                   - purchasing                                     losses could                                                        warns of worst                                        ofr 3Q
                                                                                                        parent             Bank                                                                                                                                                                                                        Socs                                                 losses
                                                                                                                                                                                                mgrs and            package -                    exceed $1                                                           conditions
                                                                                                                                                                                                labour market       $168 bn                      trillion                                                            since 30's

                                                                                                                           19 onwards -                                                                                                                                                                                                                                                      Jan 09 -
                                                                                  24 - 26 NAHB          8. 3 ABCP                            15. Citi, BOA      West LB and                                                                                                                         14. A+L Board
                                                                 15. Bear Stearns                                          string of news                                       19. Barclays                                                                                                                                           15. Merril Lynch   6 Paribas buys                     Nissan
                                                                                  reports new           programmes                           and Morgan         Nordbank                                                                                                                            recommend
                                                                 rumoured                                                  of writedowns                                        sues BS for                         13 AIG                                                                                                             and Bank of        Fortis                             announces
                                                                                  homes sales           extend                               form ABCP relief   support $15bn                                                                                                                       Santander
                                                                 negotiations                                              CEO's                                                fraud             15. CitiGroup     increases loss                                                                                                     America merge      (Belgium)                          1,300 job
                                                                                  slide                 maturities                           pool (MLEC)        SIV                                                                                                                                 take-over
                                                                                                                           resigning etc                                                          announce          est by $4 bn +                                                                                                                                                           losses
                                                                                                                                                                                                  $18bn 4Q loss     on CDS
                                                                                                        13. 4 more                                           Citibank takes                                         19 Credit                        21. RBS                     19. FBI
                                                                                                                                                                                19. Morgan
                                                                 Cheyne Losses                          ABCP                                 24 on Financial $49 bn in house                                        Suisse writes                    announces                   arrests 406 in                                        22. MUFG buys
   Co                                                                                                                                                                           announce                                                                                                                                                                                                     Jan 09 - M+S
                                                                 $75m in sub                            programmes                           guarantors      and raises                         15 - 30 String      down $2.8bn                      £12bn rights                relation to                                           stake in Morgan
Announce                                                                                                                                                                        heavier losses                                                                                                                                                                                               Cuts 1,230 jobs
                                                                 prime                                  extend                               announce losses $7.5bn from Abu                                                                                                                                                           Stanley
 ments/                                                                                                                                                                         and write-dwons of write downs      after issuing                    issue going                 mortgage
                                                                                                        maturities                                           Dhabi                              announced           2007 results                     back on word                scams
News / etc                                                                                                                                                                                                                                                                       19. 2 BS
                                                                                                                                                                25. HSBC                                                                             23.                         workers            21. HBOS
                                                                                                                                                                                                                                                                  22. UBS                                                                                                                    17 Dec
                                                                                                        14. Market                                              announce $45                    21. Soc Gen                                          Nationwide                  charged with       share issue                        22 Nomura buys
                                                                                                                                                                                Morgan raises                                                                     l;aunches                                                                                                                  National
                                                                                                        disruption in                                           bn SIV back                     announces           19 Soc Gen                       offer to                    crimes             £4bn taken up                      Lehman Asia /
                                                                                                                                                                                $5bn from China                                                                   $15.5bn rights                                                                                                             Express cuts
                                                                                                        Canada                                                  onto balance                    $7.2 bn loss        raises $5.5bn                    Portman                     relating to        only 8% of                         Europe ops
                                                                                                                                                                                                                                                                  issue                                                                                                                      750 jobs
                                                                                                                                                                sheet                           from rogue          emergency                        Building Soc                sub-prime          shareholders
                                                                                                                                                                                                trader              share issue                      recommended                 hedge funds
                                                                                                                                                                                                                                     28                                          25. Barclays                                          22. Goldman
                                                                                                                                                                                                                    28 AIG reports   Nationwide                                  launches           31. Deutsch      28 Bradford       Sachs and                                             12 Santander
                                                                                                        17. Fed issues
                                                                                                                                                                                21. MLEC                            $11.1bn write    predicts                                    £4.5bn             Bank reports     and Bingley       Morgan Stanley                                        cuts 1,900 jobs
                                                                                                        statement on
                                                                                                                                                                                abandoned                           down on sub-     House price                                 Quatari            $5 bn write      posts £26.7m      apply for                                             across its B.
                                                                                                        growth
                                                                                                                                                                                                                    prime            fall revising                               investmenet        down             loss for 1/2 yr   regulated Bank                                        Socs
                                                                                                                                                                                                                                     previous no                                 plan                                                  status
                                                                                                        23 Bank of
                                                                                                                                                                                                                    MBIA                                                                            UK House         31.                                                                     4. Nomura cuts
                                                                                                        America invests                                                                                                                              30. 1st Annual
                                                                                                                                                                                Merrill raises                      completes                                                                       prices biggest   Commerzban 29 Santander                                                 1,000 jobs
                                                                                                        $2bn in                                                                                                                                      fall in House
                                                                                                                                                                                $6.2bn capital                      $1.1bn stock                                                                    fall since       k and Dredner buys Bradford                                             HMRC cuts
                                                                                                        Countrywide                                                                                                                                  prices for 12                                                                 and Bingley
                                                                                                                                                                                                                    sale                                                                            1991             merge                                                                   3,400 jobs
                                                                                                        Financial                                                                                                                                    yrs                                                                           deposit business
                                                                                                                                           11-19. Moddy's
                                                                                                                                           and S+P                                                                                   14. Fed
                                                                 15. Moody's                            1. Moody's          5. Moody's                                                                                                                                                              Fed finalise                       2. Treasury lifts                                     4. France
                                                                                     10-12 S+P                                             downgrade                                                              22 Northern        issues          10. BoE cuts                                                                                                      3. IMF loans
                                                                 downgrades                             reports             downgrades                                          11 Fed cuts 25    14 - 28 Fed                                                                                       rules for                          stamp duty to      7 Landsbanki                       announce
                                                                                     downgrades                                            2,500 subprime                                                         Rock               emergency       rates by                                                                                                          $16.4 bn to
                                                                 ABS sub prime                          securitisations re- Cheyne Finance                                      basis points      funds liquidity                                                                                   "responsible                       £175k in effort to Nationalised                       €26bn
                                                                                     ABS securities]                                       bonds worth                                                            Nationalised       funding to      0.25%                                                                                                             Ukraine
                                                                 stocks                                 ratings             and 4 SIV's                                                                                                                                                                                                kick start market                                     stimulus plan
                                                                                                                                           $80bn book                                                                                BS                                                             " mortgage
                                                                                                                                           value                                                                                                                                                    lending

                                                                                                                                                                                                                                                     Congress
                                                                                                                                                                                                                                                     passes bill                                                                       16 AIG in                                             11. ECB, BoE,
                                                                                                                                                                                                                                                                                                                                                                           6 BoE slashes
                                                                                                                                                                                                                                                     offering                                                                          bailout $80bn   8 Kaupthing                           Sweden +
                                                                                                                                                                                                                                                     $300bn                                                                                                                interest rates
                                                                                                                                                                                                                                                                                                                                       and US plans to Nationalised                          Denmark cut
                                                                                                                                                                                                                                                     guarantee on                                                                                                          1.5% to 3%
                                                                                                                                                                                                                                                                                                                                       buy toxic debt                                        interest rates
                                                                                                                                                                                                                                                     re-financed
                                                                                                                                                                                                                                                     mortgage

                                                                                                                                                                                12. Central
                                                                                                                                                                                                                                                                                                    14 Fed
                                                                                                                                             22-23 S+P                          Banks take co-    14-28 ECB,                                                                                                                           18. Lloyds TSB                      9 China
                                                                                     10-12Fitch                                                                                                                                                                                                     Nationalise
                                                                                                        9. ECB injects                       downgrades                         ordinated         Swiss and                                                                                                                            agree purchase 9 ING bail out       announces $586
                                                                                     downgrades                                                                                                                                                                                                     Freddie Mac
                                                                                                        E95bn                                CDOs worth                         action to         BoE funds                                                                                                                            of HBOS Govt      €10bn             bn stimulus
                                                                                     CDO's                                                                                                                                                                                                          and Fannie
                                                                                                                                             $3.7bn                             improve           liquidity                                                                                                                            bail out $9.7bn -                   plan over 2 yrs
                                                                                                                                                                                                                                                                                                    Mae
  Credit                                                                                                                                                                        liquidity                                                                                                                                              Short selling
 Rating /                                                                                                                                                                                                                                                                                                                              banned
 GOVT.
                                                                                                                                                                                                                                                     21. BoE
 Action                                                                                              9. Fed injects                          22-23 Moody's                                                                                                                                                                             28 -30 Fortis,
                                                                                     10-12 Moody's                                                                              19. S+P           22. Fed                                            announces
                                                                                                     $38bn + other                           and Fitch also                                                                                                                                                                            Glitnir and Hybo
                                                                                     downgrades sub-                                                                            downgrades        implements                                         £50bn plan
                                                                                                     central banks                           issue                                                                                                                                                                                     bailed out ±
                                                                                     prime                                                                                      monolines         0.75% rate cut                                     for bank
                                                                                                     follow                                  downgrades                                                                                                                                                                                €80bn
                                                                                                                                                                                                                                                     liquidity
                                                                                                                                                                                                                                                                                                                                                       19 South
                                                                                                                                                                                                  18 - 30 Fitch
                                                                                                                                                                                19. S+P                                                                                                                                                                Korea
                                                                                                        16. Moody's                          24 on - Fitch                                        downgrades
                                                                                                                                                                                downgrade                                                                                                                                                              annou8nces          20 IMF loans
                                                                                                        downgrades                           announce likley                                      Ambac and ors -                                                                                                                      29 Bradford and $130bn
                                                                                                                                                                                gaurantorr to                                                                                                                                                                              $2.1 bn to
                                                                                                        2006 subrpirme                       cut in monoline                                      effects 290,000                                                                                                                      Bingley
                                                                                                                                                                                junk - triggers                                                                                                                                                        rescue              Iceland
                                                                                                        deals                                insurer rating                                       structured
                                                                                                                                                                                cash calls                                                                                                                                             Nationalised    package for
                                                                                                                                                                                                  products
                                                                                                                                                                                                                                                                                                                                       $32.5 bn        Banks
                                                                                                                                                                                                  29 Fed
                                                                                                        21. S+P                                                                                   announces                                                                                                                            29 Fed takes                        23 Citigroup
                                                                                                        downgrades 2                                                                              further .5%                                                                                                                          $12bn stake in                      Bail out $20 bn
                                                                                                        SIV-lites                                                                                 rate cut                                                                                                                             Wachovia
                                                                                                                                                                                                  30 - o n All
                                                                                                                                                                                                  Rating
                                                                                                                                                                                                                                                                                                                                                         20. Sweden   25 IMF loans
                                                                                                                                                                                                  agencies
                                                                                                                                                                                                                                                                                                                                                         guarantees   $7.6 bn to
                                                                                                                                                                                                  downgrade
                                                                                                        28. S+P                                                                                   monoline                                                                                                                             30 Dexia bail out $205bn loans Pakistan
                                                                                                        downdrades CP                                                                             insurers                                                                                                                             $9.2bn
                                    2. New                                                          1. Bear Stearns
                                                   3. UBS                                                                                                                                                                                                             2. 54% rise in                                                                                       Woolworths
                                    Century                                                         freezes                25. HSBC                                                                                                                                                                 13 IndyMac
                                                   closes Dilons 22 Merril Lynch     Aus hedge fund                                                                                                                                                                   insolvencies                                                     15. Lehman                          Bankruptcy (Nov) 9. Landsbanki
                                    (sub-prime                                                      withdrawlas at         closes US                                                                                                                                                                2nd biggest
                                                   Read fund - closes hedge          freezes                                                                                                                                                                          as 850                                                           Brothers                            27,000 jobs lost enters formal
                                    lender)                                                         3rd fund 6             mortgage unit -                                                                          28 Peleton                                                                      bank collapse
                                                   Note EU       funds               withdrawals                                                                                                                                                                      companies                                                        Bankruptcy                          15 UK Retailers Bankruptcy
                                    files for Ch                                                    American Home          DecisionOne                                                                              closes $2bn                                                                     in US
                                                   association                                                                                                                                                                                                        file in Q1                                                                                           in danger
                                    11                                                              files for Ch 11                                                                                                 ABS fund
 Insolvency                                                                                                                                                                                                                                                                                                                                                                                  Zavvi,
/ Cessation                                                                                             Union                                                                                                                                                                                                                                                                                Whittards,
                                                                 20-22 News 2                                                                                                                                                                                                                                                          25 Wa Mu is
of business                                                                                             Investment                                                                                                                                                                                                                                                                           Officers Club,
                                                                 BS funds to                                                                                                                                                                                                                                                           biggest US bank
                                                                                                        freezes                                                                                                                                                                                                                                                                              Waterford
                                                                 close                                                                                                                                                                                                                                                                 failure
                                                                                                        withdrawls                                                                                                                                                                                                                                                                           Wedgewood,
                                                                                                                                                                                                                                                                                                                                                                                             Viyella….
                    US                                                                                  9. BNP Paribas                                                                                                                                                                                                                                                     5 US Bank         15. Maddof's
                                                                                                                           1 US Bank         1 US Bank                                            1 US Bank                          1 US Bank                        2 US Bank                     3 US Bank        3 US Bank         3 US Bank          4 US Bank
                    Bank                                                                                freezes                                                                                                                                                                                                                                                            Failures + 3 in  "ponzi" scheme
                                                                                                                           Failure           Failure                                              Failure                            Failure                          Failures                      Failures         Failures          Failures           Failures
                    Failure                                                                             redemptions                                                                                                                                                                                                                                                        Dec (at 12/12/08) fails - $50bn




                                                                                                                                                                                                                          Prepared by Clive Thompson 1/10/2012                                                                                                                                                 Page 1
Sources:

BIS working paper 251 (a Preliminary assessment .. Of financial turmoil) 02/08
FT special report on Financial Crisis (via web 12/08)
BBC.co.uk report on Crisis (7521250.stm - 10/12/08),
Creditwritedowns.com (12/08)
fdic.com/bank (12/08)

				
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