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Jun 5 10 15 20 25 30 Jul 5 10 15 20 25 30 Aug 5 10 15 20 25 30 Sep 5 10 15 20 25 30 Oct 5 10 15 20 25 30 Nov 5 10 15 20 25 30
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sFinancial Turmoil Timeline (June 2007 - November 2007)
28-JunFOMC main-tains the targetfed funds rateat 5.25%
9-AugBNP Paribasfreezes three funds afterbeing unableto value sub-prime mortgagebased assets
26-JunSEC beginsinvestigationof 12 CDOissuers
17-JulFed, OTS, FTC,and state agencies launch new program tosupervisesubprime mortgage lenders
31-OctFOMC lowerstarget fed fundsrate 25 bp to4.5%
23-JunBear Stearns pledges $3.2 bn to aid one of its ailing hedge funds
13-SepNorthern Rockreceives emerg-ency loan fromthe Bank of England
16-OctCitigroupbegins a string of major bankwritedownsbased on subprimemortgagelosses
27-NovCitigroupraises $7.5bn from the Abu DhabiInvestmentAuthority
10-OctPaulson makesstatement on “private sectoralliance” to prevent mort-gage default
2-NovFed approvesBasel II
7-AugFOMC main-tains the targetfed funds rateat 5.25%
10-AugFed issuesstatement that it stands ready to pro-vide liquidityvia the discountwindow
17-AugSpread betweenthe primary credit rate andthe target fed funds rate is reduced to 50 bp
18-SepFOMC lowerstarget fed fundsrate 50 bp to4.75%
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Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jan 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Feb 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jan 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Feb 2 4 6 8 10 12 14 16 18 20 22 24 26 28
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sFinancial Turmoil Timeline (December 2007 - February 2008)
11-DecFOMC lowerstarget fed fundsrate 25 bp to4.25%
29-JanRating agenciesthreaten todowngrade Ambac Financialand MBIA, twomajor bondinsurers
28-JanEconomic Stimulus Actof 2008 proposed
13-FebEconomic Stimulus Actof 2008 signed intolaw
12-DecTerm AuctionFacility (TAF) isannounced andswap lines are established withthe ECB and SNBfor $20 bn and $4 bn respectively
21-DecFed extendsTAF auctions“for as long asnecessary to address elev-ated pressuresin short-termfunding markets”
17-DecThe �rst TAFauction takesplace for $20 bnof 28-day credit
22-JanFOMC lowerstarget fed fundsrate 75 bp to3.5%
30-JanFOMC lowerstarget fed fundsrate 50 bp to3%
1-FebTAF auctionsize increasedto $30 bn everytwo weeks
11-JanBank of Americaannounces purchase of CountrywideFinancial for$4 bn
17-FebBritain nation-alizes NorthernRock
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Mar 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Apr 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 May 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Mar 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Apr 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 May 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (March 2008-May 2008)
7-MarSEC proposesa ban onnaked shortselling 19-Mar
Fannie Maeand FreddieMac capitalrequirements are eased toallow for increases inlending
13-MarBear Stearnsreports a $15 bn (88%)drop inliquid assets
11-MarTerm SecuritiesLending Facility(TSLF) is introducedand swap lines with the ECB and SNBare increased
14-MarFed approv-es purchaseof BearStearns byJPMorgan
18-MarTarget fed funds rate is lowered 75 bp to 2.25%
30-AprTarget fed funds rate is lowered 25 bp to 2%
2-MayTSLF eligiblecollateralexpands to include AAA rated ABS
2-MayTAF and swap lines increase
16-MarThe spread between the primary credit rateand target fed funds rate is cut to 25 bp
16-MarPrimary DealerCredit Facility(PDCF) iscreated
14-MarBear Stearnsreceives emergencylending fromthe Fed viaJPMorgan
16-MarJPMorganannouncesit will purchaseBear Stearns for$2/share
24-MarJPMorgan’spurchase pricefor Bear Stearnsincreases to$10/share
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Jun 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jul 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Aug 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Jun 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jul 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Aug 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (June 2008-August 2008)
15-JulyTreasury SecretaryPaulson requestsgovernment fundsto potentially support Fannie Mae andFreddie Mac
6-JunS&P down-grades thetwo largestmonolinebond insurersfrom AAA to AA
30-Jul84-day TAFauctions are introduced and the ECB swap line is increased
13-JulLending toFannie Maeand FreddieMac at the primary credit rate is authorized
5-JunBank of America’spurchase of Countrywide is approved
16-JunLehman reports aloss of$2.8 bn inthe secondquarter
11-JulyThe FDICtakes overIndyMac
11-JulyAfter FDIC take-over,IndyMacexperiencesa run ondeposits
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Sep 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Oct 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (September 2008 - November 2008)
29-Sep84-day TAFallotments increased to $75 bn, two forward TAFauctions totalling$150 bn intro-duced, and total swap line doubled to $620 bn
7-OctCommercialPaper FundingFacility (CPFF)established
6-OctTAF increasedto provide $900 bn of funding overyear-end
8-OctIn conjunction with cuts by other central banks, target rate lowered to 1.5 %
9-OctPaymentof inter-est on reservesbegins
12-OctWells Fargo’spurchase of Wachovia is approved
13-OctFed uncapsECB, BoE, and SNB swap lines
14-OctBOJ swapline is uncapped
16-OctTier I capitalde�nitionchanged toinclude stockpurchased byTreasury
21-OctMoney MarketInvestor Fund-ing Facility (MMIFF) is established
29-OctFed Funds rate cut 50 bp to 1 %
5-NovInterest onreserve rateincreases
10-NovAIG loan isrestructured in coordinationwith US Treasury
29-OctUSD Swap linesestablished withBrazil, Mexico,Korea, and Singapore for $30 bn each
22-OctRate paidon excessreserves increases by 40 bp
26-SepECB and SNBswap lines are increased by $10 bn and $3 bn
18-SepSwap linesincreasedby $180 bn
16-SepFed loans $85 bn to AIG
14-SepEligible collateralfor TSLF and PDCFexpanded
16-SepFed fundsrate maintainedat 2%
21-SepGS and MSapprovedas bankholding companies
19-SepAMLFestablished
24-SepNew swap lines opened with Bank of Australia, Sveriges Riksbank, DanmarksNational-bank, and NorgesBank
15-SepBank ofAmerica purchasesMerrillLynch15-SepLehman�les forbankruptcy
15-SepAIG debtdowngradedby all threemajor ratingsagencies
7-SepFannie Maeand FreddieMac areplaced in Federal conserv-atorship
19-SepTreasury establishesthe moneymarketguarantee program
19-SepSEC bansshort-sellingon 799�nancialstocks
29-SepTreasurybailout planis voted down inthe House
25-SepOTS and FDICacquire WaMu
30-SepIreland guarantees the depositsof the 6largest Irish banks
3-OctRevised Treasury plan passes the House along with new clausesraising FDICinsurance limits to $250,000
8-OctCentral banks inEngland, China, Can-ada, Sweden,Switzerland, and the ECBjoin the Fedin cutting interest rates
14-OctTreasury announces$250 bn capital injection plan
23-OctAlan Greenspantesti�es beforethe House Committee ofGovernment Oversight andReform
14-OctFDIC insuresall seniordebt ofregulatedinstitutions
19-SepPaulson calls for governmentplan to purchasetroubled assets from �nancialinstitutions
16-SepRMC moneymarket fund “breaksthe buck”
17-SepMore moneymarket fundscome underpressure
25-SepWaMuclosed by OTS
29-SepSystemic riskexceptionallows openbank assistanceto Wachovia
14-Oct9 Largebanks agree to capital injectionfrom theTreasury 28-Oct
Consumer con�dencehits lowestpoint on record
30-OctGovernment data shows a 0.3% declinein real US GDPfor Q3 200810-Sep
Lehman announces$3.9 bnloss in Q3
12-SepMoody’sand S&Pthreatento down-gradeLehman
14-Sep10 bankscreate$70 bnliquidityfund
29-SepFed agreesto provideCitigroupwith liq-uidity toaid inWachoviapurchase
6-NovEuropeancentral banks make coordinatedrate cuts
10-NovChinese governmentannounces a Y4 tn($586 bn) �scalstimulus package
3-OctWells Fargo makescounter-o�er forWachovia
23-NovFed, FDIC, and Treasury agree to non-recourseloan to Citigroupif necessary
25-NovFed purchase of GSE direct obligations begins
25-NovTALF established to provide loanscollateralized by ABS
12-NovTreasury statement on assistance to consumer ABS
Click on any event for further information. If you encounter broken links or have other feedback, please email Lauri Feldman at [email protected].
Sep 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Oct 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jan 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Feb 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jan 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Feb 2 4 6 8 10 12 14 16 18 20 22 24 26 28
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sFinancial Turmoil Timeline (December 2008 - February 2009)
2-DecPDCF, AMLF, and TSLF areall extendedthrough April30th
1-DecNBER declaresthat a recessionbegan in December 2007
17-DecNovember data showa decline inUS consumerprices of 1.7%
20-DecEleven of the world’s largest banksare down-graded by S&P
10-JanUS unemploy-ment rises to7.2%
16-JanCitigroup announcesplan to split intotwo unitsafter Q4loss
24-JanCitigroup sells $12 bn of government guaranteedbonds 10-Feb
Markets decline after Geithner’sspeech due toa lack of speci�cs
16-DecFed Funds rate loweredto a range of 0-0.25%
19-DecOperationaldetails of theTALF released
16-JanFed, Treasury,and FDIC jointlyaid Bank of America. Fed agrees to providenon-recourseloan
28-JanFOMC announceswillingness to beginpurchase of long-term Treasurysecurities
28-JanFed Funds ratemaintained at0-25 bp
3-FebAll Fed facilitiesset to expire in April are extendedthrough October
10-FebFed stateswillingness to expand TALF to $1trillion andto accepta wider setof acceptablecollateral
23-FebJoint statementwith other USgovernmentorganizationsdiscusses stress-test relatedcapital injections
29-DecTreasury injects $5 bnin GMAC
15-JanECB cuts policy rateby 50 bp
19-JanUK announcesa comprehensivebank rescue plan
26-JanFannie andFreddie saythey need $51 bn to continueoperations
4-FebTreasury announcesrestrictionson executivepay forbanks gettingassistancefrom thegovernment
10-FebGeithnerlaunchesFinancialStabilityPlan
18-FebObamaannouncesplan to aidhomeownerswith mort-gage payment
23-FebBank reg-ulators issuestatement onnew roundof capitalinjections
25-FebTreasuryannouncesterms of the Capital Assistance Program
16-JanRemainingTARP fundsreleased bySenate
16-JanFed, Treasury,and FDIC jointlyaid Bank of America
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Mar 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Apr 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 May 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Mar 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Apr 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 May 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (March 2009 - May 2009)
3-MarTALFlaunch
2-MarFed and Treasury announce jointrestructuring plan for AIG
15-MarIn his 60 Minutesinterview, Bernanke makes�rst public useof the term“green shoots” by a Fed o�cialduring the crisis
18-MarAnnouncementof program to buy $300 bn worth of Treasuries andto increase thepurchase of agency debt
18-MarFed funds ratemaintained at0-25bp
19-MarTALF eligiblesecuritiesexpanded
23-MarFed and Treasury release jointstatementclarifyingthe rolesof the two organizations
6-AprFed createsforeign currencyswap ag-reements with the ECB, BoJ,BoE, andSNB
29-AprFOMC keepstarget rateat 0-25 bp
1-MayTALF eligiblecollateral expanded
7-MayStress testresults released
19-MayTALF announcesacceptance of legacy CMBS
9-AprWells Fargoreports recordpro�t in Q12009
13-AprGoldman Sachsmoves to raise $5 bn to pay back TARPfunding
5-MayEvidence ofeasing termfunding conditionscomes asLibor fallsbelow 1%
11-MayFollowingstress testresults, banks raise $7.5 bn in new capital
12-MayBank of Americasells its stake inChina ConstructionBank for $7.3 billion
2-AprFinancialAccountingStandards Board (FASB)relaxes mark-to-market accountingrules
2-MarAIG announces$61.7 bn Q4 loss,the largest in UScorporate history
1-MarAIG receives$30 bn in cap-ital in exchange for governmentcontrol of twodivisions of the company
23-MarTreasuryreleasesdetails of the Public-Private InvestmentProgram
2-AprG20 meetsin London
29-Apr$3.4 trillionbudget isapprovedby Congress
7-MayJoint statementreleased ahead of Capital Assess-ment Program results
7-MayECB cuts policy rateby 25bp to1%
8-MayFannie Maerequests $19bn from the Treasuryafter a $23.2bn quarterlyloss
13-MayUS Treasuryreleases proposal to regulate OTCderivatives
2-AprECB cutspolicy rateto 1.25%
29-MayGovernmentstatistics show anannualizeddrop in GDPof 5.7% forQ1 2009
2-MarFed and Treasury announce jointrestructuring plan for AIG
3-MarTreasury releases TALF details
Click on any event for further information. If you encounter broken links or have other feedback, please email Lauri Feldman [email protected] .
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jul 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Aug 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Jun 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jul 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Aug 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (June 2009 - August 2009)
1-JunFed outlinesguidelines forSCAP participantsto return Treasurycapital
10-JunFirst issue of new monthlyreport on thecredit and liquidity facilitiesis released
25-JunTAF o�eri-ng amountreduced for�rst time
8-JulJoint statementissued, establish-ing the LegacySecurities Public-Private InvestmentProgram
8-JulJoint statementbetween Fed,Treasury, andFDIC issued, establishing the Legacy Securities Public-Private Investment Program
26-JunTreasury releasesCPP warrantrepurchase rules
17-JunObama proposesa compre-hensiveregulatoryreform plan
24-Jul
amount reduced to $100 bn
27-JulBernanke appears on PBS News-Hour
12-AugFOMC maintainstarget fed funds rate at 0-25 bp
17-AugTALF extendedbut elligible collateral listdoes not change
19-AugNew marginsfor TAF and DWcollateral ann-ounced, to be
25-AugObama nominatesBernanketo secondterm
28-Aug
amount reduced to $75 bnfor Sepauctions
24-JunFOMC keepstarget rateat 0-25 bpand calls forfurther securitiespurchases
1-JunGeneralMotors declaresbankruptcy
26-AugFDIC releases
on the
to acquire failed banks
8-JunIreland’s creditrating is cut forthe second time in three months
16-JulTalks betweenCIT and govern-ment agenciesfail to yield a support package
7-AugTwo exchangesagree to end
after statementby SEC aboutpotential regulation20-Jul
CIT announces$3 bn bonddeal and restructuring
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Jun
2-JulReg D amend-ment preventsFHLBs fromearning IOER
Sep 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Oct 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Sep 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Oct 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (September 2009 - November 2009)
25-SepTrade volumesfor July roseat fastest ratein over 5 years
9-SepFDIC boardapproves expiration of TemporaryLiquidity Gua-rantee Programon 31 Oct
23-SepTarget ratekept at 0-25 bp, age-ncy purch-ases set toexpire afterQ1 2010
5-OctChanges toprocess for evaluatingABS pledged to TALF ann-ounced
22-OctProposedguidance on bank incentivecompensa-tion released
4-NovFOMC main-tains target rate at 0-25 bp,citing subduedin�ation
24-SepTSLF andTAF o�eramountreductionsannounced
17-SepSEC proposes�ash order ban
17-SepSEC approvesnew rules togovern ratingagencies
18-SepTreasuryGuaranteeProgramfor MoneyMarketsexpires
29-SepFDIC requiresinsured insti-tutions to prepay qua-rterly risk-based ass-essments tostrengthenits cash pos-ition
22-OctTreasuryissues �rstrulings on executivecompensa-tion for 7�rms thatrecieved TARP ass-istance
9-NovTreasury CapitalAssistance Prog-ram will closewithout makingany investments
17-NovPresident Obama est-ablishes Fin-ancial FraudEnforcement Task Force
1-NovCIT Group �lesfor bankruptcywith supportof debt holders
13-NovFederal HousingFinance Agencycapital reservesfall to 0.53%
26-NovDubai Worldrequests 6-month debtstandstill
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Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jan 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Feb 2 4 6 8 10 12 14 16 18 20 22 24 26 28
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sFinancial Turmoil Timeline (December 2009 - February 2010)
9-DecTreasury exte-nds TARP until October 2010
16-DecTarget ratekept at 0-25 bp, agency purchases ontrack to becompleted by Q1 2010
28-DecBoard prop-oses amen-ding Reg. D to establish a term dep-osit facility
24-DecTreasury unc-aps the avail-able capital forPSPAs with Fannie Mae and Freddie Mac
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9-DecBank of Am-erica repays TARP funds
23-DecCitibank andWells Fargorepay TARP funds
a term dep-
27-JanFOMC keeps targe rate at0-25 bp and notes that in-�ation is likely to remain low for some time
28-JanThe Senate con-�rms Chairman Bernanke for asecond four year term
27-JanSecretary Geithner test-i�es to cong-ress on AIGdeal
14-JanPresident Obama pro-poses a �na-cial crisis res-ponsibility fee
27-JanSEC issues anew rule to increase theresilience of money marketfunds to econ-omic stress
3-FebBen Bernanke issworn in to his second term asChairman of the Federal Reserve
18-FebThe Primary Cre-dit Rate is incre-ased from 1/2 to 3/4 of a percent
10-FebPNC Bank repays TARPfunds
1-FebThe AMLF, theCPFF, the PDCFand the TSLFare closed
24-FebSEC approvesrestrictions on short selling
Mar 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Apr 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 May 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Mar 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Apr 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 May 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (March 2010 - May 2010)
15-MarFOMC maint-ains the 0-25 bp target 31-Mar
TSLF closed for all loans except those backed by new issue CP
12-MarExaminer’sReport on the Lehman Bros. Bankruptcy �ling released
15-MarSenator Doddintroduces �nancial regu-lation bill in theSenate
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31-MarAgency MBSand Agency Debt purchasescompleted
28-AprFOMC maint-ains the 0-25 bp target andnotes that eco-nomic activityhas strength-ened
29-AprPresident Oba-ma announces three nomineesto serve on the Federal ReserveBoard
30-AprFederal ReserveBoard approvesamendments to Reg D allowing for term depositsfor eligible instit-utions
16-AprSEC chargesGoldman Sachs with fraud
21-AprGM repaysremainingTARP funds
19-AprCitigrouppots $4.4 bnin 2010 Q1earnings
22-MarThe Senate Ban-king committeepasses �nancial regulation bill
22-AprPresident Oba-ma gives speechurging �nancialindustry excutivesto support e�ortsfor �nancial reform
29-MarTreasury ann-ounces that itplans to sell $7.7 bn in Citi-group stock over the cou-rse of 2010
9-MayReestablishment of temporary U.S. dollar liquidity swap facilities
10-MayTemporary U.S. dollar liquidity swap facilities expanded
10-MayFederal ReserveBoard authorizessmall-value o�eri-ngs under the TDF
28-MayFederal ReserveBoard announc-es TDF auction schedule
6-MayThe Dow plum-mets 998.5 points,its largest intra-day point drop ever
2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Jul 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Aug 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (June 2010 - August 2010)
21-Jun Issuance of�nal guidanceon incentive compensation
10-AugFOMC maintainstarget fed funds rate at 0-25 bp
23-JunFOMC keepstarget rateat 0-25 bp inresponse tocontinuinglyweak econo-mic conditions
25-AugNew home sales hit low-est levels onrecord
Click on any event for further information. If you encounter broken links or have other feedback, please email Lauri Feldman at [email protected] .
Jun
20-JulFed announces a reduction in thecedit protectionprovided by TALF
29-Jun Dodd-FrankWall StreetReform and Consumer Pr-otection ActPassed
30-Jun SEC adoptsmeasures tocurtail pay-to-play pra-ctices
27-AugStocks rallyfollowing Chairman Bernanke’sspeech
Sep 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Oct 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Sep 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Oct 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Nov 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
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sFinancial Turmoil Timeline (September 2010 - November 2010)
10-SepSEC approvesrules expand-ing stock-by-stock cicuit breakers andtrade brakes
21-SepTarget rate kept at 0-25 bp and FOMC anticipates exceptionally low levels for an ext-ended period
8-SepBoard author-izes the conin-uation of smallvalue o�erings of term depositsunder the TDF
17-SepElizabeth Warrenis appointed to lead the Consu-mer Financial P-rotection Bureau
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1-OctBank of America freezes foreclos-ures proceedings
25-OctReview of the fore-closure procedures at the largest mort-gage servicers is to be completed in Nov.
3-NovFOMC maintainstarget and anno-unces its intent to purchase $600 bn of Treasuries by 2011 Q2
17-NovFed proposes imp-lementation of theVolker Rule confor-mance period
17-NovFed issues guidel-ines for evaluating large BHC’s capital action proposals
29-SepJPM and GMACfreeze foreclos-ures proceedings
30-SepAIG announcesgovernment ass-istance exit plan 17-Nov
GM has a $20.1bn IPO, the larg-est in US history
Dec 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Feb 2 4 6 8 10 12 14 16 18 20 22 24 26 28
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sFinancial Turmoil Timeline (December 2010)
1-DecFed releasesdetailed info-rmation on itsmarket trans-actions duringthe crisis
1-DecAIG issues its�rst bond sinceits near collapse
17-DecB of A is sued for routinely misleading con-sumers about home loan modi�cations 27-Dec
AIG obtainsnew credit linesfrom commerc-ial banks to rep-lace its FRBNY bailout aid
10-JanUS unemploy-ment rises to7.2%
16-JanCitigroup announcesplan to split intotwo unitsafter Q4loss
24-JanCitigroup sells $12billion ofgovernmentguaranteedbonds
10-FebMarkets decline after Geithner’sspeech due toa lack of speci�cs
14-DecFOMC announcesthat it will purchase $600 bn in longer-term Treasurriesand maintains the target rate
16-JanFed, Treasury,and FDIC jointlyaid Bank of America. Fed agrees to providenon-recourseloan
10-FebFed stateswillingness to expand TALF to $1trillion andto accepta wider setof acceptablecollateral
16-DecCongress approvesan $860 B tax cutand extended un-employment issu-rance package
15-JanECB cuts policy rateby 50 bp
19-JanUK announcesa comprehensivebank rescue plan
26-JanFannie andFreddie saythey need $51 billionfrom the governmentto continueoperations
4-FebTreasury announcesrestrictionson executivepay forbanks gettingassistancefrom thegovernment
10-FebGeithnerlaunchesFinancialStabilityPlan
18-FebObamaannouncesplan to aidhomeownerswith mort-gage payment
23-FebBank reg-ulators issuestatement onnew roundof capitalinjections
25-FebTreasuryannouncesterms of the Capital Assistance Program
16-JanRemainingTARP fundsreleased bySenate
16-JanFed, Treasury,and FDIC jointlyaid Bank of America with package similarto Citigroup’sin November
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21-DecThe Fed, ECB, BOJ,BOE, BOC, and SNBannounce an exten-sion of the US Dollar liquidity swap facilities
28-DecInitial claimsfor unemp-loyment fellto their low-est level in2 years
