By Alistair Darling
In the summertime of overdue 2007, stocks of Northern Rock went into free-fall inflicting a run at the financial institution - the 1st because the nice melancholy. Northern Rock was once simply the 1st: within the resulting months, Alistair Darling stood enterprise within the eye of this ideal typhoon - around the world monetary associations suggestion 'too tremendous to fail' have been falling prey to the deadly toxicity of the united states sub-prime personal loan industry. again from the threshold tells the gripping tale of 1 thousand days of situation. As Chancellor, Alistair Darling sanctioned the GBP37bn bailouts of RBS and HBoS simply mins ahead of their money machines could have ceased to operate; on the eleventh hour, he avoided Barclay's from buying Lehman Brothers, telling US Treasury Secretary Hank Paulson that he would not enable British banks to import America's financial melanoma; he used arguable laws to forestall Icelandic banks from taking flight money from the united kingdom. From all evening conferences on the White condominium, to confrontations with the titans of foreign banking and fractions family members with Gordon Brown, Darling locations the reader within the rooms the place the destinies of hundreds of thousands weighed seriously at the shoulders of some. again from the threshold is a gripping and fast account of an extraordinary worldwide monetary disaster. Alistair Darling's wisdom and figuring out make this not just a distinct viewpoint at the occasions that rocked international capitalism, yet an important and engaging historic record.
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Additional info for Back from the Brink: 1,000 Days at Number 11
The truth is that we had lost our way some time before he moved into No. 10. We were elected in 1997 with a landslide, and much of the credit for that victory goes to Tony Blair. Here was a leader who captured the mood of the times, a mood of change, optimism and hope. Very few politicians impact on the public in a big way. He did. He was able to get into people’s sitting rooms when they saw him on television and they felt at ease with him. It was to change, of course, especially over Iraq. I often wonder how our government would have fared if Tony had not become so absorbed in foreign conflicts, Iraq especially.
The whole system depended on the chairman of the FSA, the Governor of the Bank and the Chancellor seeing things in exactly the same way. The problem was that, in September 2007, we simply did not see things in the same way. Fundamentally, the big issue on which we were divided time and again that autumn was whether to put money into the banking system as a whole, as the European Central Bank and the US Federal Reserve had done, or to concentrate our fire in the traditional way, helping each failing institution as the need arose.
Its headquarters were in Edinburgh, where I was an MP. There was a growing sense that the party that had been enjoyed by the banks for so long was about to come to an abrupt end. To make matters worse, I wasn’t sure than anyone knew how deep these problems were, or what was their exact nature. It was Northern Rock we had to tackle first, and straight away. A former well-run, small building society based in Newcastle, it was popular locally and had converted from mutual ownership to become a bank.
Back from the Brink: 1,000 Days at Number 11 by Alistair Darling