Description

"In summer time recently 2007, stocks of Upper Stone went into free-fall creating an operate on the financial institution - the very first because the Great Depression. Upper Rock was just the first: in the following weeks, Alistair Darling stood firm in the attention of the excellent surprise - all around the globe banking institutions believed 'too big to fail' were falling prey to the life-threatening toxicity of the US sub-prime mortgage market. Back from the Edge tells the gripping tale of 1 thousand times of disaster. As Chancellor, Alistair Darling approved the GBP37bn bailouts of RBS and HBoS only moments before their money devices might have ceased to work; in the 11th hour, he avoided Barclay's from obtaining Lehman Friends, informing US Treasury Secretary Hank Paulson that he would not permit English banks to transfer America's financial melanoma; he utilized questionable regulation to prevent Icelandic banks from withdrawing resources from the UNITED KINGDOM.