Impacts on financial institutions
The International Monetary Fund estimated that large U.S. and European banks lost more than $1 trillion on toxic assets and from bad loans from January 2007 to September 2009. These losses are expected to top $2.8 trillion from 2007-10. U.S. banks losses were forecast to hit $1 trillion and European bank losses will reach $1.6 trillion. The IMF estimated that U.S. banks were about 60 percent through their losses, but British and eurozone banks only 40 percent.Northern Rock in England
In this article I want to say the main reason why the biggest bankruptcies took place in American economy in finance! On my opinion this all largest bankruptcies have the same astrological cause!
One of the first victims of crises was Northern Rock, a medium-sized British bank. The highly leveraged nature of its business led the bank to request security from the Bank of England. This in turn led to investor panic and a bank run in mid-September 2007. Calls by Liberal Democrat Shadow Chancellor Vince Cable to nationalise the institution were initially ignored; in February 2008, however, the British government (having failed to find a private sector buyer) relented, and the bank was taken into public hands. Northern Rock's problems proved to be an early indication of the troubles that would soon befall other banks and financial institutions.
Northern Rock Building Society was formed in 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865). During the 30 years that followed, Northern Rock expanded by acquiring 53 smaller building societies, most notably the North of England Building Society in 1994Lehman Brothers
On 14 September 2007, during the financial crisis of 2007–2009, the Bank sought and received a liquidity support facility from the Bank of England following problems in the credit markets caused by the US subprime mortgage financial crisis.
As entity it was established in 1850 when Saturn was in conjunction with Uranus in Aries. Opposition of these two planets in 2007 – 2008 was the good characteristic of superiority of the first date of incorporation! But it works as additional factor!
Northern Rock was formed in 1965 when Saturn was in pieces. And when in the period of opposition of Saturn and Neptune transit in 2005 – 2007 the business went bad! As the result bankruptcy when Saturn went in opposition with natal Saturn!
The bankruptcy of Lehman Brothers is the largest bankruptcy filing in U.S. history with Lehman holding over $600 billion in assets. It triggered the panic and ruined the stock markets all over the world in 2008 - 2009! The effect was very huge!Washington Mutual
Lehman Brothers demise was the result of the Neptune cycle finishing in horoscope of Lehman Brothers while Saturn was in opposition with Neptune in the period of 2005 – 2007 and then came to the opposition with natal Saturn in pieces. What is the role of Neptune? This is the dispositor of Saturn. Natal Saturn is positioned in pieces in conjunction with Neptune. That’s why these aspects were so destructive for this firm. Moreover the situation became dangerous during the opposition of these two planets during Saturn transit in Leo. The thing worsened and company finally went bankrupt when all three major factors of destruction occurred in the same short period. This way the more than century of prosperity came to an end!
This is the second largest bankruptcies in U.S. history! According to Washington Mutual Inc.'s 2007 SEC filing, the holding company held assets valued at $327.9 billion. On September 26, 2008, Washington Mutual, Inc. and its remaining subsidiary, WMI Investment Corp., filed for Chapter 11 bankruptcy. Washington Mutual, Inc. was promptly delisted from trading on the New York Stock Exchange, and commenced trading via Pink Sheets.CIT Group, Inc
Washington Mutual was incorporated as the Washington National Building Loan and Investment Association on September 25, 1889, after the great Seattle fire destroyed 120 acres (0.49 km2) of the central business district of Seattle. The newly formed company made its first home mortgage loan on the West Coast on February 10, 1890. It changed its name to Washington Savings and Loan Association on June 25, 1908 ( it could be real horoscope date with Saturn in pieces.) In horoscope there is a destructive conjunction of Saturn and Mars in the border of signs of Leo and Virgo! So, when Saturn finished its cycle in horoscope of Washington Mutual it triggered the destructive events that lead it to the end!
This is the fifth largest bankruptcies! And third in financial sector!
CIT Group, Inc. is a large American commercial and consumer finance company, founded in 1908. On February 11, 1908(When Washington Mutual changed its name! The reason of changing horoscope. One of the reason of bad Saturn position) Henry Ittleson founded the Commercial Credit and Investment Company in St. Louis, Missouri.
On July 20, 2009, CIT Group escaped bankruptcy by securing a $3 billion loan from bondholders, and said it plans a comprehensive restructuring of its liabilities.
On September 30, 2009, in its continuing struggle to avoid bankruptcy, CIT Group was reported to be in negotiations with Citigroup Inc., Barclays Capital, and its bondholders to secure rescue financing to comply with its filing to find a plan “acceptable” to the majority of a bondholder steering committee that provided it with the emergency cash by Oct. 1.
On Sunday, 1 November 2009, CIT Group filed for Chapter 11 bankruptcy protection. It filed in the United States Bankruptcy Court for the Southern District of New York along with CIT Group Funding Company of Delaware LLC
It declared Chapter 11 bankruptcy on 1 November 2009, and with the consent of its bondholders proposed to quickly emerge from bankruptcy court proceedings. The fall was caused by the same reason Saturn was in opposition with Saturn in natal in pieces and previous opposition of Saturn with Neptune!
As you see in all three cases of major falls of financial companies the opposition of Saturn to natal Saturn was the main reason which lead to the end! Washington Mutual also fell when Saturn was active and finished its cycle! Of course this main constellations of Saturn must be added by one more factors, but this one is the main trigger of crises.