chapter  13
61 Pages

The Crisis Continues

European governments announced on October 13, 2008, that they would provide massive funding to support their banks. On October 19, 2008, the Dutch government announced a $13 billion rescue package to ING Group, a banking and insurance company. However, ING recouped some of its losses when the stock market jumped the next day. Credit Suisse announced that it would pay its executives bonuses with illiquid securities, which was one way to get rid of those instruments and turned out to be a good scheme when the market recovered.