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October 10, 2008
Barclays Bank on British bailout list
From yesterday's Dallas Morning News:
On Tuesday, Britain started injecting about $88 billion of capital into several large banks in what amounts to a partial nationalization. The British government will get preferred shares for its money in lenders such as the Royal Bank of Scotland, Barclays and HBOS.
NoLandGrab: So if the Brits bail out Barclays Bank and Barclays doesn't walk away from the $400-million arena naming-rights deal it signed with Bruce Ratner, and if Ratner gets the triple-tax-exempt bonds he's looking for, then Atlantic Yards would end up being directly or indirectly subsidized by NY City, NY State, the US Federal Government and the British central bank. Incredible.
Posted by eric at October 10, 2008 5:03 AM