ING Group takes control of Barings in fire sale deal
ING Group won British court approval to assume Barings liabilities and acquire its asset management, corporate finance, and international brokerage units for a symbolic 1 pound and a $1.06 billion capital injection. Barings collapse, blamed on trader Nick Leeson, sparked a global market crisis and led ING to keep staff and avoid bonuses for Leeson.
MENTIONED IN THIS ARTICLE
London
ING Group
Barings PLC
Aad Jacobs
Barings
ING
Netherlands
Tokyo
Nick Leeson
Leeson
Frankfurt
Singapore
Jacobs
Congress urged to cut corporate welfare by $265 billion
Washington leaders and think tanks press for a nonpartisan commission to cut $265 billion in corporate subsidies over five years. The Progressive Policy Institute and Cato Institute back a merger of tax and spending reforms, targeting 120 subsidies and arguing savings should fund deficit reduction and family tax relief.
MENTIONED IN THIS ARTICLE
Washington
Congress
White House
Robert Reich
Reich
Democratic Leadership Council
Progressive Policy Institute
Council
PPI
Robert J. Shapiro
Mr. Shapiro
Cato Institute
Stephen Moore
Institute
Dean Stansel
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