Lehmans

WTF?_2

FTSE 100 down 5.08% at midday.

HBOS down 36.67%

Bradford and Bingley (remember them?) down 13.42%


This is definitely a crash - unless things improve drastically after the DOW opens I guess we will have a 'Black Monday' .

WTF?_2

ad44downey wrote: »

The market must know something about HBOS that we don't.

Is it curtains for HBOS? I suppose our tax would be used to prop it up if need be.

HBOS is horribly over-exposed to property in the UK, never mind the US sub-prime that caused the first round of troubles.

It has loaned heavily to builders.

napoleon

Well it's a pertinent time for me to say once again

We're all doomed

slipthru

Royal bank of scotland are down 17%
barclays are nearly 17% as well

mind you most are down today so far.

beaujolais-nouveau

GDB2222 wrote: »

Who'd have thought that AIG, which was the biggest insurance company in the world, could do this to themselves? Didn't they know about concentration of risk?

Hmm. Under the terms of our lease, our freeholder is responsible for the buildings insurance (the premiums for which they then collect from the leaseholders).

If my freeholder has buildings insurance for "my" property (a maisonette flat) as part of a commercial property insurance policy with AIG, and AIG goes down, does the property still have insurance cover?

Mortgage with SPML, buildings insurance with AIG - all I need now is for the Thames Barrier to fail.

steadysaver

beaujolais-nouveau wrote: »

Hmm. Under the terms of our lease, our freeholder is responsible for the buildings insurance (the premiums for which they then collect from the leaseholders).

If my freeholder has buildings insurance for "my" property (a maisonette flat) as part of a commercial property insurance policy with AIG, and AIG goes down, does the property still have insurance cover?

Mortgage with SPML, buildings insurance with AIG - all I need now is for the Thames Barrier to fail.

Lets just hope they flick the switch on the LHC at Cern, and get those particles colliding. If ever the world could do with being swallowed up into a black hole, today is the day.

Also if AIG go under, does that mean Man U get to sport a, quickly stitched and ever so slightly different shade of red, bit of square fabric on there shirts ala West Ham.

Maybe we should turn to the premier league sponsors to make a more accurate prediction as to what company is next up the swanny.... just how much are these sponsors paying anyway .... Carlsburg next anyone???

obsessed_saver

Shares have rebounded a bit now. HBOS only down 25%. We'll be alright. (NOT!)

Generali

steadysaver wrote: »

Lets just hope they flick the switch on the LHC at Cern, and get those particles colliding. If ever the world could do with being swallowed up into a black hole, today is the day.

Also if AIG go under, does that mean Man U get to sport a, quickly stitched and ever so slightly different shade of red, bit of square fabric on there shirts ala West Ham.

Maybe we should turn to the premier league sponsors to make a more accurate prediction as to what company is next up the swanny.... just how much are these sponsors paying anyway .... Carlsburg next anyone???

One of my slightly wilder theories is that the Premier League is going to be a victim of the credit crunch. If you lose your job and can't get a new one then Sky TV is going to have to go at some point. The Premiership in it's high spend form hasn't been through a recession.

Arsenal are relying on selling the flats in their old stadium, Liverpool and Man Utd are up to their eyeballs in debt. All the others are committed to spending huge sums on wages to their players every year. If the clubs' income falls then they'll have difficulty in meeting their commitments.

BACKFRMTHEEDGE

Generali wrote: »

One of my slightly wilder theories is that the Premier League is going to be a victim of the credit crunch. If you lose your job and can't get a new one then Sky TV is going to have to go at some point. The Premiership in it's high spend form hasn't been through a recession.

Arsenal are relying on selling the flats in their old stadium, Liverpool and Man Utd are up to their eyeballs in debt. All the others are committed to spending huge sums on wages to their players every year. If the clubs' income falls then they'll have difficulty in meeting their commitments.

Too true. We had to pay £140 for 2 tickets to watch a champions league game a couple of weeks back. Soon no one is going to be able to afford that. At that game there were empty seats, unheard of in the past.

BACKFRMTHEEDGE

P.S. Do you think I should move my savings out of the halifax?