Bradford and Bingley - Treasury to intervene

edwinac_2

edwinac wrote: »

Alternatively... there is a vast banking conspiracy at work.

It is a conspiracy in which the major banks at the top of the food chain are using devious methods to undermine the viability of their smaller rivals.

Those methods include short selling; the dumping of toxic debt on rivals; the peddling of baseless rumours in the controlled media; the collusion of corrupt credit rating agencies who issue stark warnings of insolvency in the rivals, etc..

This is a coordinated assault, and the objective is to depress the share price of a hapless bank, in readiness for its forced sale at a fire-sale price.

And worst of all, the take-over is dressed up as an act of benevolence from a "white knight" saviour.

Nothing could be further from the truth - the gangsters who run the City of London are guilty of larceny on a grand scale.

The instant the state broadcaster made the announcement and the vulture-bankers skulked out of the shadows, to be positively identified.

In the rogues' gallery, we find HSBC, Barclays and Santander - who doubtless engineered the collapse of B&B from the very beginning.

We now learn those banks have been circling impatiently for some while, ready to pick the flesh from the carcass of the Bradford & Bingley.

And the vulture-bankers were so God-damn greedy, they wouldn't even pay 20p a share for their quarry!

Instead, the subservient goons at the FSA raided the bank and looted it for them, for nothing!

BBC News business editor Robert Peston says the Treasury will almost instantaneously sell to a bank, or a number of banks. The Treasury and FSA will negotiate with banks interested in buying parts of B&B. Possible buyers included Santander of Spain, HSBC and Barclays. B&B's £50bn of loans, including £41bn of home mortgages, will not be sold and will be nationalised on a long-term basis.

I wonder who at the Treasury will manage the asset strip... Rewarding work is that (nudge nudge wink wink!)..

Tonight we enter a very dark era in British banking history.

sabretoothtigger

When all these bs first floated many thought them to be a hot share because of potential take overs but not at these prices or in this way was the future seen as so bleak.

I think they may have actually been protected from take overs after ipo, now we know that would have been best all along



Bristol & West plc is a wholly owned subsidiary of the Bank of Ireland. Missed hearing about that, cant remember the others really but a&l were a great share after they floated.


standard life as former mutal have done great in comparison, what others are there..

christhesparky_2

Just noticed this


http://news.bbc.co.uk/1/hi/business/your_money/default.stm

adminannie

Hi All this is very worrying to lots of people. Husband thinks we should withdraw all our money and put it under the bed

Does this mean every BS or bank is safe now that they have saved 2

Annie

opinions4u

If the Government allows any saver to lose money due to a collapsing bank, faith in th banking system as a whole will disappear.

This would have unbelievable knock-on effects to the wider economy for years to come.

Nobody will lose money by saving in a British bank.

Stavros_3

I have a letter exactly a week ago from B & B's CEO office stating they are in an excellent position and not going under!!! Might send it to Sky news lol

opinions4u

jamie304 wrote: »

The savings part will most likely be sold off to someone like Santander or HSBC very quickly. The government will only keep the £50,000,000,000 of mortgage debt for taxpayers to take the risk on.

The savings part will be sold off?

That is a profound suggestion. So instead of funding £30bn of B&B's dodgy debt the taxpayer would have to fund £50bn?

While I understand other banks would want the savings book (who wouldn't when the wholesale markets have dried up?) it must be worth a significant amount. Who could afford it in the current climate?

If an asset is, as a rule of thumb, valued at ten times its earning potential, a £20bn savings book (my estimate don't know it's real size) and a typical interest margin is 2%, then somebody should be paying £4bn for this.

I think the taxpayer is abut to get turned over.

welshnoonoo

edwinac wrote: »

Alternatively... there is a vast banking conspiracy at work.

It is a conspiracy in which the major banks at the top of the food chain are used deeply devious methods to undermine the viability of their smaller rivals.

Those methods include short selling; the dumping of toxic debt on rivals; the peddling of baseless rumours in the controlled media; the collusion of corrupt credit ratings agencies who issue stark warnings of insolvency in the rivals, etc..

This is a coordinated assault, and the objective is to depress the share price of a hapless bank, in readiness for its forced sale at a fire-sale price.

And worst of all, the take-over is dressed us as an act of benevolence from a "white knight" saviour.

Nothing could be further from the truth - the City of London is guilty of larceny on a grand scale.

:T Here here!

Stavros_3

So does this mean that B & B savers get the same guarantee as the N/R, i.e 100% of their deposits are totally safe?

fatpig_2

Yes. I'm really suprised that anyone would ever think that this would not be the case.