Bradford and Bingley

ad44downey

Shares down another 5% today.:rolleyes:

brit1234

ad44downey wrote: »

Shares down another 5% today.:rolleyes:

WTF?_2

ad44downey wrote: »

Shares down another 5% today.:rolleyes:

At this rate, the offer price in the rights issue isn't going to be very attractive.... They'd better get a move on.:D

HankMcSpank

!!!!!!? wrote: »

At this rate, the offer price in the rights issue isn't going to be very attractive.... They'd better get a move on.:D

I predict the rights issue will be a washout, then they'll be strapped for dosh, then the story will be big, then there'll be a run on the B&B as all the small punters read about it in the Sun....then it'll go bust cos the Govt will neither have the gall or the resources to stop another bank from failing.

Generali

HankMcSpank wrote: »

I predict the rights issue will be a washout, then they'll be strapped for dosh, then the story will be big, then there'll be a run on the B&B as all the small punters read about it in the Sun....then it'll go bust cos the Govt will neither have the gall or the resources to stop another bank from failing.

A run on a bank, are you mad? This is C21st Britain not Mary Poppins!


PS I think you're wrong but it's amazing to me that there's even a chance that you could be right.

ruggedtoast

I pulled all my savings out of B and B last year when NR was going under. I was pretty sure they were going to be next. Awful bank - totally missold their products to me, lied about interest rates and terms and conditions. Will have a big smile on my face if they go down the tubes.

RecoveringAlcoholic

And their BTL mortgage book is based on:

LIE-TO-BUY


and


FRAUD.

HankMcSpank

Generali wrote: »

A run on a bank, are you mad? This is C21st Britain not Mary Poppins!


PS I think you're wrong but it's amazing to me that there's even a chance that you could be right.

This whole banking sector is akin to a bucket riddled with holes .....with the FED & the BOE desperately trying to put their fingers in the holes...but they ain't got enough fingers.

It's not conceivable to me that this whole banking liquidity crisis can simply have a line drawn under it with one 'near miss' (Northern Rock) here in the UK, with the USA's Bear Stearns being saved at the last minute by Goldman.

I think B&B illustrates the 'lie & hope' stance that pervades the sector....

http://www.guardian.co.uk/business/2008/apr/14/bradfordbingleybusiness.banking

....yet here we are a month later with the 'denied' B&B rights issue looking very sick indeed.

(by the way the Guardian are really, *really* gunning for the Chief Exec Steven Crawshaw -too right ... http://business.timesonline.co.uk/tol/business/movers_and_shakers/executive_movers/article3934498.ece it's totally amazing that shysters such as he can make it to the the top of any UK plc.

Generali

HankMcSpank wrote: »

This whole banking sector reminds me of a bucket with holes in with the FED & the BOE trying to put their fingers in the holes...but they ain't got enough fingers.

It's not conceivable to me that this whole banking liquidity crisis can simply have a line draan under it with one near miss (Northern Rock) here in the UK, with Bear Stearns being saved at the last minute Stateside.

I think B&B illustrates the 'lie & hope' stance that pervades the sector....

http://www.guardian.co.uk/business/2008/apr/14/bradfordbingleybusiness.banking

....yet here we are a month later with the 'denied' B&B rights issue looking very sick indeed.

(by the way the Guardian are really, *really* gunning for the Chief Exec Steven Crawshaw -too right ... http://business.timesonline.co.uk/tol/business/movers_and_shakers/executive_movers/article3934498.ece it's totally amazing that shysters such as he can make it to the the top of any UK plc.

My take is that this week has been a pretty positive one for the financial sector. A lot of the panic in financial circles was that funding from many sources was looking like an empty well and that the banks were holding assets in the shape of MBSs and their derrivatives (CDO^ns) that didn't really have a market value and so there was no way to mark them to market. Contrary to popular belief, bankers do give a whatsit about that sort of thing.

Now this week or so we've had the UBS deal where they've sold a huge number of securitised assets to Black Rock (a very nice deal for both parties given the circumstances IMO) and HBOS managing to get away a MBS offering.

Both deals have been done at a price unthinkable a year ago but they have been done. The UBS deal shows there is a bottom if you're prepared to discount enough to find it. The HBOS deal shows people will lend if you adequately reward risk.

Things aren't going back to the craziness of the past few years in a hurry IMO but hopefully we can move forward from here with much less risk of an all out depression caused by a banking sector crisis.

PS Don't mistake the above for me being some loony that thinks that house prices will be maintained where they are. They've been too high for years and have been riding for a fall since 2004 at least. Think of a bloke in Leicester Square with a sandwich board reading The End of the World Ain't Nigh.

HankMcSpank

Generali wrote: »

My take is that this week has been a pretty positive one for the financial sector.
.

Disagree...the Dow has fallen 3.3% in just two days this week! Hot off the wires (about 90 mins ago)....

http://articles.moneycentral.msn.com/Investing/Dispatch/080521markets.aspx

"The Dow's loss today comes on top of a 199-point loss on Tuesday. The 427-point decline for the blue-chip index in the last two days is the worst two-day loss since Feb. 28-29. All 30 stocks in the Dow were lower on the day"

The financial sector of the S&P500 fell 2.2% today alone!

Oil has just hit (another) all time high of $134 per barrel (Crude is up 17% this month and 39% this year alone)

The HSBC securitization yesterday, resulted in them having to pay a whopping 170 basis points over the BOE base rate (hardly a sign that things are well)

I fail to see how any signs of the shoots of recovery/stability can be expected at such early doors.