Bradford and Bingley

meanmachine_2

If I was sitting on such a poor quality loan book (22% self cert!!!!!!!!), I think I'd have a dicky ticker too.

Expect this one to be taken over soon. But by whom? And for how much? A one quid quickie takeover perchance?

Makes 88p a share look incredibly toppy.

setmefree

Speculator wrote: »

more here....

[/b]

http://news.bbc.co.uk/1/hi/business/7429869.stm

LMFAO
:rotfl::rotfl::rotfl::rotfl:

You mean they found a director with a heart

skoolmaster

Not that we're cynical .... much !
just a potent of a bad profits warning and a bit of a rollercoaster ride in trading tomorrow for bank shares
... that the boss bails out with a supposed dodgy ticker on a non-trading day,
on a Sunday, 24 hours before a trading announcement .
.. what a classical city business set piece
if we had a look at the trading volumes for directors shares on Friday ... what would we learn ... witha share price of under 90 pence ....?

---

Bradford & Bingley chief resigns
Sunday, 1 June 2008 13:31 UK
BBC

Bradford & Bingley has targeted the buy-to-let market
The boss of Bradford & Bingley has quit "due to a serious cardiovascular condition", the firm has announced.

Chief executive Stephen Crawshaw is leaving the UK mortgage lender with immediate effect, and will be replaced by chairman Rod Kent in the short-term.

Mr Crawshaw's departure comes a day before a trading update and reports say the firm will issue a profit warning.

The firm has been hit hard by the credit crisis and is trying to raise £300m to boost its balance sheet.

In May, the firm said it would launch a rights issue in an attempt to help offset some of its weakening investment, having only a month earlier denied it would be seeking to raise funds.

The Sunday Telegraph said Bradford & Bingley was expected to say profits would "fall well below analysts' forecasts" of between £160m and £200m pre-tax.

And the Sunday Times reported the profit warning "is expected to be contained within the bank's rights-issue document" which is to be sent out this week.


US housing slowdown
B&B saw its profits drop by almost half after writing down assets, including those linked to US mortgages.
Pre-tax profit fell to £126m in 2007 from £246.7m the year before.

As the UK's biggest buy-to-let lender, B&B has 20% of that market.

Banks worldwide have seen huge losses linked to problems in the struggling US housing market.

Problems started when borrowers in the US, with no or limited credit history, started to default in large numbers once interest rates became too high.

Many of those loans to so called sub-prime borrowers had been grouped together, repackaged and sold on to banks as an investment with high returns worldwide.

B&B, like other banks, has been asking for bigger deposits and raising its interest charges for new products.
The firm recently warned of a rise in mortgage arrears as borrowers found it harder to repay loans.

Competitors have also sought rights issues in an attempt to raise funds.
Royal Bank of Scotland is seeking to raise £12bn while HBOS wants to raise £4bn.

setmefree

I really dont know why B+B dont offer their male shareholders viagra, obviously that's the only way they will raise things from them.

bristolleedsfan

skoolmaster wrote: »

Not that we're cynical .... much !
just a potent of a bad profits warning and a bit of a rollercoaster ride in trading tomorrow for bank shares
... that the boss bails out with a supposed dodgy ticker on a non-trading day,
on a Sunday, 24 hours before a trading announcement .
.. what a classical city business set piece
if we had a look at the trading volumes for directors shares on Friday ... what would we learn ... witha share price of under 90 pence ....?

---

.

He was all set for a hammering at the forthcoming EGM, I wouldnt be suprised if B+B shares fall to 70p at least during some part of Mondays trading.

johnbfan

I'm glad some of you are finding the fact that people like me who have been with this company for years could end up losing the only bit of savings put aside for our retirement. I guess it makes a change from the employer robbing us blind of it.

I have about £10,000 in ISAs with B&B and thats my life savings. Not much to show for 30 odd years of work but if my losing that makes you laugh - go ahead.
Guess I've got nothing to worry about as the state will take real good care of me.

LongTermLurker

johnbfan wrote: »

I have about £10,000 in ISAs with B&B and thats my life savings. Not much to show for 30 odd years of work but if my losing that makes you laugh - go ahead.

You won't lose your ISA - £10000 is less than £35000 and you're protected up to £35000 per person, per institution by the Financial Services Compensation Scheme. IF B&B were to fold, it might take up to 6 months to get that back, but it is guaranteed.

If you have shares, that's a different matter - you have no protection there and assuming you didn't pay for them, you would have nothing to lose by selling them now and getting whatever you can, because it would have to be more than you paid, if you see what I mean

Speculator

johnbfan wrote: »

I'm glad some of you are finding the fact that people like me who have been with this company for years could end up losing the only bit of savings put aside for our retirement. I guess it makes a change from the employer robbing us blind of it.

I have about £10,000 in ISAs with B&B and thats my life savings. Not much to show for 30 odd years of work but if my losing that makes you laugh - go ahead.
Guess I've got nothing to worry about as the state will take real good care of me.

Why do you think you will lose your £10K?? You're 100% protected up to £35K.

meanmachine_2

johnbfan wrote: »

I'm glad some of you are finding the fact that people like me who have been with this company for years could end up losing the only bit of savings put aside for our retirement. I guess it makes a change from the employer robbing us blind of it.

I have about £10,000 in ISAs with B&B and thats my life savings. Not much to show for 30 odd years of work but if my losing that makes you laugh - go ahead.
Guess I've got nothing to worry about as the state will take real good care of me.

I'm afraid it's reactions like these that caused the run on NR.

No, you're not going to lose your life savings. So stop being so defensive.

setmefree

johnbfan wrote: »

I'm glad some of you are finding the fact that people like me who have been with this company for years could end up losing the only bit of savings put aside for our retirement. I guess it makes a change from the employer robbing us blind of it.

I have about £10,000 in ISAs with B&B and thats my life savings. Not much to show for 30 odd years of work but if my losing that makes you laugh - go ahead.
Guess I've got nothing to worry about as the state will take real good care of me.

You won't lose anything it's covered, yet another person to fuel the fire and blame others..