Britain braces its self for "Northern Rock2" (HBOS) !!!

[Mega]

I think your find this IS News:-
http://business.timesonline.co.uk/to...cle3587120.ece
Mike

[Mega]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

Nothing to see, move along,move along:-
http://www.bbc.co.uk/blogs/thereport...ont_panic.html

Mike

[FRED]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

I think your find this IS News:-
http://business.timesonline.co.uk/to...cle3587120.ece
Mike

Now that's some news! No wonder the DOW gave up the ghost today one day after a 3/4 point cut.

[Mega]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

Fred they are saying that a "Group" of eveil broker types "Planted" the story that HBOS was in DEEP trouble just to short the market and they are going to get the FSA to investergate.

That's Nonsense!

The BOE tried to stop any knowage of anyone getting a bale out becoming common knowage............trouble is IF you do that then how do you tell Fact from Fiction?

HBOS IS IN DEEP TROUBLE.........They try to get to the close of play tomorrow because its the easter bank hoilday, closed till Tusday.......I can't see this bluff lasting much longer.
Mike

[Jim Nickerson]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

Fred they are saying that a "Group" of eveil broker types "Planted" the story that HBOS was in DEEP trouble just to short the market and they are going to get the FSA to investergate.

That's Nonsense!

The BOE tried to stop any knowage of anyone getting a bale out becoming common knowage............trouble is IF you do that then how do you tell Fact from Fiction?

HBOS IS IN DEEP TROUBLE.........They try to get to the close of play tomorrow because its the easter bank hoilday, closed till Tusday.......I can't see this bluff lasting much longer.
Mike

Mike, you could be correct in what you labeled 'nonsense," but is it not hard for me to imagine that "evil" probably understates what many are willing to do to try to make a bonar.

Perhaps a little more time will allow some form of truth to emerge. If all those sources referenced in the first article were lying, then I guess that would be the end of any and all of their credibility.

[GRG55]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

Now that's some news! No wonder the DOW gave up the ghost today one day after a 3/4 point cut.

"...He added: “It is also worth noting that if consumers have their savings with the same bank or building society as their mortgage, and the provider goes bust, they will not be compensated in cash for the savings — rather, this amount will be shaved off their mortgage balance.”

Now that's pretty slick, eh. "We've" decided it's time for us to pay down some of your mortgage with your money...

"...Last year, thousands of people queued for hours outside Northern Rock branches to withdraw their savings after the bank was forced to go to the Bank of England for a loan. But now the bank has been nationalised it has become one of the safest places to put money because all deposits are guaranteed by the Treasury..."

I seem to remember Chris Coles predicting this exact outcome right at the height of the withdrawal frenzy/bank-run at Northern Rock last year (I recall he said something about people should take their savings from every other deposit bank and put them IN Northern Rock accounts - which sounded like a ridiculous thing to do at the time) Good call Chris.

[krakknisse]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

Something big is going on. I don't know if they are lying through their teeth, or that they honestly are sitting on a pile of cash available for withdrawals. But this is a very inflammable situation:
http://news.bbc.co.uk/2/hi/business/7306058.stm

Big bank bosses due to meet King
The bosses of major UK banks will be meeting Bank of England governor Mervyn King later on Thursday.
Big bank bosses due to meet King Bank of England governor Mervyn King
The bosses of major UK banks will be meeting Bank of England governor Mervyn King later. They are likely to tell Mr King that he needs to do more to reassure their creditors that the central bank will provide help if it is needed. It comes a day after the Financial Services Authority launched an inquiry into whether false rumours were spread in the City to undermine bank shares. The Bank of England reassured investors that the rumours were untrue.
'Not tolerate'.
The UK's financial watchdog, the Financial Services Authority (FSA), said it would "not tolerate" traders starting "false" rumours about firms to make cash from dealing in their shares. HBOS, whose shares fell as much as 17% at one stage on Wednesday, denied rumours of funding difficulties. "There has been a series of rumours in the market today [Wednesday]," said a HBOS spokesman. "A number of ill-founded and malicious rumours about the UK banking system in the markets. "These rumours have not a shred of substance whatsoever. They are lies."
'Unfounded rumours'
HBOS said it supported the "decisive action" of the FSA to investigate the alleged market abuse. "There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling," the FSA said in a statement. In short-selling a trader borrows shares, sells them immediately and hopes to repurchase the shares in the future at a lower price. The trader can then return them to the lender and make a profit on the difference.
Caption: The Bank of England says there is no truth to the rumours
Quote box: There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling UK Financial Services Authority

[touchring]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

no truth to the rumours

Sounds familiar? Someone said this just last week!? :p

[GRG55]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

Something big is going on. I don't know if they are lying through their teeth, or that they honestly are sitting on a pile of cash available for withdrawals. But this is a very inflammable situation:
http://news.bbc.co.uk/2/hi/business/7306058.stm


www.itulip.com http:>

Expect one or more very strongly worded statements from the BoE (and ECB). The worst is over for the banking sector on this round since the Fed sent the message that no regulated or unregulated (Bear Stearns) financial entity of consequence will be allowed to collapse - no matter what. This also formally marks the end of "hedge" funds as a growth industry. Now that the prime-brokers can call the loans, seize the illiquid credit assets, and immediately swap them for Treasuries, it means that hedge fund managers with credit instrument strategies are an endangered specie.

The BoE, and the ECB will now follow that lead. I would not be at all surprised to hear something from the Swiss Central Bank also, given the importance of banking to their economy and the devastation to icons UBS and Credit Suisse.

There is now a guaranteed floor under all the major unregulated financial entities (that does not mean that shareholders and employees can't lose it all, as we saw with Bear). No other sector of the economy enjoys such a situation.

[touchring]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

There is now a guaranteed floor under all the major unregulated financial entities

So, what do we call this? Unbankruptable? Immune from bankruptcy?

[sadsack]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

So, what do we call this? Unbankruptable? Immune from bankruptcy?

We call this the "Japanese option" . . . :confused:

[Southernguy]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

The unthinkable happening, Lloyds' TSB subject of rumors!
It's highly probable there shall be a Central Banks' massive intervention in case problems arise from major banks.
In the meantime, one definitely sleeps better with just ordinary cash in a safe, probably the same bank's safe.
I happen to be a citizen of one of the South America countries which experienced "corralitos" recently, I can give some advice on that.
But we are in Bank holliday here, seems to be as everywhere, so I'll try to enjoy long weedend with family.

[Finster]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

"...He added: “It is also worth noting that if consumers have their savings with the same bank or building society as their mortgage, and the provider goes bust, they will not be compensated in cash for the savings — rather, this amount will be shaved off their mortgage balance.”

Yikes! I wonder if they knew that going in ...

[Chris]

Re: Britan braces its self for "Northern Rock2" (HBOS) !!!

I was long HBOS and today it recovered nicely. Perhaps it was just a rumor that spooked the sell-off. Perhaps not. Either way, i'm out.

The BOE and the FSA have both made announcements today and MF Global looks like the next victim.

http://www.telegraph.co.uk/money/mai...nglobal120.xml

Time to short the UK stock market?