Another one bites the dust … make that two

! This post hasn't been updated in over a year. A lot can change in a year including my opinion and the amount of naughty words I use. There's a good chance that there's something in what's written below that someone will find objectionable. That's fine, if I tried to please everybody all of the time then I'd be a Lib Dem (remember them?) and I'm certainly not one of those. The point is, I'm not the kind of person to try and alter history in case I said something in the past that someone can use against me in the future but just remember that the person I was then isn't the person I am now nor the person I'll be in a year's time.

The American insurer, AIG, asked for a $40bn emergency loan from the US Federal Reserve the other day and overnight they gave them $85bn. Curious.

Meanwhile, Halifax Bank of Scotland (HBOS) has lost half its value in a couple of days on the back of the imminent collapse of the American banking sector. LloydsTSB is prepared to take over HBOS, complete with its £167bn gap in provision. The British government says that it will overrule the Competition Commission if it raises any objections which it is likely to do as LloydsTSB is already the largest high street bank in the UK.

LloydsTSB has told staff to expect up to 40,000 job losses.

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  1. axel (1214 comments) says:

    The BBC are claiming this as a scoop, fair enough, they also claimed the Northern Rock story as a scoop and caused the panic that sunk it?

    I think the BBC is the main causes of the panic that destroyed Northern Rock, what does everyone else think?

  2. wonkotsane (1133 comments) says:

    Nope, the fault lies entirely with Federal Europe over Northern Rock. It was the Monetary Advice Directive (MAD) that forced the Bank of England to publicise the fact it had offered an emergency credit line (not even a loan) to Northern Rock.

  3. axel (1214 comments) says:

    so why were the Beeb crowing about the scoop? I think it was their constant going on about it, that spooked the savers

  4. wonkotsane (1133 comments) says:

    The BBC wouldn’t have even known if it wasn’t for the MAD. The Bank of England would have kept it a secret until after the even to prevent a run on Northern Rock but were unable to do so. The previous governor said that he would have resigned if MAD had been brought in while he was in charge of the Bank of England.

  5. axel (1214 comments) says:


    …the bbc were lying about it being a scoop?

    that is interesting

  6. axel (1214 comments) says:

    can you see New Cat?

  7. axel (1214 comments) says:

    what about now?

  8. wonkotsane (1133 comments) says:

    The BBC may have been the first media outlet to report on it but it could have been anyone to be honest. They just happened to be the first ones who read the report from the Bank of England and published it.

    What cat?

  9. axel (1214 comments) says:

    Oki, that does seem like a ‘bad thing’, I watched it on the news all day and i really got the impression that they were whipping up the panic but i also got the impression that it was there astute journolistic skills that had turned the factoid up!

    How do i get my fat “snow man” picture to be the picture of New Cat, which is showing in Recent readers?

  10. wonkotsane (1133 comments) says:

    Ah, I see. Are you using the same email address when you post a comment as you used for MyBlogLog? MyBlogLog doesn’t think you’ve got a profile so it’s using Gravatar instead. Which you also don’t have so it’s using the default icon.

  11. axel (1214 comments) says:

    I wonder where the HQ of Lloyds Halifax will be?

    HBOS has its HQ in Halifax

    Lloyds has its HQ in Glasgow

  12. Scaffold (146 comments) says:

    Your Scottish mummy has her HQ in Glasgow, Alex. And LloydsTSB has it’s HQ in London, England.

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