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.
Technorati Tags: Economy, Recession