Another one bites the dust … make that two
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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by wonkotsane on Wednesday, September 17th, 2008 at 6:47 pm and is filed under General and is .
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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?
September 17th, 2008 at 7:05 pmNope, 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.
September 17th, 2008 at 7:12 pmso why were the Beeb crowing about the scoop? I think it was their constant going on about it, that spooked the savers
September 17th, 2008 at 7:34 pmThe 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.
September 17th, 2008 at 7:37 pmso….
…the bbc were lying about it being a scoop?
that is interesting
September 17th, 2008 at 7:51 pmcan you see New Cat?
September 17th, 2008 at 8:19 pmwhat about now?
September 17th, 2008 at 8:35 pmThe 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?
September 17th, 2008 at 8:37 pmOki, 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?
September 17th, 2008 at 9:01 pmAh, 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.
September 17th, 2008 at 9:19 pmI wonder where the HQ of Lloyds Halifax will be?
HBOS has its HQ in Halifax
Lloyds has its HQ in Glasgow
September 17th, 2008 at 9:32 pmYour Scottish mummy has her HQ in Glasgow, Alex. And LloydsTSB has it’s HQ in London, England. http://en.wikipedia.org/wiki/Lloydstsb
September 18th, 2008 at 6:03 am