Ugh apostrophes.
― Matt DC, Monday, 18 February 2008 11:36 (sixteen years ago) link
Ironically this means the government is now be responsible for the creation of money!
― laxalt, Monday, 18 February 2008 13:02 (sixteen years ago) link
(other than coins and notes obviously)
― laxalt, Monday, 18 February 2008 13:03 (sixteen years ago) link
On the other hand, Barclays seems to have done alright, considering.
― Matt DC, Wednesday, 20 February 2008 09:23 (sixteen years ago) link
yes, considering.
although of course those are the 2007 figures, including the benign first 7 months of last year.
― laxalt, Wednesday, 20 February 2008 09:49 (sixteen years ago) link
Northern Rock has apparently put 2% on Labour's poll ratings.
Does anyone in this country actually have the slighest fucking clue who they're voting for next election?
― Dom Passantino, Wednesday, 20 February 2008 09:52 (sixteen years ago) link
Mentalist swings in poll ratings are kind of New Labour chickens coming home to roost. In the same way the Tories were undone in 1997 by the fact the voters they created had loyalty to no one, New Labour neutralisation of ideology means that people will grasp at anything that may swing their decision.
― Matt DC, Wednesday, 20 February 2008 09:55 (sixteen years ago) link
Yes, it also depends on the extent to which Barclays' accountants have written off its exposure to subprime-based securities though. If they've taken the full hit now then they'll be able to move on, if there are worse revelations to come then they're kind of inaccurate.
They'd have been wise to write it off now IMO.
― Matt DC, Wednesday, 20 February 2008 09:58 (sixteen years ago) link
Since constituency-wise I now come under Hammersmith and Fulham (CON) I suspect I may have to vote tactically yet again.
― Dingbod Kesterson, Wednesday, 20 February 2008 10:10 (sixteen years ago) link
Well presumably this is all still largely related to exposure to US based subprime. Its going to be difficult to even rate, never mind write off, homegrown subprime exposure until it actually goes bad.
Plus the US stuff is still early days, a lot of that is spreading into prime, auto, student debt
― laxalt, Wednesday, 20 February 2008 10:15 (sixteen years ago) link
Setting up an ISA with the scarborough building society and came across this from august 2006
http://www.scarboroughbs.co.uk/publicrelations/pressreleases/2006/august14_ssm_announce.html
quote: "‘We have a great deal of experience in the sub-prime arena through our existing subsidiaries and we believe this will give us a head start in the non-conforming sector.’"
But I thought there was no subprime in the UK!?
― laxalt, Tuesday, 4 March 2008 12:14 (sixteen years ago) link
There probably still was in August 2006.
― Dingbod Kesterson, Tuesday, 4 March 2008 12:16 (sixteen years ago) link
Might explain why their ISA is a notice ISA.
― laxalt, Tuesday, 4 March 2008 12:22 (sixteen years ago) link
http://www.theonion.com/content/files/images/Cartoon-Mortgage.article.jpg
― That one guy that hit it and quit it, Tuesday, 4 March 2008 14:54 (sixteen years ago) link
http://www.bloomberg.com/apps/news?pid=20601102&sid=aEaHw4s_pqKg&refer=uk
BOE been reading the feds notes?
― laxalt, Monday, 17 March 2008 10:48 (sixteen years ago) link
fuck you BOE, and fuck you the city.
― That one guy that hit it and quit it, Monday, 17 March 2008 10:54 (sixteen years ago) link
My experience up here in the grim up north at the moment is of being in a recession. Would anybody like to buy a bike? I have plenty, and no takers at the moment.
― Pashmina, Monday, 17 March 2008 11:02 (sixteen years ago) link
I desperately need a bike actually. If I were up there Pash I'd know exactly who to buy it from! :/
― Tracer Hand, Monday, 17 March 2008 11:09 (sixteen years ago) link
If only you had a bike to get up to South Shields...
― Dingbod Kesterson, Monday, 17 March 2008 11:10 (sixteen years ago) link
He does orders, if you know what you need.
― suzy, Monday, 17 March 2008 11:33 (sixteen years ago) link
That whole Bear deal reeks of pre panic
― Dandy Don Weiner, Monday, 17 March 2008 12:46 (sixteen years ago) link
What is incredible to me is that Bear's employees accepted approx. 1/3 of their compensation as shares?? (I would hope that's an average, and that the top fund managers had more like 1/2 and the support and tech people had more like 1/10)
― Tracer Hand, Monday, 17 March 2008 13:12 (sixteen years ago) link
Oh, they should have a bit put away.
― Ned Trifle II, Monday, 17 March 2008 14:11 (sixteen years ago) link
Oh no, wait! They don't have plump financial financial cushions!.
― Ned Trifle II, Monday, 17 March 2008 14:14 (sixteen years ago) link
A plum cushion, yesterday...
http://www.shopdekko.com/products/630787m.jpg
― Ned Trifle II, Monday, 17 March 2008 14:17 (sixteen years ago) link
Wow, it seems like it was only yesterday when they paid their CEO a http://www.nytimes.com/2006/12/22/business/22bonus.html4.8 Million bonus. In fact it was a whole 15 months ago. Bet he's kicking himself he didn't get it in cash.
― Ned Trifle II, Monday, 17 March 2008 14:21 (sixteen years ago) link
Ooops, fckd up... http://www.nytimes.com/2006/12/22/business/22bonus.html
finding myself curiously indifferent as to the fate of bear employees :/
― That one guy that hit it and quit it, Monday, 17 March 2008 14:25 (sixteen years ago) link
Well I'm not sure it's fair that they have to shoulder the burden of risky strategies undertaken by the whizmenschen managers at the top of the pyramid.
Ana amazing fact that I've not seen on any of these threads yet: on Thursday, the chairman of Bear Stearns was participating in the North American Bridge Championships in Detroit. He and his partner were fourth in a field of 130. By Friday, they'd fallen to 26th.
― Tracer Hand, Monday, 17 March 2008 14:58 (sixteen years ago) link
yeh, this is the same guy who took a lot of shit for being away playing golf during some previous crisis.
― stet, Monday, 17 March 2008 15:11 (sixteen years ago) link
Is he some distant relation of the Bush family?
― Nicole, Monday, 17 March 2008 15:12 (sixteen years ago) link
^ well wasnt Carlyle one ot the dominoes for bear?
― laxalt, Monday, 17 March 2008 15:33 (sixteen years ago) link
The day Katrina hit New Orleans, Condoleeza Rice bought shoes at Ferragamo and saw a Broadway play.
― Tracer Hand, Monday, 17 March 2008 15:40 (sixteen years ago) link
As SoS Rice isn't that concerned with domestic shit. Not on her beat.
― Aimless, Monday, 17 March 2008 18:16 (sixteen years ago) link
That's true.
― Tracer Hand, Monday, 17 March 2008 18:24 (sixteen years ago) link
every C-level executive is part of the marketing effort!!
― El Tomboto, Monday, 17 March 2008 19:21 (sixteen years ago) link
ask seth godin!!!
-- Dandy Don Weiner, Monday, March 17, 2008 12:46 PM (Yesterday) Bookmark Link
the spectacular run on Bear's liquidity was the panic... If the same happens to Lehman (however unlikely) the shitbin will burst.
― wanko ergo sum, Tuesday, 18 March 2008 03:28 (sixteen years ago) link
The share prices of the banks got a hammering today. RBS at 304p, HBOS at 460p. It was 1000p+ less than 12 months ago.
― stet, Tuesday, 18 March 2008 04:04 (sixteen years ago) link
HBOS at 460p. It was 1000p+ less than 12 months ago.
We sold at 1087p :)
― onimo, Tuesday, 18 March 2008 11:29 (sixteen years ago) link
so.....do we believe that the hbos business this week was all down to 'rogues shorting the market'?
they still went and got their extra funding from the boe, right? even though they told us they didn't need it when they were blaming it on the rogue shorters?
― laxalt, Friday, 21 March 2008 10:46 (sixteen years ago) link
Anyway this is what the banks wanted after Northern Rock, to be able to go get funding in secret. For them to complain now about this, when it was them that wanted transparency moved is ridiculuous. more likely that it is just fig leaf bluster
― laxalt, Friday, 21 March 2008 10:50 (sixteen years ago) link
I love it how the losers in these situations always blame people shorting the market when actually what they mean is "I wish I'd thought of/been able to do that".
― Matt DC, Saturday, 22 March 2008 00:19 (sixteen years ago) link
"Debt-Gorged British Start to Worry that the Party is Ending"
http://www.nytimes.com/2008/03/22/business/worldbusiness/22debt.html?_r=1&scp=2&sq=england+debt&st=nyt&oref=slogin
― Virginia Plain, Sunday, 23 March 2008 06:03 (sixteen years ago) link
http://timesofindia.indiatimes.com/World/Queen_cancels_party_to_mark_wedding_anniversary/articleshow/2911091.cms
even the queen thinks recession has come to UK
― laxalt, Sunday, 30 March 2008 17:11 (sixteen years ago) link
Does anyone have any idea what the point of todays rate cut actually is?
― laxalt, Thursday, 10 April 2008 09:19 (sixteen years ago) link
http://news.bbc.co.uk/1/hi/business/7288909.stm
― Bodrick III, Monday, 14 April 2008 20:57 (sixteen years ago) link
Suppose we discover that before the economy gets back on track to normal growth of 2.25% to 2.5%, it endures two years of 1.5% growth.
That is far from the worst outcome one can imagine. But it leaves the economy permanently about 1% or 2% smaller than the chancellor has been assuming.
That small error would translate into a permanent annual deterioration in government revenues of about £9bn. When you add that to the shortfall we already have, you are half way to a very nasty problem.
In addition, raising large amounts of new money from the public - in return for no extra services - might feel somewhat uncomfortable when a significant economic slowdown is underway.
― Bodrick III, Monday, 14 April 2008 20:58 (sixteen years ago) link
http://commentisfree.guardian.co.uk/carole_cadwalladr/2008/04/albion_come_to_great_confusion.html
slightly emotional yet schadenfreude-tinged piece -- it's basically otm, though, that this whole thing has been a ridiculous pyramid scheme.
― banriquit, Wednesday, 16 April 2008 09:47 (sixteen years ago) link
http://news.bbc.co.uk/1/hi/business/7351073.stm
Anyone else think this is a bad idea? Where is the punishment for the bank's executives and shareholders for making such bad business decisions?
― Ed, Wednesday, 16 April 2008 17:32 (sixteen years ago) link