Bradford & Bingley going, going, gone.

[manwithnoname]

http://business.timesonline.co.uk/to...cle4837596.ece

But odds are its going to be nationalisation because the president has been set.

Now this is most annoying, I've just lost £20, i thought it was going to be Yorkshire building society in our little sweepstake.

Any inside information to base this on?

[TheAnimus]

well that's just a silly question to ask.

Also worth re-iterating I'm no market analysist.

[manwithnoname]

well that's just a silly question to ask.

Also worth re-iterating I'm no market analysist.

lol, in my best J. Paxman voice 'So that's not a no then?'

I was just wondering if you has based this on anything?

Food for though in August 2006 the YBS offered me a mortgage of up to 4.5x my base pay (3.5 of my pay including overtime)

The banks are falling like flies at the moment, but do the the building societies have a different set of rules to work to? Would this make them, any less, likely to have their fingers in the wrong financial pies than a bank?

[TheAnimus]

Such information would constitute market abuse, which is a bad thing.

those who are falling the most are those who where most dependant on the international money lending market.

if you look at LIBOR (the London InterBank Offer Rate, the intrest at which banks can lend to other financial instutions) its at a high. So those that are most dependant on re-financing their book, that is to say they have lent mortgages which they can't back up themselfs, are the most likely to get humped.

[kalniel]

B&B savings have been sold to Santander.
Mortgage operations have been nationalised.. but with a twist - the tax payer isn't really paying for it.

Loses are first covered by the shareholders. If that doesn't cover it, then the banking industry pays the next £15bn. And finally if that doesn't cover it then the tax payer pays.

Though the banking industry would be given a loan to help tide them through, the tax payer would get a fair amount of interest on it.

Was interesting to hear both Darling and Osbourne pretty much in agreement on the radio this morning.

[Betty_Swallocks]

Now this is most annoying, I've just lost £20, i thought it was going to be Yorkshire building society in our little sweepstake.

Nice to see that our financial sector is taking this seriously, although I suppose it won't affect you lot all that much. City bonuses will still get paid I guess.

[JULE5]

Just a note: never follow me on share buying.

A few weeks ago my pot of HBOS shares went belly up, and my other holding? Yes you've guessed it, B&B. Grrrr.

[TheAnimus]

Nice to see that our financial sector is taking this seriously, although I suppose it won't affect you lot all that much. City bonuses will still get paid I guess.

Actually its more gallows humour, these sort of things have a massive effect on what we do, and generate massive amounts of work for us to not be effected.

[Barrichello]

Well if you thought European Markets was bad today, then this US shift im covering tonight is looking even worse now after this news.....

http://uk.reuters.com/article/usMktR...39252120080929

U.S. stocks plunged on Monday, pushing the Nasdaq down more than 7 percent at one point, after the U.S. House of Representatives rejected a proposed $700 billion plan to stabilize the U.S. financial sector and repair the credit crisis.

Back to the drawing board after this vote then!