After losing 74% of their value in the past two weeks, Barclays clawed back much of their market capital losses today thanks to this letter: Open letter from Marcus Agius and John Varley SIGNIFICANT PRE-TAX PROFITS IN 2008 RECORD INCOME LEVELS ABSORB £8BN OF GROSS CREDIT MARKET WRITE DOWNS IN 2008 (£5BN NET) RELEASE OF…
Last week was a joyride wasn't it? We saw the inauguration of a new President in America, Heartland Payment Systems had a malware that infected and disclosed pretty much all the card details of every American citizen, the UK government pumped a further £200 billion ($300 billion) into the banking system and effectively nationalised Royal…
Last week was a joyride wasn't it? We saw the inauguration of a new President in America, Heartland Payment Systems had a malware that infected and disclosed pretty much all the card details of every American citizen, the UK government pumped a further £200 billion ($300 billion) into the banking system and effectively nationalised Royal…
Last week was a joyride wasn't it? We saw the inauguration of a new President in America, Heartland Payment Systems had a malware that infected and disclosed pretty much all the card details of every American citizen, the UK government pumped a further £200 billion ($300 billion) into the banking system and effectively nationalised Royal…
In a scathing interview with The Times yesterday Lord Myners', Gordon Brown's City Minister, states that the UK's banks almost collapsed last October: “We were very close on Friday, October 10. There were two or three hours when things felt very bad, nervous and fragile. Major depositors were trying to withdraw — and willing to…
Lots of articles have appeared recently blaming David Bowie for the credit crisis: Is the recession David Bowie's fault? guardian.co.uk British Press Blame David Bowie for Recession Rolling Stone Is David Bowie To Blame For The Financial Crisis? Javno.hr, Croatia Did David Bowie Cause the Subprime Crisis? Lime Wire Music Blog, NY David Bowie, the…
I keep hearing that Vince Cable, Shadow Chancellor Deputy Leader of the UK's third largest political party, the Liberal Democrats, predicted this crisis but could find little evidence of such. However, according to Hansard, he asked then Chancellor Gordon Brown the following question on 13th November 2003: "On the housing market, is not the brutal…
Lots more bad news today, after Friday's rotten Q4 banking results in the USA. Royal Bank of Scotland, as expected, is saying it made a £28 billion ($42 billion) loss for 2008. The loss comprises a trading loss of £7-£8 billion ($10-$12 billion) plus a write-off on ABN AMRO of £20 billion ($30 billion). That…
Lots more bad news today, after Friday's rotten Q4 banking results in the USA. Royal Bank of Scotland, as expected, is saying it made a £28 billion ($42 billion) loss for 2008. The loss comprises a trading loss of £7-£8 billion ($10-$12 billion) plus a write-off on ABN AMRO of £20 billion ($30 billion). That…
Lots more bad news today, after Friday's rotten Q4 banking results in the USA. Royal Bank of Scotland, as expected, is saying it made a £28 billion ($42 billion) loss for 2008. The loss comprises a trading loss of £7-£8 billion ($10-$12 billion) plus a write-off on ABN AMRO of £20 billion ($30 billion). That…
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