US bank going into administration

i feel so sorry for all the poeple that have lost the jobs - i have heard so many stories from people having post it notes on their screens x

its very scary here in CW at the moment x
 
Nothing other than market speculation - which, let's face it, is what's driving most of the turmoil at the moment. Judging by Anglo Irish's strategies etc, they should be relatively safe - they're a lender to the market rather than a borrower, they have minimal exposure to cr@p assets, and are still relatively highly graded by the ratings agencies. I just heard some panic about them this week.

Re: HBOS - this is/was a perfectly viable and sustainable business! They weren't big risk takers, they didn't have massive exposure to lots of sh*t, they just are so heavily concentrated on the mortgage market, meaning that they're badly affected by the downturn in the housing market. Unfortunately as a result of this, a lot of short-selling - ie. speculation that the share price will fall - took place on them, thus driving their share price down and leaving them extremely vunerable.
Unfortunately for their staff (and I have some good friends in the investment banking division) they are quite highly correlated with Lloyds in terms of businesses, hence why there is likely to be so many job losses, there is too much duplication.

I really can't see an 'upside' to this at all, even for the man in the street. Whilst it looks like the overpaid 'bankers' (traders, fund managers etc) who are getting it in the ear - get real. Most of them will have made enough money to retire on. It's the lower level staff who have familes and kids to feed and are now looking for jobs in a market which is shedding them at a rate of knots.
And after that it'll hit the wider market, mortgages will be even harder to come by, and the economy will take a very long time to recover.
 
I know it is not really a time for joking, but I am not lying when I say I am truly ecstatic that I won't have to see that awful 'Howard' bouncing around and vocalising on the Halifax TV adverts. Urghhh.
 
Perhaps I should qualify my comment by saying that my feelings stem from the nasty, unhelpful people who are on the end of their telephones and reduce people to tears with their bullying tactics to the extent that I had to change my phone number to stop the umpteen phone calls per day, including Sundays and Bank Holidays. I have no problem with the innocent who work for these people but . . . . you might be interested to know that there is an entire financial help forum completely dedicated to harrassment by the Halifax and the ensuing court cases against them.
 
DITTO..... Only I have to say that plenty of the people I deal with on a day to day basis are nasty, usually borne entirely from the fact that they cant manage their own finances and feel they have to blame bank employees for. I should on some occasions have been paid danger money for bearing the brunt of whatever argument you have with 'the bank' I tell you , I probably would have put up with less harrassment had I been a traffic warden.
 
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