Wednesday, Sep 19, 2007
One e-mail, purportedly sent by a trader at Lehman Brothers on Friday morning, urged, “load up on Northern Rock for your children, your mum, your goldfish” – just as the bank was suffering the first of two days of heavy losses.
FT.com: Traders blind to mounting worries
John-Paul Crutchley of Merrill Lynch issued a bullish note to clients, with a price target of 913p on the stock. It ended the day at 438p, having fallen 201p.
Posted by chris @ 05:32 AM (479 views) Add Comment
3 Comments
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1. lvmreader said...
Blind? Nope. It is called Pump and Dump.
Traders just don't do it to prostitutes and their girlfriends . They do it to their clients.
They needed liquidity to make sure they had a bigger sucker to sell to. Hence the "ripping the face off" of their clients.
2. uncle tom said...
The reaction to the Fed's cut and Darling's woolly assurances are pretty irrational. When the crude oil price feeds through to the gas stations in the US, the mood will change..
3. tyrellcorporation said...
I certainly would be still clamouring to take my cash out. With a loan to value of 1700% Northern Rock is virtually junk status IMHO.