Thursday, Nov 29, 2007
Couldn't see this coming!!!
guardian: Alliance & Leicester admits credit crunch damage
"Alliance & Leicester today became the latest bank to admit that its profits have been damaged by the credit crunch.
In an unexpected trading update this morning..."
Personally I wouldn't use the word "unexpected" and "A&L losses" in the same sentence.
Posted by inbreda @ 07:45 AM (450 views) Add Comment
4 Comments
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1. paul said...
I think A&L's savers should consider taking tomorrow afternoon off work and quietly stroll down to their nearest branch to politely ask for their money to be taken out.
2. little professor said...
BBC sees it differently:
The trading statements from Alliance & Leicester and Bradford & Bingley were the occasion for a modest sigh of relief.
In extraordinarily challenging conditions in credit markets, they have succeeded in securing requisite funds from commercial sources – with A&L securing a jumbo two-year loan to cover maturing debts.
And although neither of them steered clear of the poison of structured credit, their losses from collateralised debt obligations, asset-backed securities and SIVs fall into the category of embarrassing and irksome, rather than life threatening.
3. Mrmickey said...
Does anybody reall
4. mrmickey said...
This is an operation in damage limitation, does anybody really believe what a lot of these banks are saying about this credit crunch, the bottom line is they can't be trusted,if you have savings with A & L get them out now. These banks are all coming out with the same comments "yes it got bad but it's sorted now so go back to sleep it's business as usual".