Tuesday, Mar 25, 2008
Artemis’ Derek Stuart has warned that more banks could go bust as a result of the credit crunch
Citywire: Derek Stuart warns more trouble ahead for banks
Stuart said that following the implosion of Bear Stearns there is a likelihood - and even a need - for more banks to go out of business. ‘Some of these banks need to go bust’ he said. He said fund managers should continue to avoid the banking sector because there is still insufficient transparency about banks' business models. Stuart has been a long-term bear on the banking sector since the launch of his £1 billion UK Special Situations fund. The credit crunch and ongoing liquidity crisis has however crystallised his uncertainties.
Posted by jack c @ 03:14 PM (546 views) Add Comment
3 Comments
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1. paul said...
Banks have already gone bust. Its just that here in the UK they have special friends.
As Lord Lawson remarked "There is no public interest here. There is certainly no shortage of mortgage providers." Those words will go down in history as the only protest to a corrupt and catastrophic decision by those in power to bail out their chums at the taxpayers' expense.
2. alan said...
The stock market has risen today because everyone and their dog are buying bank shares. It seems that as the central banks will be bailing out our banks for the forseeable future, there is "no downside risk" (says Reuters correspondent).
The question is:...How many more lenders/banks will need bailing out before the crunch is over?
3. Greytornado said...
Anybody care to give us a clue as to which Banks ? I can't see that HMG can afford to bail much else out after the Northern Crock do and no one should have to lose money invested in a High Street bank. For starters; Alliance & Leicester and Bradford & Bingley seem to get a lot of mentions in the press lately.......................