Wednesday, Sep 17, 2008
Hedge Funds Attack Britain's Biggest Mortgage Bank
The Market Oracle: Hedge Funds Crash Halifax, HBOS Rescued by Lloyds TSB
Hedge funds over the last 3 days have been in relentless pursuit of Britain's biggest mortgage bank, Halifax Bank of Scotland (HBOS) as the next bank to be pushed over the credit crisis and housing bear market cliff, amidst an atmosphere of global defaults in the wake of Lehman's collapse on Sunday. In emergency action both sanctioned and sponsored by the Bank of England saw Lloyds TSB step in to buy the Bank before the Government was forced to step in and rescue the bank much as happened following the Northern Rock bust in September 2007.
Posted by nadeem walayat @ 11:39 PM (161 views) Add Comment
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