Jump to content
House Price Crash Forum

Wygy

New Members
  • Content Count

    21
  • Joined

  • Last visited

About Wygy

  • Rank
    HPC Newbie
  1. http://edition.cnn.com/2009/TECH/07/16/onl...hina/index.html a concept with many applications.....
  2. BANKS TO LEND YOU YOUR OWN MONEY The government is to invest £50bn of your money in British banks so they can lend it back to you with interest. The historic move is being hailed as a lifeline for the financial system as long as nobody asks too many questions. Julian Cook, chief economist at Corbett and Barker, said: "The government will give your money to the banks so the banks can start lending you that money, probably at around 7% APR. "Thanks to all the interest you're paying on your own money, the banks will make billions of pounds again and normality will be restored. "After a few years of this the government will cash in the bank shares it bought with your money and use the profits to build a huge f*cking dome somewhere." He added: "In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot." Chancellor Alistair Darling said the decision had been taken in tandem with the banking industry, adding: "They used a lot of dirty words I'd never heard before and one of them had an angry looking dog." Meanwhile, Emma Bradford, a sales manager from Bath, said: "Why doesn't the government just give my money to me so I can buy stuff from businesses who will then make a profit and put it in a bank?" But Mr Darling insisted: "Shut up."
  3. Quite enjoyed this piece, a timeline of the main events of the past few weeks here's the link http://www.nytimes.com/2008/10/02/business/02crisis.html?em and the first few paragraphs “Panic can cause a prudent person to do rational things that can contribute to the failure of an institution.” — William A. Ackman of the hedge fund Pershing Square Capital Management. It was early on Wednesday, Sept. 17, when executives at Pershing Square, Bill Ackman’s hedge fund, began getting nervous calls and e-mail messages from investors. Mr. Ackman, 42, has been a top Wall Street player for 15 years, making his clients — and himself — billions of dollars. But now, Mr. Ackman and his colleagues were taken aback by what they were hearing. His big investors were worried about all of the Pershing assets held by Goldman Sachs, the blue-chip investment bank, whose stock had come under siege. Never mind that Goldman kept Pershing’s assets in a segregated account, and that the money was safe. And never mind that Mr. Ackman believed Goldman was the world’s best-run investment bank and would come through the credit crisis unscathed. Pershing investors still feared their money might be exposed. Mr. Ackman advised Goldman executives to do something to restore confidence — such as getting an infusion of capital from Warren E. Buffett, the billionaire investor. And while Mr. Ackman kept his assets at Goldman, he hurriedly set up accounts at three other institutions — just in case things got much worse. Pershing had more faith than most. Up and down Wall Street, hedge funds with billions of dollars at Goldman and Morgan Stanley, another storied investment bank, were frantically pulling money out and looking for safer havens. Panic was spreading on two of the scariest days ever in financial markets, and the biggest investors — not small investors — were panicking the most. Nobody was sure how much damage it would cause before it ended. This is what a credit crisis looks like. It’s not like a stock market crisis, where the scary plunge of stocks is obvious to all. The credit crisis has played out in places most people can’t see. It’s banks refusing to lend to other banks — even though that is one of the most essential functions of the banking system. It’s a loss of confidence in seemingly healthy institutions like Morgan Stanley and Goldman — both of which reported profits even as the pressure was mounting. It is panicked hedge funds pulling out cash. It is frightened investors protecting themselves by buying credit-default swaps — a financial insurance policy against potential bankruptcy — at prices 30 times what they normally would pay. It was this 36-hour period two weeks ago — from the morning of Wednesday, Sept. 17, to the afternoon of Thursday, Sept. 18 — that spooked policy makers by opening fissures in the worldwide financial system. In their rush to do something, and do it fast, the Federal Reserve chairman, Ben S. Bernanke, and Treasury Secretary Henry M. Paulson Jr. concluded the time had come to use the “break the glass” rescue plan they had been developing. But in their urgency, they bypassed a crucial step in Washington and fashioned their $700 billion bailout without political spadework, which led to a resounding rejection this past Monday in the House of Representatives. That Thursday evening, however, time was of the essence. In a hastily convened meeting in the conference room of the House speaker, Nancy Pelosi, the two men presented, in the starkest terms imaginable, the outline of the $700 billion plan to Congressional leaders. “If we don’t do this,” Mr. Bernanke said, according to several participants, “we may not have an economy on Monday.” ....................... http://www.nytimes.com/2008/10/02/business/02crisis.html?em
  4. http://finance.google.co.uk/finance?client=ob&q=LON:HBOS its all over the place
  5. share price has nearly tripled in just over an hour...unreal!!!!
  6. Someone is making alot of money on this!!!!!
  7. I've given up the price is back up to £2.00 real time and the share dealing service is still down...grrrrrrrrrrrrrrrrrrrrr
  8. damn share dealing service is down!!!!
  9. damn its back up to £1.90 apparently it hit 80p i couldnt get in fast enough
  10. i doubt it im sure HBOS employees are buying up a shed load of shares as we speak
  11. HBOS wont go down, they dont sponsor any premiership football teams
  12. not yet... I'm think HBOS will recover, but the witch hunt will move on to find its next victim
  13. 65,000 people work for that company, i wouldnt be laughing
  14. I got some cash in HBOS, i'm not worried, all the banks were gonna take a hit today after yesterday, besides they have like £260bn worth of deposits
  15. found some stats on HBOS 1 in 5 people in the UK hold an HBOS financial product 65,000 employees just read the chief exec saying they have the largest savings base of any UK bank - £258bn of deposits not sure if that wil inspire the confidence needed
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.