City Gurus Who Cried 'buy' Northern Rock All The Way Down

[crash2006]

NRK [Northern Rock] for your children, your Mum, your goldfish... it is not going bust, gives an excellent yield, is cheap and is a realistic takeover target – buy it now."Click to enlargeBut within hours of the trader urging investors to buy, shares in Northern Rock went into freefall as the beleaguered bank admitted that it had been forced to turn to the Bank of England for emergency funding. The shares have since halved in value.

Yesterday the email, written by an unidentified trader at the investment bank, was circling the City. "This is a classic.?.?. some poor guy sent this out on Thursday night," wrote one fund manager at the top of the email.

Lehman Brothers was desperately trying to distance itself from the email yesterday, insisting the note had been written by a junior trader and had been circled to a limited number of clients. "It does not, and did not, represent the Lehman Brothers view," a spokesman said

http://www.telegraph.co.uk/money/main.jhtm...18/cnbuy118.xml

i love it.

Edited September 18, 2007 by crash2006

[zhinzhon]

Someone in the city wont be getting a bonus

[Nicholas Cage]

It's kind of odd how quick hedge funds were to short Alliance&L to rake back money they lost, looks like an all out war then , whomever will be next ? Bradford&B?

[BoomBoom]

That's what is most disgusting, this idiot will still get a huge bonus. Failure in the city is without personal consequence, and is frequently richly rewarded.

[newbie]

Maybe they were right (taking a long term view)... just like those bears who turned bearish in at the beginning of this decade may be right (taking a long term view)...