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Barclays Struggles To Offload Firstplus Unit

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Barclays struggles to offload FirstPlus unit

Barclays is set to offload its subprime consumer loan business, which has loans of £4.5bn ($9bn), for a negligible sum as it seeks to cut its exposure to the sector.

The group had hoped to achieve its asking price of up to £400m for FirstPlus, which is being sold through advisers at Credit Suisse.

But after weeks of turbulence in financial markets, the only two firm bidders still in the running are AIG, the US insurance company, and General Electric, the American conglomerate.

It is understood that the two groups are offering an effective price of zero in a startling reflection of the flight from subprime businesses around the world.

http://www.ft.com/cms/s/0/95a9a7c6-69f1-11...00779fd2ac.html

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...and a consonant, please Carol...

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Gordon will buy it, he has as much money as you need.

Thats the benefit of removing the link to Gold, you can print as much money as you please, the more you print the more it becomes worthless anyone having savings.

Thank You Gordon, you are a brilliant man, in fact you are an economic Genius, thank God you didnt become a Gynacologist or we would all be walking around without any testicl3s.

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My name is Bond, Financial Bond.

"Zero is not enough"

Quite, since it almost certainly has liabilities that exceed it assets, zero seems like quite a high price. I imagine Barclays will be just happy to write a line under the losses if they can offload it for free.

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