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Realistbear

H B O S May Be Broken Up -- Another Skint Bank?

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http://www.telegraph.co.uk/money/main.jhtm...5/cnhbos125.xml

JP Morgan leads possible HBOS break-up
By Helen Power, Philip Aldrick and Katherine Griffiths
Last Updated: 1:36am BST 25/07/2008
JP Morgan, the US banking giant that rescued Bear Stearns earlier this year, has held talks with several interested parties about forming a consortium to break up HBOS, the UK's biggest mortgage lender which includes the Halifax brand.

Our entire banking system is insolvent. When are the stockmarkets going to realise this and react accordingly? It is so much worse here than in the US, the EZ.

With Halifax crumbling that just leaves B&B and A&L to finally capitulate.

I wonder if their shares will all rise this morning on the "good news?"

Edited by Realistbear

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Lazy journalism???

Surely the monopolies and mergers commission wouldn't like this or the EU?

Agree. Seems that Spain is the financial solution for all our banking woes. As if SP are unaffected by the collapsing house markets. Perhaps Santander (not Santarna) are a front for something else?

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The only fly in the ointment in the past year for me has been that 25% of my stash is locked up in HBOS accounts and managed investments (not shares)

I watch nervously.

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Lazy journalism???

Surely the monopolies and mergers commission wouldn't like this or the EU?

the MMC and the EU would jump at it if the alternative was to be nationalised....

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HBOS (LSE:HBOS.L)

Last Trade: 292.00 p

Trade Time: 8:06AM

Change: 9.50 (3.15%)

Last Trade: 288.50 p

Trade Time: 8:10AM

Change: 13.00 (4.31%)

20% down by the close? Or will the market realise this is really bad news and bid it up?

Edited by Realistbear

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Lazy journalism???

Surely the monopolies and mergers commission wouldn't like this or the EU?

That is unlikely. Under very particular circumstances a merger may be deemed to be in the public interest even if it results in an increase in the concentration of a particular market and a slight lessen of competition and an increase in prices. The public interest test of mergers fell out of favour about 20 years ago when Thatcher/Reagan were in power but in more recent years the braoder public interest has come back into favour in academic/legal circles when dealing with competition issues. The banking sector may be the first place that this new thinking is really tested.

I am sure that it would be accepted that the residential and commercial mortgage market is extremely competitive (under normal banking conditions) and that HBOS being bought by an existing banking group would not significantly lessen competition. I am also sure that stability in the banking sector would overide any concerns on slight increases in the interest rate on mortgages.

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Halifax/HBOS used Permanent Financing as a PLC, same as Northern Rock used Granite.

89-002.gif

Any profits received by Holdings, after payment of the costs and expenses of Holdings, will be paid for the benefit of The National Society for the Prevention of Cruelty to Children (registered charity number 216401) in the United Kingdom and for other charitable purposes selected at the discretion of the corporate services provider. The payments on your issuer notes will not be affected by this arrangement.

Why do the government not alter the situation so these charities get some money on the break up . The whole problem started with finance people running rings around their respective governments.

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Isn't this just the frikkin' pits?

Think about it: here we are in England, home to more stately homes per sq miles than anywhere on the planet; England where "there's no place like home", where "east or west, home is best", where "an Englishman's home is his castle". Was there ever a place on earth where home ownership was more central to a nation's psyche? England , from whose shores Drake set forth to face off and roundly spank the Spanish Armada, just to defend those very homes.

And now, some 420 year later, almost to the very day, we face the ignominy of our biggest mortgage bank (the real owner of our mortgaged "castles") being owned by foreigners. And not just any foreigners, but those whose defeat by Drake, immortalised in the words of Rule Britannia ("Britannia rule the waves") constitutes such a large part of our national identity.

They have our airports. Now they want effective legal title to our homes. Whatever next?

And all to satisfy the greed of a few bankers / massage the materialist aspirations of the profligate.

And yes, I did warn them about this two years ago.

Theme-park-Britain here we come.

PS : just thought of the silver lining : Grant Bovey ;)

Edited by Sledgehead

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The purpose of this exercise would be to eek out all the profitable stuff and then leave the taxpayer with all the crap and none of anything that is worth something.

It is to make sure the fat cats keep as much as possible.

Watch the fees from JPM go ballistic as they take everything leaving only the toxic zombie pool of death for you and I to bury in granite for 4000 years.

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Isn't this just the frikkin' pits?

They have our airports. Now they want effective legal title to our homes. Whatever next?

It's not a one-way street you know. It isn't only Britain that has the right to invest in other countries. And I doubt if there are many survivors of the Spanish Armada on the board of Santander.

What's more there may have been many stately homes but the vast majority of people lived in semi-feudal tied cottages - until they were swept off by the enclosures into early industrial slums.

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QUOTE:

"But this is the British housing market....."

Declan Curry, BBC News, Tuesday 1st July 2008 - a day to remember... :lol::lol::lol:

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Agree. Seems that Spain is the financial solution for all our banking woes. As if SP are unaffected by the collapsing house markets. Perhaps Santander (not Santarna) are a front for something else?

Surely a bank that has been growing at 20% per annum in the middle of an unprecedented housing bubble must be the solution to our woes.

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  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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