Sunday, March 23, 2008

This is the Truth: I heard someone say it so it’s True

City rumours: Idle chat or dangerous talk?

It was the biggest ever attempt to undermine a blue chip British company. Careless talk: City gossip is the daily bread of traders and journalists - and generally harmless. False rumours about emergency meeting with the Bank of England briefly wiped £3bn off the value of HBoS and turned a City rumour into a national crisis as financiers feared a fresh banking crash which would dwarf the collapse of the Northern Rock. The run on HBOS shares last Wednesday and the City probe now underway has thrown the spotlight on the City's rumour-mongers as never before. To stock market reporters and City traders this is the bread and butter of the day. The phone rings and a distant voice comes on the line:

Posted by plato @ 04:29 PM (546 views)
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