Sunday, September 28, 2008

Bradford & Bingley Nationalised Another UK Bank Wiped Out by Tulip Backed Securities

Bradford & Bingley Nationalised Another UK Bank Wiped Out by Tulip Backed Securities

Bradford and Bingley's slow 12 month death march towards the same fate as Northern Rock finally looks set to have come to an end with expectations on Sunday that the beleaguered bank will be nationalised with a view to a break of the bank and liquidation of assets so as to cover in part the estimated £20 billion bailout cost that is required to fill the gap between assets and liabilities. The toxic mortgages will probably end up with the government owned Northern Rock bank which will increasingly be seen as the UK Governments Toxic Mortgage Dump where the tulip backed securities of further bank busts and partial bailouts will end up.

Posted by nadeem walayat @ 09:11 AM (539 views)
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