Saturday, September 27, 2008
Please don’t buy this shower Gordon
Speculation intensified last night that Bradford & Bingley's days as an independent bank were numbered, after its shares were pummelled and its market value fell to £390m, a fall of more than 90% from its peak. Shares in Lloyds TSB, HBOS, and Royal Bank of Scotland also dived, amid heightened concern over stability in the financial system if plans for the $700m (£378bn) US mortgage market bail-out fail. The financial authorities were reportedly scrambling for a solution for Bradford and Bingley, amid worry that the stricken lender might have to be nationalised if no solution can be found.