Bradford and Bingley on its knees

[Emily]

Deja Vu can be scary and heart stopping thing. This King of Buy to Let Bank is now on a down hill slide. As in the NR saga , shares have slid rapidly;profits take a very big downturn; its CEO is OUT due to ill health.

This bank is heavily into BTL lending and we know many new Town centre residential flats with its shinny still facia brought during the mad craze(cica 2005)is now been spurned by the market; their Mark to value has already hit Neg eq before most residential owned properties .....so in that respect its worse than NR!

All it takes is for savers to start queuying outside BB to start a crisis loking like NR....

Things are now NOT any better for the Banks since the 50 Bilion rescue plan - it was a waste of money for the BOE to pump Billions into the banks. The Banks are still lending to each other much higher than base rate.... Inflation is NOW the arch antithesis of any Recovery and in the US and the UK there is a call to raise interst rates back to precrunch days to stave of inflation.....and let the economy go into convulsions.

The fiscal balancing act to help the economy and lower inflation is a man on a tight rope wobbling along and not moving in any directions. End game?

[kallis3]

And I see that Barclays and RBS have been raided over allegations of price fixing......who's next I wonder?

[Beans on Toast]

Typical, our small contingency fund is in B&B [:(]

[kallis3]

I also see that the staff at Bradford and Bingley have been reassured by presentations and pie charts etc., that their jobs are safe.

I would start to worry........it's when they start with the reassurance that redundancies are next on the agenda.

[Beans on Toast]

Oooohhhh pie [:D]