Goodbye, B&B

Admiral Valdemar · Post by **Admiral Valdemar** » 2008-09-27 05:16pm

Breaking...

BBC News wrote:
Treasury to nationalise B&B bank

Troubled bank Bradford & Bingley is to be nationalised, the BBC has learned.

Officials from the Treasury and the Financial Services Authority (FSA) have been in talks with executives from the bank in a bid to secure its future.

BBC News business editor Robert Peston says the Treasury will almost instantaneously sell to a bank, or a number of banks.

B&B's share price has plummeted and it has announced plans to cut 370 jobs due to the downturn in the mortgage market.

Home loans

The bank will be nationalised using special legislation the Treasury put through when it took Northern Rock into public ownership earlier this year.

The measure is expected be announced on Sunday night or Monday morning.

The Treasury and FSA will negotiate with banks interested in buying parts of B&B. Possible buyers included Santander of Spain, HSBC and Barclays.

B&B's £50bn of loans, including £41bn of home mortgages, will not be sold and will be nationalised on a long-term basis.

Another one bites the dust.

Big Orange · Post by **Big Orange** » 2008-09-27 05:43pm

I actuaally found their commercials with the stupid bird in a bowler hat more annoying than Halifax's infamous sing-a-long ones...

Admiral Valdemar · Post by **Admiral Valdemar** » 2008-09-27 05:49pm

She was a very hot bird, though. I guess PCness meant they had to have a woman as one of the eponymous owners.

Rye · Post by **Rye** » 2008-09-27 10:27pm

I doubt itwas political correctness that made them do it, more the fact that sex sells. Obviously not enough, though.

Col. Crackpot · Post by **Col. Crackpot** » 2008-09-28 12:14pm

nice to see that this isn't exclusive to the colonies.

Dartzap · Post by **Dartzap** » 2008-09-28 12:22pm

Col. Crackpot wrote:nice to see that this isn't exclusive to the colonies.

Pffft, we started earlier than you!

And I'd love to know why Howard is still allowed to inflict his voice upon the world, his firm has gone bust, dammit! It is defunct, deceased! It is a dead bank!

Crayz9000 · Post by **Crayz9000** » 2008-09-28 01:20pm

And here I thought the other B&B had been in a crash or something.

Covenant · Post by **Covenant** » 2008-09-28 01:22pm

Crayz9000 wrote:And here I thought the other B&B had been in a crash or something.

Brannon and Braga have not been nationalized, no. Though I doubt it would reduce the quality of their writing if they were.

Darksider · Post by **Darksider** » 2008-09-28 02:53pm

Covenant wrote: Brannon and Braga have not been nationalized, no. Though I doubt it would reduce the quality of their writing if they were.

I think he ment a crash of the automotive kind.

Britian's financial system is failing, america's financial system is failing.

What other countries are having problems with financial troubles? Is this all just backlash from the U.S. market crash? I'd hate to think we're taking the rest of the world down with us.

Stuart Mackey · Post by **Stuart Mackey** » 2008-09-28 03:00pm

Darksider wrote:
Covenant wrote: Brannon and Braga have not been nationalized, no. Though I doubt it would reduce the quality of their writing if they were.
I think he ment a crash of the automotive kind.

Britian's financial system is failing, america's financial system is failing.

What other countries are having problems with financial troubles? Is this all just backlash from the U.S. market crash? I'd hate to think we're taking the rest of the world down with us.

The problem goes beyond finances, as the US buys so much of the worlds products, if that goes down it has flow on effects, and that's how it effects the rest of the world, regardless of their financial systems. The US sneezes the rest of the world catches a cold.

Tribun · Post by **Tribun** » 2008-09-28 03:04pm

Darksider wrote:
Covenant wrote: Brannon and Braga have not been nationalized, no. Though I doubt it would reduce the quality of their writing if they were.
I think he ment a crash of the automotive kind.

Britian's financial system is failing, america's financial system is failing.

What other countries are having problems with financial troubles? Is this all just backlash from the U.S. market crash? I'd hate to think we're taking the rest of the world down with us.

I think the UK has so big troubles because they emulated the US on almost every aspect in banking. Of course this now backfires badly on them. Other than that, I haven't hear anything that dramatic from other European banks.

Actually, it's quite funny. For years Germany was ridiculed that our banking system is "not american enough". And now our system makes sure that the worst won't happen.

Admiral Valdemar · Post by **Admiral Valdemar** » 2008-09-28 03:12pm

Tribun wrote:
I think the UK has so big troubles because they emulated the US on almost every aspect in banking. Of course this now backfires badly on them. Other than that, I haven't hear anything that dramatic from other European banks.

Actually, it's quite funny. For years Germany was ridiculed that our banking system is "not american enough". And now our system makes sure that the worst won't happen.

Don't look at your banks. Look at your property. The EU has several nations whose property bubbles are imploding magnificently.

Tribun · Post by **Tribun** » 2008-09-28 03:17pm

Admiral Valdemar wrote:
Tribun wrote:
I think the UK has so big troubles because they emulated the US on almost every aspect in banking. Of course this now backfires badly on them. Other than that, I haven't hear anything that dramatic from other European banks.

Actually, it's quite funny. For years Germany was ridiculed that our banking system is "not american enough". And now our system makes sure that the worst won't happen.
Don't look at your banks. Look at your property. The EU has several nations whose property bubbles are imploding magnificently.

Well, as far as I know we don't have a propaerty crisis. It's almost absurd how much securities you have to show before you are given credit for aquiring property.

Admiral Valdemar · Post by **Admiral Valdemar** » 2008-09-28 03:19pm

Absurd, up until the shit hits the fan like it is doing now. Then you see why we don't give people 125% mortgages on McMansions they'll never be able to pay off if they lived to be a thousand.

salm · Post by **salm** » 2008-09-28 03:30pm

Tribun wrote:
Admiral Valdemar wrote:
Tribun wrote:
I think the UK has so big troubles because they emulated the US on almost every aspect in banking. Of course this now backfires badly on them. Other than that, I haven't hear anything that dramatic from other European banks.

Actually, it's quite funny. For years Germany was ridiculed that our banking system is "not american enough". And now our system makes sure that the worst won't happen.
Don't look at your banks. Look at your property. The EU has several nations whose property bubbles are imploding magnificently.
Well, as far as I know we don't have a propaerty crisis. It's almost absurd how much securities you have to show before you are given credit for aquiring property.

Eh, we´re going to notice this crap sooner or later in Germany as well. The US Banks will have an advantage because they´re going to be bailed out whereas the money our banks invested will be gone.

Here´s an article (only in German)