Archive for September, 2008
« Previous EntriesFortis Luxembourg and Bradford and Bingley IOM are the first offshore bank bailouts
Tuesday, September 30th, 2008In the US, Wachovia went down today. National City is headed south too. Oddly, the USD increased against the EUR.
The British Chancellor stated that the taxpayers will not have to pay the “entire” cost of the bankruptcy of Bradford and Bingley. Interesting, and perhaps reassuring, to note that their Isle of Man operations were also [...]
EXTRAORDINARY INTERVENTIONS: Bradford & Bingley implodes; Fortis rescued; Hypo next; Central Bankers will conspire to support dollar but Barclays, TD and ING expect it to tumble
Monday, September 29th, 2008Bradford and Bingley, a small British bank, has finally collapsed. Nothing unexpected there. All major bank implosion seems to happen on Sundays these days, no matter which side of the Atlantic.
Dutch-Belgian banking giant Fortis has been rescued. But according to Naked Capitalism, German Hypo Bank may go down tomorrow.
Meanwhile this just came in on the [...]
The Nigerian Scam from Washington
Monday, September 29th, 2008Here’s a little joke floating around the net that I thought y’all might enjoy for a Monday morning…
Dear American:
I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude.
I am Ministry of the Treasury of the Republic of America. My country has had crisis [...]
The Big Bailout That Has Already Happened, and the Dangers of Gold ETFs
Monday, September 29th, 2008“What went in got squashed and what came out, certainly did not come out looking the same,” says Jim Sinclair of www.jsmineset.com “Considering the fact that the Fed has lent $1 trillion to banks and the Wall Street gang last week alone, $250 billion for starters and $50 billion in tranches (that in fact might [...]
Gold Coin Sales Suspended by US Mint
Saturday, September 27th, 2008With more and more US investors getting the gold bug - that is, seeking to preserve their purchasing power by moving out of the failing dollar and into real money - it seems the US mint can’t keep up with demand. They have suspended sales of gold bullion coins as of Friday.
Of course, there is [...]