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[QUOTE]Originally posted by glassman: [QB] [b] £25bn wiped off banks' stockmarket value * Jill Treanor * The Guardian, * Monday February 18 2008 This article appeared in the Guardian on Monday February 18 2008 on p22 of the Financial section. It was last updated at 00:03 on February 18 2008. More than £25bn has been wiped off the stockmarket value of Britain's major banks this month as concern about the impact of the credit crunch reverberates around the sector. The 10% drop in the first two weeks of February underlines investor concern that further write-offs of investments in exotic instruments related to the sub-prime mortgage sector in the US may be needed. The fall in share prices has occurred as the major banks prepare to report their figures for 2007. Bradford and Bingley began the process last week, shocking the City with its admission that it was taking £226m of one-off charges and write-offs - halving its profits for 2007. Its shares, under pressure even before the figures were released, are more than 30% lower than their level of a fortnight ago. The B&B's stockmarket capitalisation is barely £1bn.[/b] http://www.guardian.co.uk/business/2008/feb/18/creditcrunch.subprimecrisis the estimates i've seen indicate that trillions$ of write-offs are gonna be made. this isn't simply bad mortgages, it's also about "estimating" financial instruments values at too high a price. it's all good until somebody asks to see how much the original instruments on deposit are really worth. somebody did... they ain't worth anything cuz nobody will buy 'em... [/QB][/QUOTE]
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