THE FINTAG NEWSLETTER @ 29 September 2008
THE FINTAG NEWSLETTER @ 29 September 2008
FINTAG COMMENT This is getting too easy. On Friday we noted the potential demise of Fortis. Despite my calls for JP Morgan to take it over, it has been nationalised. The board said it was in fine shape whereas it was rotting away nicely. In July we noted the potential nationalisation of Bradford & Bingley. That has now happened although Santander gets to take away the best bits for a bargain whilst us UK taxpayers get to keep the nice mortgage book. In fact every single large financial failure
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UK set to nationalize B&B bank, may sell savings (Reuters via Yahoo! News)
Britain’s government will nationalize troubled mortgage lender Bradford & Bingley and is discussing the sale of its savings book and branches, people in the banking industry familiar with the matter said.