Or is the UK on an economic deathbed? Or both…?
‘Too big to fail’ banks seem particularly attractive these days…
Dr Doom not convinced – the Greece plan looks like polishing the tip of an iceberg in the hope it melts…
Club’s first bond issue branded worst performing bond this year…
Revealing extracts from the memoirs of former Goldmanite and US Treasury secretary Hank Paulson…
Legendary investor, philanthropist and the man that broke the Bank of England, George Soros has joined calls to break up the banks…
Didn’t Tony Blair play one too. Perhaps we should get him back to solve the UK’s financial crisis.
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In case you were wondering where on earth all that money went that you shoveled into the black hole known as AIG, we now have a pretty good idea.
* $13 billion of it went to Goldman Sachs
* $12 billion went to Soc Gen
* $12 billion went to Deutsche Bank
* $9 billion went to Barclays
* $7 billion went to Merrill Lynch
…
John Paulson shorted Lloyds and, according to Bloomberg, may have made $2.68 million a minute over a 25-minute period this morning.
Put your calculators away: it’s $67 million. In 25 minutes.
Paulson’s good fortune came as Lloyds fell as much as 43 percent in less than 25 minutes of London trading after it said HBOS Plc, the U.K. lender it took over last month, was going to report a £10 ($14.5) billion loss.
According to Bloomberg:
“Paulson held …
