The pages created in 2010 are being reposted as “posts” today, simply to move them to a new category. If you had not read them before, you might find them interesting, but otherwise please pass over them as older news.
Bank Collapse Catastrophe Warning
The possible collapse of one of world’s biggest investment banks could be “catastrophic” and lead to the “implosion” of the banking sector. British bank Barclays had appeared to be the frontrunner to take over the struggling Lehman Brothers but has pulled out of the bidding, a source close to the deal said. And a consortium led by the Bank of America is reported to have also dropped out.
US government officials and top Wall Street bankers are desperately trying to sell Lehman to avert a collapse that could severely disrupt global markets. Last week the bank revealed massive losses of around £2.2bn ($3.9bn) in the last quarter and announced it was cutting 1,500 jobs. “First of all, let’s recognise that this [the financial crisis] is a once-in-a-half-century, probably once-in-a-century type of event… There’s no question that this is in the process of outstripping anything I’ve seen, and it still is not resolved and it still has a way to go.
Bear Sterns Collapse (March 2008)