"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Friday, July 04, 2008

The 4 Gang - M&G, Legal & General, Standard Life and Insight resolve B & B problems and TPG fuck off back to Texas - July 4th something to celebrate

As forecast here last Friday (Friday, June 27, 2008 Bradford & Bingley - falling to the bottom feeders and union bashers ) TPG have retreated (collecting US4 Mn. as you pass go thank you very much ) .

The heroes of the hour, the “gang of four” large shareholders – M&G, Legal & General, Standard Life and Insight have evidently strong armed the pusillanimous FSA , scared shitless at the prospect of another line of depositors snaking across TV screens.

The 4 Gang have a lot to do...clearing out this current senior tier of wankers first, selling of some of the crap assets, more write downs (new brooms sweeping clean) and declaring nasty Q2 losses.

Well done all round to the 4 Gang.

However with the re-rating B&B shares have slumped below the Rights price of 55p and have just recovered a little to 56.1. Banking stocks slipped: HBOS.L , the UK's biggest mortgage lender, have lost 2.0% to 275, Royal Bank of Scotland (LSE: RBS -) fell 1.9 per cent to 210.75 and Barclays LSE: BARC.L has been hit 3% to 283p.

It is quite evident that simply nobody believes the balance sheet valuations.... or the prospect of continuing dividends for some time to come.

UPDATE B & B closed at 50p ... something rotten in the State of Denmark. Market cap of £300Mn. ?
UPDATE : Saturday 5th .. How soon before the depositors queues start snaking round the streets of Yorkshire? ..and Alliance and leicester dropped 36.25 pence to a new low of 255.50 (12.43% lower) and the biggest daily fall since September 2007 - on 5th June they were 416.50p a 40% decline.


Anonymous said...

off topic I know but those two French guys who were murdered.Sounds like a professional hit to me.

An Imperial College spokesman said that Mr Bonomo was studying a parasite which can spread from cats to human foetuses. Mr Ferez’s research was into bacteria which create ethanol for use as fuel.

Anonymous said...

Could have sworn when I read this Blog this morning you said you would be going long BB. which would open at 70p and close at 90p

ziz said...

Anon 2.49 ..and you would have been correct. Guilty as charged ..er.. M'Lud. Having left an instruction with his broker Lord Patel repaired to the gym, so on discretion (and opening below 60p )didn't trade. Thank God.

Moody's didn't re-rate, they trashed B&B paper, and further and better particulars of the 3 month arrears rate, on home grown and US mortgages (and which bright spark made that contract ?) did revise views on the shares and better informed and sharper minds than available in the share tipping department took advantage of the American holiday and stayed away.

Lord Patel cannot fail to be grateful to the eagle eyed readers , who can make comparisons in time of versions and draw such penetrating and embarassing attention to such a lousy forecast and the messy attempt to conceal the corpse.

Really made my day as Gemma had (at that early hour) been expecting Lord Patel's energies to be expended in other directions ... than pumping iron at the gym... especially as it was based on baseless and false promises of champagne baths on the strength of a stunning coup in day-trading.

However my friendly Devonian , and Axminster Carpet wife , Mrs Dutfield has been turning up trumps and Mr Funshine romped home at 33-1 at Southwell with a modest pony from Lord Patel weighing it down.

The cause of some amusement by the house staff as Lord Patel has been christened appropriately by the delightful Gemma whose temper seems restored.

Mrs D has Bold Argument in the evening meeting at Windsor on Monday ...which by happy chance is owned by Mr Simon D.. not a winner but worth a few bobs EW.

Hope that restores the faith.

Yours ever

Mr Funshine

Anonymous said...

Faith restored My Lord.

Just don't fuck up again. :)

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish