Banks Rights issues tanking ... ordure to hit the air conditioning real soon now

Royal Bank of Scotland (LSE: RBS.L ), HBOS (LSE: HBOS.L) and Bradford and Bingley (LSE: BB.L ) have all announced major rights issues critical to their companies to recover from the losses piled up by imprudent jiggling with financial flannel and monetary legerdemain.

RBOS rights issue shares are priced at 200p today (Friday)the shares closed at 228.5p

Underwriters UBS , Goldman Sachs and Merrill Lynch , will be left with a sizeable chunk of unsealeable shares - leaving a large and very nasty stock overhang for years.

Bradford and Bingley made a £300Mn cash call on share holders on 14th May when shares traded at 135 p (435 p May 3oth 2007) the issue price is 80p. Today (Friday) they closed @ 88.25 p (they fell 7% today) Underwriters Citi and UBS will be left holding a chunk - as will the Directors have bravely agreed to take up their rights.

HBOS made a rights issue to to raise £4Bn at the end of April when shares were at 492 p and are today Friday closed at 400p, against the 275 p rights issue. The issue is fully underwritten by Dresdner Kleinwort and Morgan Stanley

Failure of these banks to raise funds from shareholders will have cataclysmic results in City finacial markets - also expect "sovereign funds " to Hoover up cheap equity and maybe major banking re-shuffles are already underway.

England RFU - Welcome to rugby as played by the United Nations

The absurd plan of the slick, fast talking marketing men to bastardize the notion of national Rugby Union teams gathers pace.

26 year old New Zealander Shontayne Hape could soon be pulling on the jersey with the Red Rose.The Bradford Bulls star has agreed terms with Premiership club Northampton subject only to the granting of a work permit - he would apparently qualify to play for England on residency grounds.

The 26-year-old joined Bradford in 2003 from the Warriors after falling out with the New Zealand club following his rehabilitation from a horrific knee injury.

Hape formed a devastating combination at Bradford with the new England star Vainikolo who turned out on Saturday in their dire defeat at the hands of wales at Twickenham.

Dogged by injuries , another player past his sell by date, with major fitness problems, cashing in (quite sensibly) on the insane selection policies of a desperate national coach.

How soon before the TV schedulers realise that there is no market for these mongrelised teams ?