Let's get this straight: The Fed prepares an $85 billion bailout for American International Group, because the insurer's exposure to derivatives and hedge funds could cause a domino-effect collapse to banks in Europe. So the day after the deal is announced, HBOS and Lloyds TSB both own up to being in such bad shape, they will attempt a merger, thus possibly starting a domino effect in Europe. (Oh, and let's not forget Morgan Stanley and Wachovia.) Translated, whatever we do we're screwed. Look out below.
Showing posts with label HBOS. Show all posts
Showing posts with label HBOS. Show all posts
Wednesday, September 17, 2008
Shot By Both Sides
Let's get this straight: The Fed prepares an $85 billion bailout for American International Group, because the insurer's exposure to derivatives and hedge funds could cause a domino-effect collapse to banks in Europe. So the day after the deal is announced, HBOS and Lloyds TSB both own up to being in such bad shape, they will attempt a merger, thus possibly starting a domino effect in Europe. (Oh, and let's not forget Morgan Stanley and Wachovia.) Translated, whatever we do we're screwed. Look out below.
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