2 of the 5 big British banks to be partially nationalised tomorrow morning

[UK populist]

Source: BBC NEWSNIGHT/BBC NEWS

Tomorrow morning before the UK markets open 2 of our 5 big banks in Britian are going to be at least partially nationalised. Those banks are HBOS (halifax bank of scotland) and RBS (royal bank of scotland). At one point today both banks had lost 40% of their share value.

As highlighted in a reply I should have said it is speculated that the 2 banks in questions are targets for the action.

Read more: http://news.bbc.co.uk/1/hi/business/7657422.stm

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There was talk on the newsnight show which got the leak of this news that they might have to do the same for at least 2 of of the other 3 excluding maybe HSBC because it is such a big bank that it doesn't seem feasible. The shit is hitting the fan big time but at least here in the UK the Taxpayer is not buying the worthless paper for nothing in return. They are taking preferred shares in these institutions.

Below is a link to the newsnight website but if you are not in the UK you might not be able to watch the video of the show.

http://news.bbc.co.uk/1/hi/programmes/newsnight/default.stm

[Gidney N Cloyd]

1. Doesn't RBS own Charter One Bank in the US?

[shirlden]

4. Yes, they do

And I have all my money in that bank. I am seriously thinking about taking it all out and putting it under my pillow. I have a money market paying next to nothing, thanks to the constant drop in interest by the fed. The interest paid, minus inflation and taxes, means I lose every day it is in there. Why should I allow them the use of my hard earned bucks ???
Is it time for the little guy, or in my case, little gal, to make a run at these crooks??
I am getting totally pissed and a bit scared............


:dilemma: :banghead:

[Jackpine Radical]

2. Now, that's a solution I can get behind.

I could even imagine a system in which, during more normal times, the profits of the nationalized banks go straight into the treasury to lighten the tax burdens on common people.

[muriel_volestrangler]

3. '2 out of 5' is just a guess, and not the actual headline

and LBN rules say you ought to use the headline from the source - "Government to unveil bank rescue" (maybe with a (UK) to clarify which govt). You still have time to edit (and perhaps give an excerpt from the BBC story).

[UK populist]

5. In the show they specifically said these 2 are definately involved.

Sorry if I broken any of the rules with regards to posting news events.

[muriel_volestrangler]

7. But it could be more, too

Barclays and Lloyds are talked about too (where the takeover by Lloyds TSB of HBOS is now, I'm not sure).

[enlightenment]

6. Ah, so Darling finally responds -

must have been the shadow cast by those torches and pitchforks.

[UK populist]

8. Thank You for the message

I have tried to edit the title just now but the edit time period has expired.
I made a separate title for because I made the post from the TV show rather than from the BBC website because it wasn't updated to include the specifics of the plan that TV had broadcast. I suppose in hindsight that I should have just given it the title from the website story anyway. That would have been "UK Government to unveil bank rescue".

[enlightenment]

11. LBN is a mite touchy - less room for error, as it were . . . that said

what do you think of the plan so far? Based on the little I've read this morning, it seems to be having at least a bit of a positive impact on the UK markets.

[Whoa_Nelly]

9. Is it time to withdraw my money from my bank here?

It's not in an interest bearing account. It's way under $100,000.

Was seriously wondering about this on my way to work today.

The bad part is, I have an inherited separate income, and get checks from several places every month. I need to be able to cash these. They come from out of state.

Damn!

I am believing that global finances are going to fail altogther. Wachovia failed and had to be bought up, and that scares the shit out of me. Wachovia is (was) a huge bank.

damn damn damn

[UK populist]

10. $250,000 covered by US government FDIC

It was raised as part of the bailout.