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Shares in the Alliance & Leicester bank fell by more than 31% on Monday - much of the slump coming in the last half-hour of trading.
However the massive price fall was not thought to reflect big withdrawals from the bank's deposits, BBC business editor Robert Peston said.
Like Northern Rock, mortgages play a key role in A&L's business model.
"You're not supposed to notice things like that."
Originally posted by Silcone Synapse
Hmmm,the gov has just said they will guarantee all money in Northern Rock,which I hope will calm things down a tad.
It and other small banks – like Bradford & Bingley, whose shares are also down sharply, though not as much – will remain vulnerable to this kind of negative speculation unless and until the Bank of England succeeds in restoring confidence to wholesale money markets.
Originally posted by DeepCoverUK
The troll is here again, haha!
Infinite, I noticed HBOS dipped 5% today too (and was mentioned on the BBC news), I hope that is just a sign of the general market as I have a bunch in there
...The company believes that it has been targeted by hedge funds looking to profit from identifying the next banking victim, which have been short-selling the stock, the BBC understands. "It and other small banks - like Bradford & Bingley - will remain vulnerable to this kind of negative speculation unless and until the Bank of England succeeds in restoring confidence to wholesale money markets."
Northern Rock could be broken up and sold piecemeal after it emerged that the City's financial regulator blocked a backdoor bid by Lloyds TSB to buy the ailing mortgage bank, City analysts said yesterday..It is understood Lloyds TSB was close to a deal last week to buy Northern Rock at a discount but the deal was blocked by the FSA. The watchdog told the two banks that there should be an open competition for Northern Rock's assets and not a cosy deal behind the scenes.
Originally posted by sp00n1
I think your safest bet in times like this is gold and especially silver.