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Home Front Economy
AIG rescue calms markets, HBOS and Lloyds in talks
2008-09-17
An $85 billion dollar U.S. lifeline for American International Group gave some respite to battered financial stocks, while the UK's biggest mortgage lender HBOS Plc and Lloyds TSB contemplated a merger which would reshape British banking.

Shares in Britain's HBOS Plc were initially sharply lower for a sixth consecutive day on Wednesday, but recovered after a source familiar with the matter confirmed a report that it was in merger talks with Lloyds TSB.

Around the time the AIG deal with U.S. authorities was announced, British bank Barclays Plc gave markets another boost: agreeing to buy parts of Lehman for $1.75 billion.
More here.
Posted by:ed

#4  I'm confused. I thought the markets were panicked -- that's what the other article said.
Posted by: trailing wife    2008-09-17 20:18  

#3  "rough" is when you've been looking for a job, any job, for a year.
Posted by: Anguper Hupomosing9418   2008-09-17 19:35  

#2  The markets fell 450 points today.
If that is "CALM"... I don't want to see rough.
Posted by: 3dc   2008-09-17 17:21  

#1  If you think the US housing market was over priced and over leveraged then you should have been in London from 1997 to 2003 when I lived there. Remember everything there is dollar to pound. What you pay $25K for in the USA you paid GBP25 for the same thing in London (back then a 60% premium). Housing was ridiculous. Our little "cottage" in central London was GBP 450K in 1997 and over GBP1 million when we left in 2003. All these flats, terrace houses, maisonettes and cottages that have risen in price 200-300% or more in the last 4 years are going to come tumbling down along with their highly leveraged mortgages and will make yesterday look like a Sunday school picnic. That could be the other shoe to drop.
Posted by: Jack is Back!   2008-09-17 12:14  

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