Petem95

HBOS bank denies crisis rumours as shares plunge | This is Money

Obviously the bank are saying all is ok, nothing to worry about - just like Northern Rock and Bear Sterns were saying right up until they went under!... there's no smoke without fire IMO...

Spec'c'57

iTrader: (1)

our Mortgage is with them....

FlightMan

Pete, rather than posting all this stuff, just cut 'n paste " We're all doomed "
into a new thread every other day. You'll save yourself loads of time.

Petem95

We're not all doomed though - we're just seeing a long overdue correction, and many people will benefit significantly from this

Zeon

Just wish the house prices would crash so that I could actually afford one.

Knowing my luck though the banks won't have any money to give me when I'm in a position to get a mortgage.

SWRTWannabe

If there's not a crisis now, there will be as soon as the media get busy. They'll end up making a mountain out of a molehill in an attempt to sell more papers etc, and before you know it, Howard will be in the job centre.

Petem95

That's exactly what's happening tho Zeon - as banks will never be lending like they have in the past 5-10 years, despite housing getting much cheaper it could potentially be even harder to buy for some people as you'll need a big deposit and will be able to borrow far less.

It will be a shock to most people to actually have to do some saving and not just borrow money all the time! I guess the oldies on here will be the only ones who remember what saving money was like!

MrNoisy

iTrader: (28)

I work in the banking industry and my bet is that there's more to come, but it's far more likely to come from the US than here; as for HBOS going under - it's one of the biggest banks in the whole world and it won't happen - not this year anyway. If this crisis had affected just a couple of banks they would have gone out of business, and that would have been that (as should have happened with Northern Rock - it should have gone the same way as Bear Sterns - i.e. government should have forced them to accept the Virgin offer) but because they've all been hit, the only the ones that are vaguely well off are those that didn't invest heavily in the sub prime sectors of the US, OR got out in time - e.g. Goldman Sachs.

I totally agree with you on the saving part though. If people in the West hadn't become so accustomed to living beyond their means banks would have more cash to fall back on, credit cards would have a low maximum limit, and people would be forced to take out a pension rather than assuming this useless shower of bast*ds in power will bail them out when they get old!

ScoTTyB

HBOS won't go under, and if there is a big queue tomorrow of people withdrawing their money I'll knock the idiots out.

Tiggs

even the FSA have waded in to try and stop the morons spreading the bad press about HBOS.

Geezer

OK, I have worked for HBOS as it is now called, under various guises, for 20 years. I can tell you now that we are in a very good state, making **** loads of money and have no problems like Northern Rock or the Yank one. The **** off bonus I will get in tomorrows pay is a reflection of how well we have done this year (glad I didn't take it in shares )

We have a very wide range of business, so we don't suffer unless everything goes to pot! The reason our share price has dropped so dramtically is because of the fears over the mortgage sector, and we are biggest lender in that sector in the UK.

That said, our bargain basement share price does make us an easy take over target, which is a concern to us at least!

We are not about to go under or implode any time soon.

Geezer

J4CKO

iTrader: (1)

Brown is in the Brown !

Just committed to 2 ISA's with the buggers !

pslewis

There are a few people trying to buy Banks very cheap (or at least the shares) to make a killing, so spreading rumours for their own ends.

Maybe we should follow these rumours and BUY, BUY, BUY HBOS Shares and mop up when they bounce back?? ...... but thats what I said, and did, on Northern Rock and got my fingers a tad warm!!

ScoTTyB

Difference is HBOS isn't in trouble, unlike NR.

EddScott

Mortgage Solutions - FSA warns on market abuse

MrNoisy

iTrader: (28)

...and the bottom two lines of the article say "The warning came as HBOS had to move to deny rumours it had gone to the Bank of England for emergency funding." - and that's just it - rumours - our press here destroy companies on pure speculation.

Maybe they are in trouble, but rumours are a hell of a lot different from fact. You'll probably find the rumour sources are as reliable as those used by the Express and the Star!

andy97

iTrader: (1)

I hope HBOS doesnt go under, I've got my millions with them

girl-in-a-scoob

Reports all over the financial news this morning saying they are not in trouble.... As an ex bank manager who left one of the big four and stated in my exit interview that after working for an IFA for a number of years and then working as a bank manager I was deeply dissapointed at the mis-selling and underhand tactics used by banks.... stalling big cheques going out until their bank tied financial adviser could contact the customer etc etc...

I think its about time the banks had a shake up ... would I be sorry if HBOS folded... Not in the least.. but I cant see it happening

MrNoisy

iTrader: (28)

On the beeb this morning:
"There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling"
UK Financial Services Authority

So as we said - it's rubbish. Full article here

Dream Weaver

Just a thought, but have any of these financial prediction threads on Scoobynet since 1999 ever come true?

I doubt it.

PaulC72

%ages game is what they play, one day some of what they say will be correct and they will claim a victory over us meer mortals

lozgti

Well my bank gets right up my nose so do I care if Barrow boys are going around slating them to make a few quid?.....nah.

Quite funny they have got to go and see the headmaster to try and stop people saying nasty things about them

MJW

The rumours are probably unfounded, but having said that, the FSA is just as, if not more corrupt than the institutions they purport to regulate.

MrNoisy

iTrader: (28)

And most corrupt of all, sitting on top of the UK - our very own politicians! £7k for a new kitchen anyone?

Tiggs

What do you do at HBOS? Cleaner? Anyone in financial services knew yesterday that the share price was due to rumours spread by people shorting HBOS stock.

Norman D. Landing

<sigh>

As I posted on the other thread.


Shane O'Riordain, the group's spokesperson, told the media that "there is not a shred of substance whatsoever to these malicious and completely unfounded rumours."

Shane has also told the media very clearly that "HBOS is one of the strongest financial institutions in the world with a balance sheet of £660bn."

He has pointed out that HBOS is "the country's largest savings institution with access to a deep pool of retail deposits.

"At the same time, the group is one of the most respected names in the wholesale and capital markets. HBOS is a very strong financial institution."

HBOS has also told the media that it is deeply concerned about these false and malicious rumours that have been spread about a number of major UK banks. The group has told the media that these malicious rumours "need to stop as a matter of urgency."



Yes, I too work for HBOS and what the above doesn't tell you is that we also have 250Bn in cash deposits to use as and when and have also announced record profits 2 weeks ago for the 4th year running.

HBOS go under? Not a chance.

lozgti

I find the American Banks more interesting at the moment