<A few reviews of Lomborg's "Cool It" The Oil Drum Economic Impact of Peak Oil Part 3: What's Ahead?>
<DrumBeat: September 30, 2007 DrumBeat DrumBeat: October 2, 2007>

161 comments on DrumBeat: October 1, 2007

Comments can no longer be added to this story.

Show without comments | PDF version

ilargi on October 1, 2007 - 12:01pm Permalink | Subthread | Parent | Comments top

Alliance & Leicester, and Bradford & Bingley were the other two.

The initial promise of guaranteeing 100.000 pounds solved a first crack, but now that it's lowered again, Chancellor reconsiders savings pledge, who knows how people will react? They're looking for safety. 35.000 pounds does not spell safety, Northern Rock has many mortgages and pension holdings, which easily go beyond that number.

It's not realistic to think these three are the only UK banks in trouble, like NetBank will not be the last US victim.

Northern Rock, 11.42 am EDT:
LON:NRK 134.00 -45.20 (-25.22%)

Guess that set of guarantees didn't help much.

NetBank 11.58 am EDT
OTC:NTBK 0.04 -0.03 (-45.59%)

NetBank has officially filed for bankruptcy (protection).

Comments can no longer be added to this story.
doctorbob on October 1, 2007 - 12:41pm Permalink | Subthread | Parent | Comments top

It seems to me that one reason such a safeguard would be withdrawn, is that Brown knows that more banks are heading for trouble and he simply cannot afford to guarantee the money in all of them. Otherwise, why backdown when it would attract such bad publicity with a possible election in the offing? As mentioned above, doing this almost guarantees that there will be a run at the first rumour of trouble at any bank.

Comments can no longer be added to this story.
SacredCowTipper on October 1, 2007 - 12:56pm Permalink | Subthread | Parent | Comments top

Assuming I go back to work this week (fingers crossed) I'd like to start banking in some fashion where I can use euros rather than dollars. I hear Everbank is an alternative to Netbank ... does anyone have an opinion on which bank will give me a cash card but let me store the funds in the euro? The $1,500 minimum for an Everbank account isn't such a stretch but I would probably shy away from anything much larger than that.

Comments can no longer be added to this story.
ilargi on October 1, 2007 - 1:51pm Permalink | Subthread | Parent | Comments top

Actually, there's a connection here: NetBank folded after Everbank declined to purchase them. Letting them go down, and then buying assets, must have been cheaper.

EverBank to acquire some assets of failed NetBank

Less than two weeks after killing a deal to acquire NetBank, EverBank said it will acquire about $700 million worth of mortgage assets of the failed Internet bank.

The Federal Deposit Insurance Corp. and Office of Thrift Supervision shuttered NetBank Sept. 28, at the same time giving its approval for ING Bank to assume NetBank's insured deposits.

On Sept. 17, EverBank pulled the plug on its planned acquisition of substantially all of NetBank. EverBank said only that it made the decision "after it became clear that NetBank would not be able to complete certain conditions required to close and receive regulatory approval."

Comments can no longer be added to this story.

161 comments on DrumBeat: October 1, 2007

Comments can no longer be added to this story.

Show without comments | PDF version