Following on from yesterday's posting, some hot news, as it appears that long established lending company, London Scottish Bank, went into receivership yesterday, St Andrew's Day, 30/11, with 6 minutes to spare.
From the Telegraph of this morning:
The move by the FSA meant London Scottish Bank was unable to renew maturing deposits. As a result it instructed its lawyers to take immediate steps to petition the court for an Administration Order.
This was made by the Court at 11.54pm yesterday.Seemingly, all investor losses will be made good by the government. In other words, you and your children, and their children, will be "saddled" with this manufactured "debt"
Order from chaos ?
A Brave Fresh World awaits, it's showtime
For more on this "historic day" see BBC reporter Robert Peston's blog post All Banks are safe - (all you snakes are belonging to us)
and Sterling plunges against dollar, thus, when the Dow collapses at the same time, the net worth is factorised, accordingly.