Top faller in the Banking sector today with a 25% fall are they about to go bust as the housing market stalls .. are they another Northern Rock failure about to blow.

We should be on the other thread as this company's epic code is: BB.

STOCKS NEWS EUROPE-Bradford & Bingley slides on funding worries
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09:03GMT 26Sept2008-Bradford & Bingley slides on continued funding worries

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Shares in British mortgage lender Bradford & Bingley slide as a cost-cutting programme unveiled on Thursday fails to dispel concerns over its funding position, analysts say.

Shares are down more than 8 percent after falling as much as 22 percent earlier in the session.

'B&B is in deep loss for 2008, and I presume the dividend will be passed,' says a London-based analyst.

On Thursday B&B shed 370 jobs and said it had sold its remaining impaired mortgage-backed securities at a loss of 50.8 million pounds.

B&B shares are down more than 60 percent since the beginning of the month, with the bank's high dependence on expensive wholesale funding raising doubts over its prospects as an independent lender, analysts say.

Reuters Messaging: rm://myles.neligan@reuters.com@reuters.net

According to papers they had no buyers for the company.

None whatsoever...but they are offering 7% for their 1 year bond account.

lets see what happens in the us at the weekend as it could all change

Bradford & Bingley Faces Takeover

B&B 'To Be Sold Tomorrow'



Sky sources say troubled lender Bradford & Bingley will not survive the weekend as an independent business.

The troubled lender is set to become the latest victim of the credit crunch


It is expected that the bank, whose value has plummeted in recent months, is the latest victim of the credit crunch.

Sources say the bank will most likely be "carved up" amongst several "white knight" buyers. A final decision is expected tomorrow.

Sky News business correspondent Joel Hills said: "These talks have been going on for some time.

"The share price has collapsed - two years ago people were paying up to 2 for these shares. At the close of the week they were trading at around 20p each."

Yet Hills said it was "inconceivable" that the government would allow savers to lose any money, adding: "Please don't think your money is unsafe."

The Government is said to be hoping a private bank will come forward and agree to take over the troubled lender.

If no deal goes through, moves to nationalise the bank will proceed tomorrow, say Sky sources.

The details of any prospective national takeover remain unclear. The Government may choose to keep the bank as a separate entity or could take Bradford & Bingley onboard, selling off the assets.

City commentator Justin Urqhart Stewart said the lender are in trouble because the buy-to-let market is very weak - and deteriorating.

He said any proposed Government takeover would mean "we have to take on more financial responsibility, meaning the government will have to pay more.

"This is not the time for the Government to splash around. The money just isn't there unless they're going to carry out more borrowing."

Mr Urqhart Stewart called any such move the "British" version of the US bail-out plan.

Earlier in the week, Bradford & Bingley announced 370 job losses in an attempt to streamline operations.

Last month, it reported a 27m loss for the first six months of the year, blaming a rise in bad debts and losses on mortgage backed investments.

Just heard Sky news say they are in big trouble..!

They are gone!

(Say BBC)

Will be merged with Northern Rock by HMG.

No prizes for guessing how much HMG will be paying for it...

shareholders expected to get nothing

stroreysj - 26 Sep 2008 07:27 - 85 of 109
am i the only buyer out there ? Im either going to be crying in my soup in the poor house or laughing in my Ferrari if this ever sorts itself as will be paying more in capital gains tax on the dividend than i used to earn in the city. Anyway have my limit orders to buy even more if it gets pummeled to the 15p area. Off to the first night F1 Grand prix practice session as likley to be far less stressful

Hope you sold Friday mate.

Shareholders get ZERO!!!



Troubled bank Bradford & Bingley is to be nationalised, the BBC has learned.

Officials from the Treasury and the Financial Services Authority (FSA) have been in talks with executives from the bank in a bid to secure its future.

BBC business editor Robert Peston says the Treasury will then speedily sell B&B's 200 branches and its savings business to a bank or number of banks.

B&B told savers deposits were safe and Treasury minister Yvette Cooper said they would be "properly protected".

Ms Cooper told the BBC negotiations were still ongoing, but the chancellor would make a statement before the markets opened on Monday.

"We've been very clear that the priority is to make sure that depositors, that ordinary savers, are properly protected, but also that we can support the financial stability of the banking system as a whole."

B&B's share price plummeted to a record low last week.

and why should they get anything?

just come back from a fantastic grand prix and very happy Alonso won. This has just brought me back to earth with a bump. 85k out of pocket now thats what i call a big bump. Once again common day theft from the british government

what theft? ..... you reckon B&B was going to survive or have you just been making some other bad investment choices?

I would think stupidity of the shareholders not to rein in the board!

Capitalism gone mad!

Without Govt intervention BB was busted. The big picture is to regain global financial stability, not to protect shareholders, especially those trying to bottom fish in the hope of making a killing.

Don't say we did not warn you last week.

Let's see how the markets react on Monday. I for one will be shorting stocks in the main for the rest of this year at least.

can't believe i was so thick as not to short "banking sector" some time ago ...... it just never crossed my mind to ask if one could, and of course one can as well as any number of others .... anyway, for tomorrow at least, still probably plenty to be made long on the indices in general