British fin. system more exposed than the US ? Do you have evidence for this ? Sure LIBOR went upwards but I saw this as banks protecting themselves amid the uncertainty. Thoughts ? abc1
Because the british economy is only about finance & housing. It is Wall Street redux. The BoE have less power than the ECB,FED and lost a big chunk of its credibility. If the credit crunch situation goes out of control, the City will suffer more than Wall Street. Btw, dhpar, I hope you will manage to exit your trade, NRK still looking ugly "Even one of the London marketâs best days of the year could not prevent a further heavy fall for Northern Rock. Shares in the troubled mortgage lender dropped a further 16 per cent to 257p, taking losses since Friday to 60 per cent, as rumours swirled in the City that Lloyds TSB and HBOS had made low-ball offers. The rumoured HBOS approach was said to have been pitched at just 100p. Traders said Northern Rock shares had also been pressured by rumours of write-downs in its £8bn âAvailable for Saleâ portfolio" http://www.ft.com/cms/s/0/c90bb3f6-6682-11dc-a218-0000779fd2ac.html