Heroic shorting of HBOS by its own underwrites seems to have saved the face of its terrible rights issue. Only 8.3% of shareholders wanted to take up the rights.
My reactions to this:
- How come the Board is not asked to make any sacrifices for this wreckage?
- The banks will kill each other (RBS was shorted so much for proxy purposes its shares fell by 25%) for money - so not much change there.
-With the £4 billion to cover potential losses, HBOS should escape a Northern Wreck scenario. Just don't plan on buying in now and getting any capital growth of dividend payouts until the recession is over in a couple of years.
- The rights issue model for banks is now closed. Any other companies in big trouble from now on have very limited options to get hold of new money. No wonder Mervyn King is trying to get the BOE to be able to borrow secretly.
I suggest a period of serious money printing by the BoE to shore up the banks followed by entry into the euro zone once all the debts (private and public) have been eroded away by inflation...
ReplyDeleteNotice how low this story was on the news. No real comment like 'what does this mean for banks?'.
ReplyDeleteStill, I asked an assistant 'did you hear that? That's quite shocking'
"Yes" they replied "The McCanns are innocent after all"
I am fascinated by the concept of Morgan Stanley shorting HBOS shares. Isn't this known as "pissing on your own chips"? Do you have links to the full story?
ReplyDeleteDresnder, t'other underwriter is in a right old mess.
until the recession is over in a couple of years.
ReplyDeleteOH, REALLY?
Call me economically illiterate BE but why is euro zone entry going to help ?
ReplyDeleteHovis - BE is joking, I am sure....
ReplyDeleteMW - Peston had a good piece on that last night, which I why I did not explain further.
Anon - More than 2 years from now, considering we have had a hard year already, would be a real nightmare. I have some room for optimism on my plate.
I was joking but there was a logic in there. The only quick way out of a hyperinflation is to adopt a stable (usually foreign) currency and scrap the one that is blowing up, because a currency needs credibility. That is why the Argies and Ecuadorians (for example) pegged/switched to the dollar.
ReplyDeleteSo once we have wiped all our debts out with hyperinflation we could start fresh in the euro.
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