Another week, another crisis?
I hope not. However, I will be interested to see what happens to Barclay's this week. After last weeks share crash - down 66% in a week, there is a limit to how much more the shares can fall.
Normal city trading would suggest a strong rebound is due, but if it really is institutional investors selling out then the day-trading community will have its work cut out trying to find enough cash to engineer the re-bound.
In all of this in normal times you would fully expect the CEO and Chairman to resign, perhaps the finance director too. At least the new boys could then take over and tell the truth with some credibility. We do not live in normal times though. The City is credulous of Barclay's exec's after they tried so hard to win ABN Amro - had they achieved victory they would now all out of jobs like their ex-colleagues at RBS.
The week will be determined by Barc on Monday and Tuesday - if there is stability and a recovery then the next phase of the crisis may be postponed for a few weeks. Certainly RBS is trying to hog the headlines to get some positive press about itself....