Reply to: So which other bank is in trouble?

[BlasterBates]

I reckon tough times are coming ladies and gentlemen.

I just got told my contract yesterday isn't getting renewed at a large bank (Suspect they're scared of the pay rise I'm going to ask for now I got my CCIE), plus quite a few other contractors in my area are also not being renewed (About 5 I know of just now in a team of around 30, and some still not sure what's happening) and the ones who are staying aren't getting raises.

Might be a good idea to lock in and lay low for a while.

hmm that's interesting Snaw. The bank I'm working for just laid off hundreds, mainly in the US and London. On the chat, one guy was "unplugged", "I'm redundant" he chatted, then "my applications are behaving strangely", then silence. Tough times ahead ?

[shaunbhoy]

You're a half-wit!

You pair ought to work in tandem then. That way the possibility of you jointly passing a comment worth listening to would become much more of a tangible option.

[sasguru]

Another one bites.

My work here is done.

Git.

[Churchill]

And you are thick. The result of my search confirmed what everyone was talking about yesterday in the pub.
Stick to basic IT or whatever it is you do.

Another one bites.

My work here is done.

[sasguru]

I'm talking about your original post!

Not the result of the search you made after the event.

You tried to impress with "insider" knowledge and came a cropper.

You're a buffoon!

And you are thick. The result of my search confirmed what everyone was talking about yesterday in the pub.
Stick to basic IT or whatever it is you do.

[Churchill]

Read the article. Then put on your dunce's hat and stand in the corner.

HTH

I'm talking about your original post!

Not the result of the search you made after the event.

You tried to impress with "insider" knowledge and came a cropper.

You're a buffoon!

[sasguru]

sasguru sounds more like Phoney Blair every day...

And here's my Blair grin

[sasguru]

How does "rumour on the City grapevine" get translated to "It's clear that the BofE facility is being used by another bank."?

You're a feckin half-wit!

Read the article. Then put on your dunce's hat and stand in the corner.

HTH

[DimPrawn]

How does "rumour on the City grapevine" get translated to "It's clear"?

You're a flipin half-wit!

sasguru sounds more like Phoney Blair every day...

[Churchill]

Rumour on the City grapevine ...

How does "rumour on the City grapevine" get translated to "It's clear that the BofE facility is being used by another bank."?

You're a half-wit!

[rootsnall]

Hopefully they put it all into off-plan city BTL apartments.

In Brazil.

[DimPrawn]

Calm down ! Can we stick to your usual detailed analysis such as 'Boomed' or direct quotes from the BBC please.

I think you'll find the "bankers" and in particular the private equity lot have long since extracted a decent wad or two for themselves.

Hopefully they put it all into off-plan city BTL apartments.

[sasguru]

Interesting point in the article about Credit Default Swaps. When you do one of these deals, you're supposed to buy shares to cover the deal if a "Credit Default Event" occurs (it's essentially an insurance policy but structured as a deal).

Now, I know that there are several unscrupulous (or maybe just stupid) banks that aren't doing this (I'm not going to tell you where I got this info - so don't ask). If a major institution goes down and these CDSs have to pay out then a few other banks may follow on un-serviceable CDS deals.

Hmmm. Interesting. Didn't know that. I get the impression we're only seeing the tip of the iceberg.

[Moscow Mule]

I think they are all fooked. They have been buying, repackaging, blending, remixing, repackaging and reselling complex financial "products" all contaminated with sub-prime debt for some time.

All I hope is the stupid greedy "bankers" are the ones chucking themselves out of the windows when it all finally collapses on itself.

I don't think they are all fooked - there will be winners and losers as always.

[Moscow Mule]

Actually yesterday's rumour confirmed by Times today:

http://business.timesonline.co.uk/to...cle2879603.ece

Interesting point in the article about Credit Default Swaps. When you do one of these deals, you're supposed to buy shares to cover the deal if a "Credit Default Event" occurs (it's essentially an insurance policy but structured as a deal).

Now, I know that there are several unscrupulous (or maybe just stupid) banks that aren't doing this (I'm not going to tell you where I got this info - so don't ask). If a major institution goes down and these CDSs have to pay out then a few other banks may follow on un-serviceable CDS deals.