Can Things Get Worse?

Evening,

It seems that some of the World's biggest banks have been themselves burnt after burning their customers pockets for the past decade (Ha Ha!)

It all stems from reports from Yanksville where the former Chairman of the Nasdaq Exchange (I am not kidding), Bernard Madoff has been charged with fraud in what is being described as one of the biggest-ever such cases.

Well, I say big.  It is the biggest fraud case possibly ever.  Yes, even bigger than Enron.  And people did some serious time for that.

Such banking institutions such as Britain's HSBC and RBS, Spain's Santander which owns the UK High Street banks Abbey, Alliance & Leicester and Bradford & Bingley, as well France's BNP Paribas have reported as being stung by the fraud. 

Oh I do wonder, what they will do to recoup their ridiculous losses...

This comes on the day when the Pound has slumped to an even lower low against the Euro than it had done at the end of play last week.  The Pound touched a record low of 1.1084 euros, which made one euro worth 90.22p, before recovering slightly to 1.1196 euros.  Of course, this does not play well with tourists who pop over the Channel to get some cheap booze and fags.

And still it could get worse.  How, you ask?

If 2009 was to go sadistically wrong it would probably be because there was to be a run on a major currency or a Government bond market than because of wide scale corporate defaults. At this immediate second, the UK continues to remain the lowest hanging developed market fruit.

In other words, we are the least prepared nation in the developed world, to deal with this ongoing financial crisis.

As if we did not know that already...

Night, Night...