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The Financial Services Authority (FSA) has announced plans for a significant restructuring of the authority. We will see the retail and wholesale divisions merged into one business unit, risk...
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Monday 15th September 2008
Who would have guessed that a move which had been flagged late last week could turn into a disaster for worldwide stock markets? Who could have seen the turmoil and knock on affect from the failure of Lehman Brothers to agree a lifeline?
A massive £50 billion pounds was knocked of the value of the UK’s premier stock market index as traders ran for the hills after the Lehman Brothers bankruptcy petition was submitted. The main victims of the fall were the banks with many traders now looking for the next possible casualty with HBOS top of many investors’ lists. There is also the problem of recouping money owed by Lehman Brothers to the array of financial companies around the world who dealt with the group.
The problem now is that market sentiment has crumbled in the face of yet another large scale corporate disaster but it could so easily have been much worse with US stock broking giant Merrill Lynch taken over by Bank of America before it ran out of funds. Rumours persist that the US authorities were behind the move which went through at lightening quick pace. This is not the end of the large corporate failures with grave concerns about the state of the UK financial market. |
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