FTSE drops under 3900 and things not looking good for RBS!

Admiral Huddy · 10 Oct 2008 at 16:54

Another big drop on the FTSE today (8.26%).. Looks like the global rate cut and bail outs aren't working as quick as expected

http://newsvote.bbc.co.uk/2/shared/f...data/overview/

Went down under 3900... 3000 by christmas anyone?

At 72p, you might be able to grab a bargain Monday. There's no way the the Government will allow this bank to fail because of their massive global asset value. If they do, well kiss your jobs good bye!!

HBOS and Schroders also hit hard today.

norm · 10 Oct 2008 at 17:18

You talk about buying bargain shares. But what happened to the shares people bought in Northern Rock after it started failing? When the Government nationalised it, did they lose everything?

Dave85 · 10 Oct 2008 at 17:20

OMG were all doomed. According to the BBC mongers

Energize · 10 Oct 2008 at 17:20

norm said:
You talk about buying bargain shares. But what happened to the shares people bought in Northern Rock after it started failing? When the Government nationalised it, did they lose everything?

The shares were bought from them.

Hxc · 10 Oct 2008 at 17:21

Why was BP hit so hard today?

Chiz · 10 Oct 2008 at 17:27

So say RBS goes bust.... and i'm guessing people could lose their savings; would this mean i wouldn't have to pay back my overdraft? :-|

Monkey Puzzle · 10 Oct 2008 at 17:31

Hmm, I bank with RBS. I suppose it's a bit much to hope my overdraft will go should they be propped up by the governement and 80% nationalised or what-have you!

Kemik · 10 Oct 2008 at 17:32

Damm those Asian markets!

Pilky01 · 10 Oct 2008 at 17:34

Chiz said:
So say RBS goes bust.... and i'm guessing people could lose their savings; would this mean i wouldn't have to pay back my overdraft? :-|

You would still end up paying it back if they went into administration.

Very tempted to grab a few RBS shares at 72p

jrodga2k5 · 10 Oct 2008 at 17:41

Been waiting for my bank to get a bit of action.....woohoo! :rolleyes:

Us students can only hope they dont screw us over demanding back the overdrafts lol!

Dolph · 10 Oct 2008 at 17:42

Energize said:
The shares were bought from them.

No they weren't, when the government nationalised both Northern Rock and Bradford and Bingley the shareholders have got pretty much nothing. That's why the former northern rock shareholders are in the process of a judicial review about the payment.

As to the rest of the criticism of the various bailouts, they haven't come into effect yet...

Monkey Puzzle · 10 Oct 2008 at 17:44

Dolph said:
No they weren't, when the government nationalised both Northern Rock and Bradford and Bingley the shareholders have got pretty much nothing. That's why the former northern rock shareholders are in the process of a judicial review about the payment.

As to the rest of the criticism of the various bailouts, they haven't come into effect yet...

Did the governement effectively dilute their shares and take a part-share of the companies?

Pilky01 · 10 Oct 2008 at 17:47

Monkey Puzzle said:
Did the governement effectively dilute their shares and take a part-share of the companies?

http://www.uksa.org.uk/NorthernRock.htm

The shareholders arent happy at all.

mrbios · 10 Oct 2008 at 17:49

A little off topic but where is lloyds in all of this? they pretty stable at the moment? them nationwide and hsbc seem to be the only ones i havent heard any mention off in this whole situation

mr tommo · 10 Oct 2008 at 17:51

How would I go about buying shares in RBS? Step by step.

Pilky01 · 10 Oct 2008 at 17:52

mrbios said:
A little off topic but where is lloyds in all of this? they pretty stable at the moment? them nationwide and hsbc seem to be the only ones i havent heard any mention off in this whole situation

I dont think it will be long before we start hearing things about them. Banks cannot survive without the loans from other banks which they are not getting.

Dolph · 10 Oct 2008 at 17:54

Monkey Puzzle said:
Did the governement effectively dilute their shares and take a part-share of the companies?

No, the government took full ownership of the company, leaving the shareholders with effectively nothing, after systematically devaluing it with their dilly-dallying behaviour.

kai · 10 Oct 2008 at 17:57

HBOS i was hard hit last night lost £1200 on an adventurous portfolio

Pilky01 · 10 Oct 2008 at 17:59

My uncles friend had about 50grands worth of HBOS shares. He is not happy.

Haircut · 10 Oct 2008 at 18:00

Chiz said:
So say RBS goes bust.... and i'm guessing people could lose their savings; would this mean i wouldn't have to pay back my overdraft? :-|

If you're in debt to someone, that's as good as money.
It's a promise to pay so it can be sold on to other parties - that's effectively all money is.

How likely you are to default on the debt affects how much it can be sold on for, that premise is the very thing that was the root cause of a lot of the issues we have today.