Welcome to www.BankingInsuranceSecurities.Com. We've been around since 2002 as WMLRO.Com. With more industry sectors, more subject areas and more news, WMLRO.Com has quietly migrated from a niche publication to one of much broader appeal. The change of name reflects the new approach.
Welcome to The Year Of The Ox. We are on annual leave for Chinese New Year. But when we return on 28th January, we will come back as BankingInsuranceSecurities.Com - your new destination for financial sector news, opinion and more.
Bank of America was hailed as the saviour of the universe, or at least that little bit of it that is Merrill Lynch when it agreed to buy out the bull last year. But deep down in the creatures bowels, something nasty was stirring. And now the question is, who's going to muck out the bull ring after B of A had to ask the US Government to allow it emergency funding because Merrill's figures were, er,... well, you get the picture.
Sean FitzPatrick, formerly Chairman of Dublin-based Anglo-Irish bank, the second largest in the country, has resigned after disclosures that he borrowed - without authority - almost euro130 million to invest in a variety of ventures - and pensions schemes.
The desperate gamble to rescue the UK banking sector announced just a matter of weeks ago have failed. And, deviod of any other plan, The Brown - Darling team has decided to to play double or quits.
It's just two months since we reported a jump in Citigroup's share price of 60% as a rescue package was unveiled. But the picture was falsely rosy and now it's time for Plan B. And it's not a pretty prospect.
It's becoming an increasingly wild ride for shareholders in financial services companies. Seemingly, the value of a banking group has more to do with the ability of its managers to plead for government money than their ability to run their business.
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