Barclays Bank feels the Lehman Brothers backlash
While initial rumours of a Barclays Bank led bailout of US giant Lehman Brothers did not hold much sway with traders, the mood suddenly turned a little sour when it was confirmed that the group was in talks with the US giant about a takeover. While the deal was scuppered when the US authorities refused to offer any financial guarantees in the event of more shocks with the balance sheet many traders are concerned about what is next on the menu.
The fact that Barclays Bank was so close to a deal only to see it fall away and the eventually bankruptcy filing by Lehman Brothers has called into question the decision makers at the top of the Barclays Bank tree. What were they thinking of? How would they have funded such a brave deal? What is next on the agenda?
At a time when many assumed that the Barclays Bank management would have been trying to sort out the UK mess it seems as though minds were elsewhere across the Atlantic Ocean. It is difficult enough for the UK financial markets without adding concerns as to whether the directors are taking their eye of the domestic markets. Barclays Bank is a ship which needs firm steering at the moment and not more pressure with rescue packages for competitors overseas!
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