At one point the governments of the US and UK will need to draw a line in the sand and say "no, we're not bailing you out".
Bear Stearns? Sure, no prob.
Northern Rock? One time, never again.
Wells Fargo? Probably.
IndyMac? Are you kidding me?
Bradford & Bingley? No chance.
The US has FDIC protection. The UK has anarchy. And any saver stupid enough to have more than £33,000 in Bradford & Bingley is a fool.
The crazed buy-to-let Ponzi Scheme in Great Britain is about to blow up something fierce.
Get your popcorn.
Bank denies cash-raising reports
Bradford & Bingley has denied reports that it is planning to go to the market to raise extra cash to see it through the credit crisis. Sunday papers said Citigroup had been asked to help with a rights issue to raise hundreds of millions of pounds.
But a statement from the bank said that it had a strong capital base and, "had funded its business activities through 2008 and into 2009". Bradford & Bingley is Britain's biggest buy-to-let lender.