Just be honest guys, banks are bankrupt. Leveraged with 1-2% in a declining market the proverbial s#%) has hit the fan. Spin won't work anymore. The game is over. What's left to do now is issuing statements like: "don't blame us, blame them". And "we told you so". The era of shuffling paper around has come to an end and it will be ugly. There is for instance 140 times more paper gold in this world than real physical gold. Soon, the paper traders will be running for the hills while the gullible investor will be roaming the streets, looking for the highest trees. Are you prepared? Do you have gold?
Britain's banks remain over-indebted, highly vulnerable and harbour growing funding gaps which leave them susceptible to future shocks, the Bank of England has saidTelegraph
In a warning to bankers and consumers after months that have seen large jumps in share prices and hopes that the banking system is recovering, the Bank used its Financial Stability Report to emphasise that the UK remains highly vulnerable to potential shocks.
With the Government poised to deliver its White Paper on financial regulation next week, the Bank also cautioned that life for financial institutions was about to change forever, with big banks facing a whole spectrum of new restraints on their size, structure, business plans and lending.