Egg bank took drastic action to limit its risk of exposure to potential bad debt defaults amongst its credit card holders by banning 160,000 of its customers from being able to use their credit cards for new transactions leaving cards open only for repayment of outstanding balances. Angry customers responded with tens of thousands of internet posts stating messages that they tended to clear their balances on time. The 160,000 banned amounts to 7% of the Egg credit card customer base.

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Tuesday, December 04, 2007

Credit Crunch Withdrawal of Capital as General Motors and Freddie Mac Stare Into the Abyss / Companies / Credit Crunch

By: John_Mauldin

Best Financial Markets Analysis Article This week we turn to Michael Lewitt of HCM Capital for a very insightful letter on the current credit crisis. As I wrote on Friday, it is important for anyone with any involvement in the financial world to pay attention to what is going on in the credit markets. I think it is going to have far more impact than most observers apparently believe.

Michael E. Lewitt is the Managing Member and President of HCM (Hegemony Capital Management). You can read his letter at www.hegcap.com .

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Sunday, November 25, 2007

City Professionals Content To Wait For Credit Crunch Redundancy Pay-offs / Companies / Credit Crunch

By: Submissions

As the fall-out from the sub-prime crisis continues to hit, the latest poll from eFinancialCareers.com, the global financial services careers website, reveals that many City professionals would be quite happy to lose their jobs and collect a lucrative payoff.

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Wednesday, October 24, 2007

UK Firms Resiliant To Credit Crunch Market Turmoil / Companies / Credit Crunch

By: Lloyds_TSB

Business Barometer for September shows:
• Majority of firms expect activity to increase over the next year
• Industrial sector drives confidence
• Confidence in wider economy drops sharply

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Friday, September 14, 2007

Northern Rock Bank Seeks Emergency Cash From The Bank of England / Companies / Credit Crunch

By: Nadeem_Walayat

Northern Rock, one of Britian's largest mortgage banks is expected to receive emergency funding from the Bank of England today for possibly more than £4 billion ($8 billions), as the mortgage bank runs out of cash and is unable to obtain credit on the interbank money market due to the ongoing liquidity squeeze and the banks own sizeable subprime mortgage book risks. As with the earlier emergency funding of barclays, the rate charged by the Bank of England is expected to be significantly higher than the 5.75% base rate, possibly around 6.75%.

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