B&B went down the drain over the weekend. This was widely predicted, not least by me. The deal is a bit strange though. Santander, the Spanish bank which owns Abbey and Alliance & Leicester has acquired the viable part of the business for an unknown sum and the taxpayer gets to keep the so-called toxic waste, ie, all the bundled buy-to-let mortgages that are going to be defaulted on when the amateur landlords throw back the keys to their new-build flats.
Nice! We get the dross and the Spanish get the cream. And what do the B&B shareholders get? Who knows? B&B wasn't bust (unlike Northern Rock say) but they seem to have been deprived of their property by government fiat. This smells a bit fishy. I wouldn't be surprised if the small shareholders aren't rather annoyed.
However there was good news over the weekend as well. Hannah Bradbeer got through two X-factor bootcamps and is off to be mentored by Cheryl Cole in Cannes, France.