Bit of a snowball effect bulding in Europe. Never mind the Northern Rock disaster, we now have: HBOS scraped off the floor by Lloyds. Bradford and Bingley sold off to the Dons for a pittance leaving us (i.e taxpayers )with all the cr@p. Santander also owns Abbey National together with Alliance and Leicester, so perhaps Trafalgar Square will have to be renamed soon. Fortis bailed out (well maybe) by three European Governments who are cacking themselves German property company Hypo Real Estate gets emergency funding making most of the German banks looks very sick in the process. Now Glitnir Bank ( Icelandic) bailed as well. Who cares you cry? Well anybody who has put money into Kaupthing Bank, who have been marketing really hard in the UK and offering 7.15% on deposits. Now you know why. Meanwhile, back in the US Wachovia, which last week was supposed to be taking on Morgan Stanley to save it, is now seeking to jump in bed with Wells Fargo because it was stupid enough to fork out $24 Billion a while back for "Golden West Financial Corp." a shite California mortgage lender that has a terrible default rate. Morgan Stanley, which last week saw a third of its prime brokerage asset vanish as clients legged it, is now looking to Mitsubishi Bank again, who have already taken up a 20% stake. And it is not even lunchtime.