BBC NEWS | Business | Bradford & Bingley chief resigns

bbc news have just said that b&b will get a £400m cash injection

thoughts

This is the Finanical Story of the Boy who put his finger in the Dam, But with a very Wet Ending.

Prepare to become recession proof.

1. Make your employment as secure as possible

2. Switch from Equities to Bonds or Income

3. Fixed rate Mortgage if possible

4. Add to your Cash savings

5. Use your ISA Limits where possible

6. Take out Insurance for Unemployment and Accident or Sickness for your Home and Income Protection.

A possible Bearish 4 Years with the Olympics as the feel good factor after years of economic woes. ?

how do you insure yourself against unemployment didnt realise people did that

With most credit agreements you have the option of taking out insurance to protect your payments. The insurance covers your payments (for a specified period of time) under that particular agreement, in the event of unemployment or, say, serious illness which prevents you from earning a living. Then there is something like 'Earnings/Income Protection' insurance which is more general, and in the event of your earning capacity severely falling from the level you have insured to protect (e.g. due to unemployment, incapacitating illness) the policy kicks in to pay you a sum which brings your monthly income up to that level - premiums can be quite high for this last one.

You are not insuring against unemployment as such, but against the effects of unemployment on your ability to meet your financial commitments.

Resect

ok backaytya i get it now
but people have top be careful as some ppi's have been mis-sold
as for the otherone cant say

"Meanwhile, Steven Crawshaw is in line for a pay-off of up to £640,000 after stepping down as chief executive of B&B. Yesterday the company was discussing the financial terms of his departure. B&B would say only that its chief executive was leaving because of a serious heart condition. A spokesman refused to be drawn on whether Mr Crawshaw had resigned or had been encouraged to leave.

If the company terminates his contract, he is entitled to 12 months’ salary. His basic salary was £640,000 last year. He will also take with him a pension pot worth £1.8 million ...

Three weeks ago, Mr Crawshaw was forced to apologise after announcing a £300 million capital-raising despite ruling one out the previous month. B&B will issue a trading statement this morning that is expected to give warning that this year’s profits will come in below the analysts’ consensus range of £160 million to £200 million. The lender has revealed already that bad debts rose by 42 per cent last year.

Analysts cast doubt on Mr Crawshaw’s competence after his about-turn on the rights issue.

Bruce Packard, of Pali International, said he was "out of his depth" ..."

(Source: Bradford & Bingley chief steps down as bank prepares for profits warning, The Times, 2 June 2008)