aha! heard whispers yesterday but nothing in print. Dear oh dear oh dear

Was in for the papers this morning, and also read:

The Independent

Top banker at Barclays quits amid funds crisis

The credit crunch has claimed its first high-profile resignation in the UK with the departure of Barclays' head of European collateralised debt obligations (CDOs), the explosive debt products that have helped to cause the meltdown. Edward Cahill, who ran the European CDO business at Barclays Capital, Barclays' investment banking business, resigned on Monday. On Wednesday, two investment funds set up by his business had their credit ratings slashed by Standard and Poor's, the rating agency, because of losses from investments in US mortgage-backed securities.
[The Independent page 42 - 24.7.08. Also reported in Daily Mail page 97, The Times page 48, The Daily Telegraph Business page 1, Financial Times page 15]

Barclays look to be up s**t creek without a paddle.

Posted By: Stoopish, Aug 24, 09:31:47