Bank of England and Fed act to ease crisis

The Bank of England this afternoon announced it is clubbing together with its fellow central banks to conduct a major rescue operation for the world’s stricken money markets. In an unprecedented move, the Bank said it and the Federal Reserve, the Bank of Canada, the European Central Bank and the Swiss National Bank were taking measures to “address elevated pressures in short-term funding markets.”

It comes amid growing concern for the fate of the money markets and stock markets in London and New York, after interest rate cuts by the Fed and the Bank’s Monetary Policy Committee failed to improve the increasingly negative mood

Heaven fordid that BANKERS should have to lose any money!