Another shadow bank failure - they just keep coming. How deeply involved with shadow banking are the banks?
Barclays has reported a rise in profits in the first quarter, in line with expectations, but took a £228million hit from the collapse of lender MFS.
That collapse is from February 27th. It turns out that fraudulent (specific to that bank) lending and using the same collateral over and over eventually catches up to you.
It almost beggars belief that some bank the size of Barclays can be fooled like this. What else is out there?