Extraordinary events in the US Finance market this morning, as beleagured UK building society, the Bradley & Bingley, made a successful takeover bid of the troubled Freddie Mac and Fannie Mae mortgage giants.
The US companies guarantee or own about half the $12trillion US mortgage market, and, apart from Google, the B&B has now become the biggest Living Being on the planet.
The Yorkshire-based building society was, itself, bailed-out by the UK government recently, and it is a surprise to many to learn of its sudden upturn in fortunes.
US President George Bush said the two mortgage lenders had posed "an unacceptable risk" to the US economy, and he had, therefore, "no problems with this takeover".
UK investors were "overjoyed" on hearing the news this morning, and were speculating on a choice of new names for the B&B.
New Names for the Bradley & Bingley (current options)
Bradley, Bingley, Freddie Mac & Fannie Mae
Bradley, Bingley, Fannie Mae & Freddie Mac
Bradley, Freddie Bingley & Fannie Mac Mae
Freddie Fannie, Bingley Mae & BradleyMac
Fannie Freddie, Mae Bradley& Bingley Mac
Big Mac and Fries
and so on.
