At least UK bank shares have recovered a bit today.

Today has seen a new era for the main UK banks with a £50bn government package, which would see their partial nationalisation. We have lost Fred the Shred at Royal Bank of Scotland (RBS). It looks like this particular bank has been singled out by the authorities.
Looking at this issue again, it is not clear that Fred the Shred has gone gone although there are reports naming his replacement. RBS has been making no comment on the fate of the illustrious bank executive. I looked at the corporate website and there was also no mention of the collapsing share price.
There is some discussion that the British government wants dividends suspended by the banks, which would obviously affect their share prices. In any event dividends on the government's preference shares would obviously crowd out the ordinary stock. It would be interesting to see how long the government rescue package would have to go on for.
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