Alistair Darling's phone rang.
September is a dangerous month.
Global markets have "jumped the gun" in betting that interest rates will go back to normal levels anytime soon, the outgoing Bank of England governor, Mervyn King, has said in reaction to the widespread sell-off following Federal Reserve comments last week.
The outgoing governor of the Bank of England has called on the British people not to "demonise" bankers for the financial crisis.
Banking group HBOS was not driven to point of bankruptcy by the global financial meltdown, but by its own strategy of high-risk lending, over-ambitious growth targets and poor controls, according to a hard-hitting report by the parliamentary commission on banking standards.
Peter Meinertzhagen, one of the City of London's most successful and revered stockbrokers, who has died suddenly aged 66, liked to pick winners. Stocks and shares, horses, ideas, people, clients – what mattered to him was pitting his wits and coming out on top.
When Adam Applegarth was forced out of a sinking Northern Rock in December 2007, it was amid the kind of numbers that tend to dance in front of your eyes. In the five years running up to the bank's spectacular crash he had been paid around £10m. During the 18 months immediately before he cashed in shares worth £2.6m.
Spain announced tough curbs on the short-selling of shares on the Madrid stock exchange on Monday after fears of a second successive summer crisis for the eurozone triggered big falls on the world's financial markets.
A review commissioned by the government of Britain's stock market culture has proposed an end to cash bonuses for executives and the scrapping of quarterly reporting of company results in order to combat 'short-termism' in the City.
Spain dragged the eurozone closer to the edge of collapse despite winning the backing of finance ministers from the single currency's major economies for a €100bn (£77.8bn) bank rescue fund.