Lunchtime Links: Emergency bailout, emergency rate cut, emergency commercial funding programme

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In normal circumstances, any one of the above events would be sufficient to evoke lengthy ruminations. But these are not normal circumstances, so suffice to say that the UK government is giving eight banks 25bn now and 25bn later, as well as offering a 250bn guarantee that those banks won't default on debt for the next THREE years; central banks in the UK, US, Europe, Canada and Sweden have cut base rates by half a point; and the Federal Reserve is also sidestepping the frozen banking system and pumping liquidity directly into the corporate sector.

Adjust your facial expression to reflect the market. (thebandarlog)

'The government will be able to demand management changes, dividend cuts and the end of big bonuses.' (FT)

Unicredit cutting 700 investment banking jobs. (Bloomberg)

Redundancies at Rabobank - markets have 'ceased to exist'. (The Times)

MUFG is NOT pulling out of Morgan Stanley deal. (Reuters)

Goldman's got a fund to capitalise on corporate loan shutdown. (Wall Street Journal)

JPMorgan was allegedly ready to kill off Merrill, too. (Clusterstock)

Boom time for lawyers (Bloomberg)

'The OTC market is a rabid beast out of control that needs to be put down before the contagion spreads irreversibly.' (Seeking Alpha)

Time to open an HSBC account? (Guardian)

Retail therapy: new BlackBerry Storm. (VNUnet)

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