The "bin Laden" trade

Somebody is betting $900 million on the S&P crashing by Sept 21st. It's been dubbed the "bin Laden" trade.
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The Bin Laden trade
Dispelling the Bin Laden options trades

Northern Rock shares plunge

In the UK there's currently a run on a bank - Northern Rock - with worried savers queueing to get their money out. Share trading in Northern Rock shares has been suspended.

"Worried savers have continued to flock to Northern Rock bank branches to withdraw their savings, following similar scenes over the weekend."

Northern Rock share trading suspended
BBC News
Northern Rock Shares plunge
Yahoo Finance Quotes

Update: Via the FT
The European Central Bank offered emergency credit facilities worth €139bn in a midweek auction which was heavily oversubsribed. According to FT Deutschland, 140 banks applied, including “some of the largest British banks” - Barclays among them.

Turning to the Bank of England, as Northern Rock did last night, has a high reputational risk, whereas turning to the ECB has, by and large, allowed UK banks to stay out of the headlines.