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The article reveals the plan of a consortium of banks to make a bid for LCH.Clearnet Group Ltd. in Great Britain. A source said a letter was sent to LCH.Clearnet board saying it will be in a position to make an offer. The consortium is led by Deutsche Bank AG, J.P. Morgan Chase & Co. and ICAP PLC. Meanwhile, a deal with the U.S. Depository Trust & Clearing Corp. was supposed to establish a combined firm that would transform LCH.Clearnet into a utility-type business.

The article reports on a lawsuit filed by Cassa di Risparmio della Repubblica di San Marino SpA against Barclays PLC of Great Britain. Accordingly, San Marino alleges that Barclays sold it customized securities that bore much greater risk than the San Marino bank understood. San Marino is said to be seeking damages totaling €170 million or $267 million. It also mentions other lawsuits that followed such as the one involving midsize German lender HSH Nordbank AG.

The article reports that the rating agency Standard & Poor's warned the government of Great Britain that its securities were in danger of losing their AAA rating, the highest possible. The announcement of the warning resulted in sharply lower prices for British and U.S. securities, as investors grew anxious over the huge amounts of debt for governments around the world due to the recession.

The article reports that for the first time since the Great Depression, the U.S. Federal Reserve will begin making loans directly to businesses. Fed chairman Ben Bernanke indicated an ongoing financial crisis would cause serious damage to the economy if corrective measures weren't taken. The Fed also indicated it may cut interest rates soon. Measures taken by Great Britain to stop the financial crisis is also discussed.

The article reports that the Financial Services Authority (FSA) in Great Britain has suggested that Prudential PLC delay its rights issue.