British Banks pounded

Royal Bank of Scotland's share price slides 67% in one day in spite of being a recipient of government bailout funds on news that it expects to lose £28B this year, and now trades at a price that implies the stock market thinks its shares are a gamble to be worth anything at all. Lloyds fell 34%, Barclays was down 10%, having fallen over 20% on Friday, and HSBC was down 6%, recovering from 13% down. HSBC is expected to need £20-30B, according to Morgan Stanley.