(Car Auction News) Credit crisis diary: The auctioneers keen on a return to the 1930s (Independent)
No spin seems too far for the organisers of a classic car auction where 60 vehicles dating back to the 1920s will be sold. Consumers are holding on to their pennies everywhere, but the auctioneers Coys, who hope to sell a 1929 Chrysler for more than £150,000 at an event tomorrow, are trying to use the credit crunch to their advantage in their advertising. As if the credit crunch didn’t create enough anxiety, one more source of gloom seems to be out there. An unexpected consequence of the recession has been a surge in online Christmas shopping at work by underemployed staff, according to the internet bank Ivobank. That will be the same Merrill Lynch that advised on RBS’s overpriced acquisition of Charter One in the US, the Bank of China stake, and the buy-up of ABN Amro that weakened capital and added £2bn to first-half writedowns. read more
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