Raising equity has rarely been so difficult for banks. Every institution seeking to raise capital from the markets today is being forced to take extreme measures of one form or another.
For Barclays and Santander, which needed to pocket cash as fast as possible, extreme measures have taken the form of riding roughshod over the rights of existing investors. For Standard Chartered it has meant a pre-Christmas sale offering as much as 49% off the price of existing shares.
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