In echoes of Marconi and Northern Rock, Bradford & Bingley appears to have become the plaything of speculators as it desperately searches for a new CEO and for a white knight to buy it out.
B&B shares jumped more than 25% this morning, 9¼p to 43¼p, on hopes that it will be bought out.
Pundits believe that it is now likely that, barring further disasters, there will be a wind down or buy out.
The pundits fail to recognise the havoc that the speculators will wreak in the short term.
As a guide to the future, look at what happened to the share price of Marconi and Northern Rock.