Yep its one company after another first it was Northern Rock Bank which the goverment saved now we have XL Airways which is the third largest airline package holiday biz over here collapse which left 85,000 people stranded and they reacon its the tip of the iceburg for more holiday companys and airlines going bust.
Turbulence in the aviation industry has already brought down a series of small airlines over the past year - but the collapse of XL Airways is on an entirely different scale.
From the BBC
Thousands of holidaymakers have been left stranded by XL's collapse
The demise of the carrier and its parent firm, the UK's third-largest tour operator, have left up to 85,000 people stranded abroad and disrupted another 200,000 people's holiday plans.
Travel industry insiders say its failure has sent "shockwaves" through the business and is likely to be followed by more holiday companies going bust.
The full story here
http://news.bbc.co.uk/1/hi/business/7612120.stm
They are also saying that Lehman is to go into insolvency
Preparations are being made for US investment bank Lehman Brothers to file for bankruptcy protection.
The firm was pushed to the brink on Sunday after UK bank Barclays pulled out of talks to buy most of Lehman.
If no new financing is found before Wall Street opens on Monday, Lehman will have to seek so-called Chapter 11 bankruptcy protection.
Full story here
http://news.bbc.co.uk/1/hi/business/7615712.stm
Pretty fucked economy atm me thinks