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We UK Prime Minister Gordon Brown a short time ago saying he is conscious of the economic implication of the Icelandic volcanic eruption but -- But is this natural there's also the final nail in the coffin for some of Europe's struggling airlines -- big question it's becoming a critical issue joining us this morning David Buick.
The BDC partners and David is always good morning to you.
Could yet could deadlines be in jeopardy David noble governments be forced to step -- I have to become the most horrendous week in Europe and I can't imagine that -- conditions have been very much better in the United States.
Because of -- reliance on traffic to Europe.
But I think to prejudged things -- -- week is probably too quick.
What we do know -- subject -- about thirty million dollars today from British Airways.
From its sales every day that it remains on the ground.
And that they held airline industry costs about 300 million dollars today.
So you're talking about some pretty substantial numbers.
British Airways has been under the caution for about two and a half years hence the merger with Iberia very much in the pipeline and perhaps an association.
With American Airlines in the future we've -- searching the lights are very US Airways and united possibly getting together.
And of the companies are under equal amount of pressure.
The -- from it's kind of merger of -- few years ago which had heard through through got to tell earlier.
It costs them 47 million dollars every day the Pendleton place and so it depends whether this clouds actually dissipates or whether another one comes a low.
If we're in a situation like this in a couple of weeks time that I can we have -- serious problem.
Do you think the government will be forces -- in David.
I think it's going to be very difficult to be perfectly honest because.
These economic problems -- -- there with these airlines not the -- and a half years.
And if you called a true true on the road and your lunch all of the government to step it up to two weeks of inactivity that says to me that was something wrong with the -- So are considered pretty triggering a number of other emerges but it's very very difficult for any government -- With the with a dialogue particularly in the case of British Airways where Doug -- Major flag carrier for fronts for many many years yet because they've had their issues some time.
And David very quickly away from the airlines Goldman Sachs the FSA announcing this morning at two here in the UK.
Launching a full investigation -- one -- the long term implications for Goldman Sachs not only to its.
Reputation but all the banks were involved in these transactions as well.
The good old englishman that you are you remember what I say with the old black hat brigade.
When people used to be sentenced to death the chargers would have black hat and say you've been taken -- -- the execution.
Where you will be hung by the nothing to -- outfit.
I think this is a little precipitous of ago I think this is Shapiro would have been extremely disappointed.
Not -- brought a five -- Broke for the SEC to take action against -- site.
And I think you'll have to -- that the implications of doing certain means that everybody all the other investment banks JPMorgan.
Morgan Stanley in the neutral about AIG under -- about Freddie Mac Fannie -- -- going to be involved in litigation and the world often what it's recovered from.
Really want to go into that.
Of an -- to think very very carefully.
We'll have to leave it there David Buick has always speeches to congress thank you so much stated -- joining us this morning appreciate it --
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