It would be really nice to stop writing stories about boring bloody bankers but, alas, still not possible. Stock markets across the planet headed south today, losing an average of nearly ten per cent - time to send out for the steel Y-fronts. Wall Street's Dow Jones index of big international stocks fell by less, although the market is heading to about half its value of a year ago. The reason was mostly sheer blind panic by traders who are terrified that the customers of their banks and investment houses will call in their 'investments.' That is, the money they no longer have and neither do their highly-paid investment advisers. The other reason was today's auction to try to unravel the huge bets failed bank Lehman Brothers had made in so-called credit swaps, bets on whether or not a company would be able to honour its bonds. The latest intelligence from New York is that these nefarious activities might cost the losing banks (ie most of them) $360bn. So their balance sheets, stock prices and the markets as a whole take another powder. It looks like another busy weekend for treasury secretary Hank Paulson and Federal Reserve chairman Ben Bernanke. The US is almost certain to unveil something next week like the UK government's plan to buy preference shares in banks who need extra capital. The quid pro quo is that the banks have to behave responsibly (some chance). This may, finally, put a floor under the markets. There are lots of good companies out there whose shares are cheaper than they've been in decades. In the meantime the cries are growing for vengeance on the bankers. Mr Blatherskite has never been in favour of cruel and unusual punishments, in line with the American constitution. But he might make an exception for bankers.