Every bed a bank?

by on March 7, 2009 at 6:17 am in Economics | Permalink

Maybe the owners deserve TARP funds as well:

The bed manufacturer reckons that finding someway to keep your cash safe is
becoming increasingly problematic. So it has come up with a new divan bed
that conceals a safe.

That's for the UK, of course, where standardized deposit insurance has not attained the heights seen in this country.  I thank Michael Cleverly for the pointer.

E. Barandiaran March 7, 2009 at 6:41 am

Owners have got what they deserve: Gordon Brown.

Zbicyclist March 7, 2009 at 8:41 am

Meanwhile, in the US, leveraged buyout firms put their money into mattress manufacturers, per WSJ:

http://online.wsj.com/article/SB123629959334046669.html

Now I ask you, what kind of company will you end up with caring, involved, informed ownership like this:

“Simmons, for example, has been owned by five equity funds over the past 20 years.

“THL bought Simmons in 2003 from Fenway Partners for $1.1 billion. Between 2004 and 2007, the private-equity firm took out one-time special dividends of about $440 million, in part funded by debt…. Simmons was owned at various times by Bahrain’s Investcorp SA and Merrill Lynch Capital Partners. It was publicly traded from the 1920s to the 1970s.”

Mattresses looked stable, and so the mattress companies became heavily leveraged, but sales have gone south with the decline in the real estate market.

TomHynes March 7, 2009 at 11:20 am

That is fine for the wimpy Europeans. This is America. We turn out beds into gunsafes.

http://www.bedgunsafe.com/

dearieme March 7, 2009 at 1:32 pm

“But they still have deposit accounts at the post office?” Yes. But unfortunately they are run by Bank of Ireland.

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