Rock to be nationalised - Darling

Discussion in 'Current Affairs, News and Analysis' started by Juvenal, Feb 17, 2008.

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  1. Links to follow, but Northern Wreck goes into national ownership come Monday.

    Edit: Sky News homepage, running as headline - also BBC version

    On a completely different note, I wouldn't want to be the Beeb editor who let Vince Cable run on once the Chancellor made his appearance. Interview without coffee tomorrow morning, methinks.
  2. OldSnowy

    OldSnowy LE Moderator Book Reviewer

    It already was, in that it was on the Govt Books. Nice to know as a taxpayer that I now own 'shares' in a badly run, bankrupt mess of a Bank. And I didn't even want them!
  3. He WAS talking an enormous amount of sense though, wasn't He (Cable that is)
  4. Shocking - but not surprising. Shore up a company with a flawed business model. F*cking disgrace - send it to the wall with the rest of the turds. Sounds about right for Brown and Darling pair of complete f*ckwits.
  5. Given the no doubt preferential terms of Government funding for Northern Rock’s colossal debt, could we end up with this interesting situation?:

    If the company’s mortgage rates are above the rest of the market, it will lose business.

    If they are below the rest of market, the Government will be party to predatory pricing and could end up in front of one of the regulators.

    If they are somewhere in the middle, the Government will be accused of price rigging.
  6. Apparently the fall of Northern Rock may have brought about the demise of other institutions - wasn't Barclays in dire straits for the same reason? what would have happened if there was a run there on the back of the Northern Rock
  7. You mean like Barings? Couldn't have that now, could we?

    A number of trade unions had substantial sums in Northern Crock. If the bank went to the wall, the unions would have gone with it - their money is not protected. This would no doubt have upset the Labour Party's main benefactors - Labour still depends on unions for 70% of its funding.

    £100 billion of taxpayer's cash is a small price to pay to keep Gordon's sugar daddies happy at a time when the party is facing bankruptcy.
  8. So toothsome tw@t and 'knight in shining armour' Dick Branson, special agent has had the chance to make an incredible, obscene fortune out of this situation snatched away from him.

    Looks good to me from this particular angle.
  9. There is obviously a cunning plan.

    Sharia law compliant bonds so that middle eastern investors can buy Northern Rock along with the rest of UK Inc.
  10. Aren't all deposits at UK banks protected?

    If they are, then the unions would not have suffered.
  11. And your point is? The govt already backs up accounts to 32K. The Rock should have sunk. Nationalising it should bring the govt down - the problem is there's no opposition to take over from these socialist cretins.
  12. I think you are correct. Barclays did have a problem but the difference between it and NR is that its asset base is far larger so with some belt tightening it is better placed to ride the storm.
  13. So does Brown now own my house? Or as a tax payer do I?