Rock to be nationalised - Darling

OldSnowy

LE
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#3
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!
 
#5
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.
 
#6
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.
 
#7
Silver_Bull said:
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.
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
 
#8
Silver_Bull said:
send it to the wall with the rest of the turds.
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.
 
#10
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.
 
#12
Ancient_Mariner said:
Silver_Bull said:
send it to the wall with the rest of the turds.
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.
Aren't all deposits at UK banks protected?

If they are, then the unions would not have suffered.
 
#13
Sven said:
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
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.
 
#14
Sven said:
Silver_Bull said:
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.
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
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.
 
#16
And £100 billion represents 3 x the defence budget. But clearly there were more votes to be lost in the North East (where the company is based and employes the bulk of its workers) and from the unions, than there are to be lost from the service vote that is spread across numerous constituancies and therefore doesn't represent a threat.

Just think what £100 billion could have bought in helicopters, spares and training, plus weapons, ammo, night-sights etc. Then they wouldn't have had to make pathetic excuses about failures to properly staff requests for kit being the reason for the failure to provide us with the equipment to do the job.

Still, if they send the Spearhead element off to Kosovo for a while they can flog off more of the defence estate (on the grounds that we can hot bed it in garrison before deploying back out East), and they can keep their grace and favour mansions in London just in case (no danger of that lot being flogged off to Annington Homes I suspect).
 
#17
This is the best outcome for us as taxpayers, our money was already in there and if the likes of Bransons bid had won we would be giving him a huge company with billions in backup and billions in loans to give him huge free profits every year. Now that its with the government the money in there will be coming back every year without extra snouts in the trough.

I'm quite happy the government have grown a set over this one, was getting worried Branson was about to hit the jackpot and this was about to turn into anothe QINETIQ.
 
#18
Argee2007 said:
This is the best outcome for us as taxpayers
The best outcome was to let this heap of sh!t go bust - borrowing money at X% and lending back out at lower rates doesn't take Alan Sugar to work out that your business model is b0llocks. I am outraged over the handling of this disaster and would pull the trigger myself on both cyclops and darling.
 
#19
Welcome back to the 1970s.

Anyone who had any doubt about this government and its 'leanings' should now be assured. (Make no mistake about who made this decision - it was not 'Captain' Darling - it was the 'great financier' himself, the unreconstructed 'Marxist', the second ' Mr. Bean', the 'Bottling' Mr Brown.

Oh! How this will rebound on this apology for a government, but worst of all it will rebound on us - the poor bloody taxpayers!!!

Going over old ground but would 'Southern Rock' based in Bournemouth or Brighton have had had the same rescue. No way - no votes there!
 
#20
Silver_Bull said:
Argee2007 said:
This is the best outcome for us as taxpayers
The best outcome was to let this heap of sh!t go bust - borrowing money at X% and lending back out at lower rates doesn't take Alan Sugar to work out that your business model is b0llocks. I am outraged over the handling of this disaster and would pull the trigger myself on both cyclops and darling.

Well its outraged the shareholders, all those carpetbaggers are fuming at this outcome. Make no mistake, the government had put funds in place and there was no chance we could just remove it after what they did at the beginning so this is the best outcome.

The biggest laugh has to be the way we went about this, messing about due to EU regulations and then last month a French bank has the same problems after they made huge losses on the market, but instead of following the regulations they did their own thing and saved billions, the EU then comes out and says its ok what the French did but we never even tried to do it at the time.
 
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