AlanHo Posted February 17, 2008 Report Share Posted February 17, 2008 Another government follyThis is a very poor precedent - the government will bail you out if you are located in a labour heartland. The taxpayer is funding the buying of votes for this inept lot. Quote Link to comment Share on other sites More sharing options...
catgate Posted February 17, 2008 Report Share Posted February 17, 2008 Wouldn't it be funny if it was suddenly stricken by Sharia. Quote Link to comment Share on other sites More sharing options...
AlanHo Posted February 17, 2008 Author Report Share Posted February 17, 2008 The BBC article suggests that the governement will adopt some of the ideas proposed by Virgin in their offer - this will include significant job losses.However - and to look on the bright side - the take over of the bank will give the government a unique opportunity to demonstrate their financial skills and a perfect excuse to recruit an army of civil servants to administer the new acquisition. The only direct losers will be existing shareholders in the bank - and they are most likely to be fairly wealthy and vote Tory anyway - so who cares.....I will tell you - its us taxpayers who have to finance yet another farce....... Quote Link to comment Share on other sites More sharing options...
CurlyWhirly Posted February 17, 2008 Report Share Posted February 17, 2008 This is a very poor precedent - the government will bail you out if you are located in a labour heartland. The taxpayer is funding the buying of votes for this inept lot.The cynic in me also thinks that the main reason why the government bailed out Northern Rock is because it is in a Labour heartland.They shouldn't be allowed to use taxpayers money for this purpose Quote Link to comment Share on other sites More sharing options...
catgate Posted February 17, 2008 Report Share Posted February 17, 2008 There is a man in France today who made a right a*se of fiscal manipulation, ostensibly on behalf of his employers, and who will, no doubt, end up where he should be...the bastille. Nick Leeson did the same and ended up doing time. Is there any excuse for Roy Rogers (and his predecessor) to escape this justice?He and his predecessor have caused more harm than a dozen of the Leeson types. £100,000 worth per houshold, and much of it spent on self glorification and the destruction of humanity. Quote Link to comment Share on other sites More sharing options...
rong Posted February 17, 2008 Report Share Posted February 17, 2008 You're all still forgetting that allot of other banks have been using this prop for years and it hadn't been a problem until the media got hold of it and talked people into panicking, that is the same so called news media that you keep quoting. Good business to be in cause a problem and then make money out of the problem you cause, and the gullible will pay you. Quote Link to comment Share on other sites More sharing options...
CurlyWhirly Posted February 17, 2008 Report Share Posted February 17, 2008 You're all still forgetting that allot of other banks have been using this prop for years and it hadn't been a problem until the media got hold of it and talked people into panickingYes but no bank had borrowed so much off the Bank of England - I mean £25 billion :0 Also it had a flawed lending strategy which was down to the management as they were in charge at the time. Quote Link to comment Share on other sites More sharing options...
rong Posted February 17, 2008 Report Share Posted February 17, 2008 The point I was trying to make, they probably wouldn't have needed it if not for the media Quote Link to comment Share on other sites More sharing options...
CurlyWhirly Posted February 17, 2008 Report Share Posted February 17, 2008 The point I was trying to make, they probably wouldn't have needed it if not for the mediaYes I agree.I think it was the BBC that first brought it to the publics attention!p.s. my mortgage is with Northern Rock but it's supposed to be business as usual Quote Link to comment Share on other sites More sharing options...
doug Posted February 17, 2008 Report Share Posted February 17, 2008 Building Societies have always borrowed short and lent long. Absolutely fine if everything just swims along. Quote Link to comment Share on other sites More sharing options...
andsome Posted February 18, 2008 Report Share Posted February 18, 2008 The BBC article suggests that the governement will adopt some of the ideas proposed by Virgin in their offer - this will include significant job losses.However - and to look on the bright side - the take over of the bank will give the government a unique opportunity to demonstrate their financial skills and a perfect excuse to recruit an army of civil servants to administer the new acquisition. The only direct losers will be existing shareholders in the bank - and they are most likely to be fairly wealthy and vote Tory anyway - so who cares.....I will tell you - its us taxpayers who have to finance yet another farce....... What make you think that shareholders are necessarily rich Tory voters? A lot of shares are held these days in Unit Trusts in either PEPS or ISAS by ordinary hard working people of any political persuasion. Quote Link to comment Share on other sites More sharing options...
Tankus Posted February 19, 2008 Report Share Posted February 19, 2008 p.s. my mortgage is with Northern Rock but it's supposed to be business as usual keep a close eye on your interest rates if your variable ........ I have heard that they may become deliberatly less compeditive to reduce their portfolio ....... ready for a govermental strip and fire sale if el gordo goes full term ,... pre elections This is just the start ...........of a rocky road to ruinel gordo didnt want to give the police an extra backdated £200 each due to potentially "inflationary pressures " ............... yet just look at what the haggis muncher and his darling do primarily due to party political considerations .the year of the rat is going to be velly interesting ....methinks anyone see dispatches yesterday?ooeeerrrrr misses ! Quote Link to comment Share on other sites More sharing options...
catgate Posted February 19, 2008 Report Share Posted February 19, 2008 the year of the rat ...It is quite apposite really.. Quote Link to comment Share on other sites More sharing options...
CurlyWhirly Posted February 19, 2008 Report Share Posted February 19, 2008 keep a close eye on your interest rates if your variable ........ I have heard that they may become deliberatly less competitive to reduce their portfolio .......Yes I see what you mean as when the Bank of England first dropped interest rates 0.25% a few months ago, Northern Rock only dropped my interest rate 0.15% and I have yet to hear from them about the latest 0.25% drop :( My 3 year fixed rate came to an end last October and I'm currently on their standard variable rate but I don't want to remortgage yet as I'm due to be made redundant in a few weeks time.With the current 'credit crunch' conditions, I would probably struggle to find a competitive fixed rate deal without paying a lot of fees and I don't think that it would be worthwhile paying them as my mortgage is relatively small only around £33,500 at present. Quote Link to comment Share on other sites More sharing options...
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