17/2/2008British Government Nationalises Northern Rock
The British Rock is born!
More Coming!
ENRON?
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Firstly lets talk about the Northern Rock, a UK bank and former building society owned by its shareholders, who literally ran out of money, after the American sub-prime scandal, and whom now the British Government ,have supported by nearly 60 Billion Pounds sterling, thats $120 Billion USA Dollars!
The Money Program (BBC) The Northern Rock
Part 1
Part 2
Part 3
This a complete and utter mess, which should have been dealt with immediately and probably secretly at the time,by organising a private sale to another bank.
Instead it looks like the British taxpayer will end up the loser! -
but the not the board of Northern Rock who have just voted
themselves a BONUS of over £2 Million ******
Initially it looked like the Bank would be nationalised, but now
the British Government are talking about converting the loan
(which was supposed to be paid back quickly) - being turned
into some sort of bond which they guarnteee, and sold to
investors on the open market - this being the same sort of
people who would not lend to the bank in the first place!
This sounds like a dodgy financial instrument of the type
that caused the American sub- prime crisis!
The quicker the Northern Rock is nationalised and becomes
the British Rock the better; the British taxpayer has taken all
the liabilties, with no control and none of the assets.
The administrators can then clean up the company and sell
whats left to a proper financial institution.
Any more dithering , will cost the British taxpayer, many more
billions of ££££££.
And now a "French Farce" at Societe General !
Watch the TV News Report;
How can a 30 year old dealer with a bank, trade nearly £30 Billion
in trades and incur losses of £3 to £4 Billion without anyone knowing?
Maybe a French "Northern Rock"
Firstly lets talk about the Northern Rock, a UK bank and former building society owned by its shareholders, who literally ran out of money, after the American sub-prime scandal, and whom now the British Government ,have supported by nearly 60 Billion Pounds sterling, thats $120 Billion USA Dollars!
The Money Program (BBC) The Northern Rock
Part 1
Part 2
Part 3
This a complete and utter mess, which should have been dealt with immediately and probably secretly at the time,by organising a private sale to another bank.
Instead it looks like the British taxpayer will end up the loser! -
but the not the board of Northern Rock who have just voted
themselves a BONUS of over £2 Million ******
Initially it looked like the Bank would be nationalised, but now
the British Government are talking about converting the loan
(which was supposed to be paid back quickly) - being turned
into some sort of bond which they guarnteee, and sold to
investors on the open market - this being the same sort of
people who would not lend to the bank in the first place!
This sounds like a dodgy financial instrument of the type
that caused the American sub- prime crisis!
The quicker the Northern Rock is nationalised and becomes
the British Rock the better; the British taxpayer has taken all
the liabilties, with no control and none of the assets.
The administrators can then clean up the company and sell
whats left to a proper financial institution.
Any more dithering , will cost the British taxpayer, many more
billions of ££££££.
And now a "French Farce" at Societe General !
Watch the TV News Report;
How can a 30 year old dealer with a bank, trade nearly £30 Billion
in trades and incur losses of £3 to £4 Billion without anyone knowing?
Maybe a French "Northern Rock"
