Thursday, Nov 15, 2007
The honest Mr Applegarth
guardian: Northern Rock boss sold £2.6m of shares while urging employees to keep buying
Why do we always let these crooks get away with it?
Posted by inbreda @ 01:48 PM (1193 views) Add Comment
16 Comments
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1. paul said...
"Bloody Hurrah!"
2. Is It Me said...
Can someone please offer me a job on the same terms and conditions as Mr Applegarth. Why is he still employed ? Why did the Treasury/BoE/ FSA (or whoever is supposed to take the blame here) not replace him as a condition of leniding the NR tax payers money ?
Does anyone know what qualification he has to run a major bank (and earn a significant salary ?)
3. Stevie Dee said...
Speechless, but it makes me happy to know that I am leaving the UK for the right reasons (god, I hope he is not my new next door neighbour). This is not a leader, like many people in the UK these days, deceitful cockroaches.
4. Omg said...
"The criticism of Applegarth's share sales, which has also been expressed privately by the bank's union, Unite, follows two sales in 2006 and 2007. On one day last year, Applegarth sold 111,426 shares for £1.06m and in January he sold a further 135,963 shares for £1.62m at near their peak price of £11.98. Northern Rock shares have since slumped to a low of nearly £1; yesterday they closed at 139.2p"
This is sensationalist lefty rubbish. Both of these trades were done before the credit squeeze and I actually cant see any reason why he couldnt trade. The shares issued to him form part of his renumeration and so it seems logical to me that at some point he will have to redeem.
Unite have "quietly" complained. Yeah, of course they have. Its always "quiet" when there isnt a name for a comment. i.e. totally made up.
5. Orwell said...
Ha ha I do find that funny actually ....
That sounds like the way some of my clients do business...
6. Black_death_is_here said...
Opppps ! Now I don't think he mentioned that at the Treasury committee ?
7. planning4acrash said...
Well, he should be jailed for insider trading or something like that, I'm sure this is fraud.
8. Axxo said...
All this information is available on the times website, just go to markets, FTSE and select the company form the list, then director dealings, I saw this when the news broke about Northen Crock and thought sooner or later someone would mention it, but this has taken 2 months...
Shame you can't see the director dealing for the Dow.. bet your see a few surprises there too....
9. d'oh said...
oink oink oink
I must admit that he did seem to sell just at the right moment. Mind you, this would have had to have been announced to the stock market. Perhaps others should have taken heed of the warning...though many probably missed it as they didn't lift their snouts out of the trough...
10. fahrenheit451 said...
Sorry, I have to agree with p4c.
This must be insider trading, or else there is no justice.
11. paul said...
I think I agree with d'oh.
When a member of the board does any buy-back or selling of their company's stock it must be announced.
Probable legal, but almost certainly unethical. Let's face it, there was no legal requirement to save the bank, so the institutions that have stuck their necks out for Mr Applegaruth should be justifiably fuming.
However didn't he also say before a Select Committee that this crash "couldn't have been foreseen"?
12. Icarus said...
Appalling? Yes. Surprising? No.
13. bidin'matime said...
Sickening - the whole sorry tale. Makes even me, as a lifelong Tory voter working in a reasonably well-paid middle-class profession, feel like joining the revolution...
14. Stevie Dee said...
In truth, we really have no one to blame barring ourselves for trusting the labour government (things can only get better).. end of boom-bust.. prudent, golden rules.. utter b*ll*cks.. what a bloody nightmare.. seriously, thank god, i'm going.. tory, lib-lab.. who gives a toss.
Go to the BoE website where Merv is asked about NR, twitching away, or was it the DT's, I would need a drink if I was him.
Utter bs..
The only thing i'll miss when i'm gone is the queen's speech at christmas..
15. the northerner living in oz said...
If you are in a very senior position
You tend to know well ahead of the general public that there are problems
Credit crunches do not happen over night there are warning signs
As a senior bank official he would have access to these warning signs
If he were tried for insider dealing in a Scottish court the verdict would be NOT PROVEN
(I we no you are guilty just can not prove it).
16. Icarus said...
Omg - maybe the union's comment was 'quiet' because nothing can be proved. Nevertheless the guy knew better than anyone just how close to the wind the Crock was sailing, knew that if the wind suddenly changed it would capsize, and knew that a change in the wind (a credit crunch in the wake of a massive amount of irresponsible lending on an asset bubble) was a distinct possibility.