Sunday, Dec 09, 2007
Spending Tax Payers Money to Keep them in Power
BBC News: Doubts cast on Northern Rock sale
"The amount of money being sunk in [Northern Rock] is absolutely staggering. There is no end to it."
Northern Rock has become a furness into which the government is pouring our money. No wonder the pound is at an all time low against the euro. And why are they doing this. Because they know they can kiss good buy to power if it was allowed (as should have happened months ago) to go into administration. Let us not forget, the main winners in this are all those Investment Banks who are having their loans bailed out by the government before the whole financial catastophy finally explodes.
Posted by tippingpoint @ 02:26 PM (254 views) Add Comment
3 Comments
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1. paul said...
Why hasn't anyone lost their job over this yet?
2. jack c said...
Valid point Paul, no one has lost their job because no one either takes or accepts responsibility for the situation – The treasury select committee has questioned the BOE, FSA and the directors of The Rock and they all appear to try to shuffle any blame from themselves onto the other parties involved. They hide behind the excuse that no one ever envisaged that the liquidity in the wholesale money markets would seize up.
The worst thing about this catastrophic mess is that it is worsening day by day and no one has a clue on how to resolve the problem.
3. Tippingpoint said...
They know the anser. Its what happens to every other company when they can't pay their debts. It's called administration. Anyone wondered why there's so little noise from Brussels about this. It's because they are all laughing behind closed doors while they watch Darling make a mess of the UK's finances. If anything his actions are doing more damage to british banking than good.