Tuesday, Apr 22, 2008
Grovel Grovel
The Telegraph: Bradford & Bingley apologises to shareholders
Bradford & Bingley chairman Rod Kent has issued a candid apology to shareholders for the bank’s “misjudgment” in buying into the complex investment instruments at the centre of the credit crunch.............................Woooohoooooo
Posted by titaniccaptain @ 10:43 PM (441 views) Add Comment
7 Comments
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1. quiet guy said...
Good post TC.
Nice to see a little humility from a bank for a change.
Veering away from the article headline, this bit caught my eye:
"Confirming homeowners' worst fears, the lender revealed no plans to cut its current mortgage rates - despite yesterday's unprecedented move from the Bank of England to inject £50bn liquidity into the market to ease lending between banks and building societies."
Darling can huff and puff all he likes about making mortgages more affordable for voters. The banks will just pocket the money.
2. yoyo1 said...
'buy-to-let demand will remain robust as tenant demand rises, pushing up rents'
Do you know what, I STILL don't think they've got it yet!
3. titaniccaptain said...
One thing to think about gentlemen is that letting for BTLs may be rising because no one wants to buy a house.............and people need somewhere to live....food for thought
4. little professor said...
They'll be the next to issue an emergency rights issue.
Then will come Halifax.
5. japanese uncle said...
In Japan, there is a saying 'If apology alone makes sense, there is no need of police'. (e.g. you simply can't say 'I am terribly sorry to have killed your wife, but no hard feeling')
Executives of B&B (or any other financial institution for this matter, indeed) should express their regret in the form of reducing their salary & bonus by 80% (still they can enjoy much better income than ordinary folks),
6. bilko said...
I agree Quiet Guy when you said "Darling can huff and puff all he likes about making mortgages more affordable for voters." In fact if this Government were at the start of their term and not in such a dire popularity crisis I don't think they'd even be trying. We have a very dangerous Government at a time when you want your leaders to be single-minded and logical. Instead of keeping interest rates firmly under control and letting this whole mess unravel we have a Government chasing the populist vote (and failing miserably). Therefore we get back-tracking on the ten percent tax rate (if backbenchers and Tories were so concerned why didn't they raise this 12 months ago?) and utterly ridiculous claims that homes won't be repossesed.
7. cornishman said...
bilko - I agree with your point. As more and more groups take strike action in the coming months - Gordon Brown is going to be desperate to stay popular and he won't know whether to appear strong and defiant and refuse to give 'above inflation' pay deals, or whether to give in to the pressure to ease people's difficulties. I suspect he'll eventually do the latter and worry about picking up the tab later.
Dangerous times indeed.