Wednesday, May 21, 2008
Taxpayers' money tied up in Northern Rock is more at risk than first thought, the nationalised lender's chairman, Ron Sandler, has conceded, as the credit crisis threatens to undermine its restructuring.
TELEGRAPH UK: Rock billions 'at risk in a downturn'
The key risks are what is happening in the wider economy. If we suffer a downturn and this leads to higher levels of unemployment, then this would place considerable strain on the ability of the company to deliver the plan."
Posted by chris @ 01:55 AM (292 views) Add Comment
8 Comments
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1. wiltshire said...
Obviously, the possible impact of a downturn in housing and the wider economy will have been factored into the negotiations surrounding the whole bail out. Or maybe not..................
2. shipbuilder said...
Softening up the public for the 'loss' of billions of their money? Maybe this IS the plan.
Perhaps the credit crunch is just a modern biblical plague - delivered from the heavens without reason or warning....noone to blame.....everyone's a victim....t'was that dastardly crunch - honest guv....
3. harold said...
"Taxpayers' money tied up in Northern Rock is more at risk..."
As if they didn'y know this all along. The real problem here is that taxpayers don't have a real voice that can stand up and say "F**K OFF YOU CROOKED B@STARDS". One wonders whether the real sheeple are our MPs.
4. Sneaker said...
It was so obvious to everyone, except those charged with running the public finances.
Politicians rarely, if ever, understand markets or cycles.
5. sold 2 rent 1 said...
Gold at $925, oil at over $130 this morning
The "fifth night" destruction will deliver an economic and political hammer blow in mid June and reach its peak in early July.
As I said yesterday, Europe could be the main focus of destercution in mid-June and the US the main focus in early July.
EUR/GBP is at 1.24 today.
A great time to sell EUR and buy gold.
6. Landofconfusion said...
Yes things are looking bad. Any idea how much it will cost getting a solicitor to certify my goldmoney CAP documents?
7. sold 2 rent 1 said...
Landofconfusion,
I got my accountant to do mine fior nowt.
BTW, bullionvault have less rigid requirements.
Scanning your passport is usually enough - no certifying of docs required.
8. sold 2 rent 1 said...
Sneaker,
"Politicians rarely, if ever, understand markets or cycles."
WAKE UP MATE.
They understand them perfectly well.
This boom was orchistrated.
The bust will be orchistrated.
This is the reality.
Accept it. Plan for it.