Wednesday, May 28, 2008
Too hot to handle
Daily Telegraph: Treasury struggles with Northern Rock
"The feeling is the Treasury is just looking for a rubber stamp"
Not too much change with anything else emanating from this office then
Posted by growler @ 03:21 PM (546 views) Add Comment
5 Comments
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1. Peter Kiddle said...
The shares were worthless - NRK was bankrupt
2. uncle tom said...
I'll do the job, hey, I'll do it now even.
"There was a run on the bank that the bank couldn't stop, depositers were demanding savings that the bank didn't have, and couldn't borrow in the commercial money markets.
Without a government guarantee, the bank would have folded.
Had that occurred, the bank's assets (including its mortgage book) would have been sold to the highest bidder. In the current market, it seems impossible that those who loaned money to the bank, both small depositers and those in the commercial money markets, would have been fully repaid.
Therefore, my interim report is that shareholders should get nothing, but the matter should be kept under review. Should the bank be eventually re-privatised and floated, any surplus from the sale (after government loans, plus risk premium, plus administation costs) should be returned to the original shareholders."
- For that advice, my fee is a modest five million plus knighthood. Please give me a contract to keep the matter under review for the next five years for a mere million a year, even though pigs will fly before this outfit gets re-privatised at a profit.
PS: Don't forget the knighthood
3. a saver said...
Has anyone here ever tried to save with this useless bank?
I did and found that they hardly had any products, they couldn't take debit card payments and if you wanted to take out another term deposit, after already opening one, you had to post them another application form and a cheque. No convenient deposit holding account you could transfer money into, nothing. They also didn't have very good interest rates but that is probably because they're not allowed to after nationalisation.
4. jack c said...
@2. uncle tom - my application is already in and I'm willing to do it for the same salary as Mr Sandler, of course I'll come to the same conclusion but in keeping with most jobs of this nature it will take me 5 years to reveal my findings/recommendations in a report
PS dont forget my seat in the House of Lords.
5. paul said...
Uncle Tom - YOU'RE HIRED.
I'll take a very modest fee for being your agent.
PS I want a to be a Baron. A Robber-Baron.