Tuesday, Feb 24, 2009
Glubberment in trouble
Telegraph: Creditors fear new losses on Northern Rock bonds
Apparently retrospectively rewriting bond contracts has been noticed."Bondholders, who have £12bn in Northern Rock, have been spooked because the Government tore up the rule book on traded debt on Friday by unilaterally rewriting creditor contracts with Bradford & Bingley to delay payment of both interest and capital." Imagine turning up with your bit of scrip and asking Darling for some cash "My scrip says here you owe me a million mate", and then he whips out a biro and strikes out the offending line... Thank the Lord we will at least have stability as our economy crumbles.
Posted by stillthinking @ 08:52 PM (218 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.