Sunday, Apr 26, 2009
Want to Buy this Worthy Enterprise?
Times: Northern Rock to be Sold by End of Year
NORTHERN ROCK is to be sold off by the end of the year under a fast-track government plan to start clawing back some of the hundreds of billions of pounds of taxpayers’ money ploughed into the banking sector. Advisers at Credit Suisse have started to draw up the sale plan, which is linked to moves to split the nationalised bank in two.
Posted by alan @ 01:02 PM (1380 views) Add Comment
17 Comments
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1. dohousescrashinthewoods said...
Just thinking, what ever happened to Granite - that quiet adjunct to Northern Rock which, according to accusations, was holding all the real money? Did it get away with the cash?
2. dohousescrashinthewoods said...
e.g. this article in the Guardian: Northeren Rock Nationalisation in Turmoil over Offshore Trust
3. will said...
Maybe if a few of us here put in a fiver each...
4. crunchy said...
There comes a point when increasing losses become unbearable even for the most deluded.
Will R. Branson be interested this time? : (
5. enuii said...
Sold off at what sort of loss, and to whom, J.P. Morgan perchance, employers of our erstwhile P.M. T.B.
6. sneaker said...
Can something with a negative value have a positive price?
7. Delboypass said...
Private equity firms lol...
Did loose lending and private equity not get us here in the first place?
8. Huxley said...
sneaker.
Of course, easy, the tax payer takes on the negative value. Simples !
9. george monsoon said...
Hang on... did I miss something here?
So I take out a 110% mortgage with Northern Rock, see my house tumble in value and my building society go broke, the government then uses my hard earned cash (TAX) to bail the bank out, then sells the bank afterwards and keeps the money??
How the hell does that work? the way I see it, we are being well and truly screwed!
10. devo said...
Barclays is in the early stages of attempting to refinance its £20 billion exposure to bond insurers.
Good luck with that.
11. crunchy said...
7. george monsoon
It's the American new way! Obama just adds a gentler more intelligent face, coupled with a T. Blair manner.
The masters choice for the "task" ahead.
12. a saver said...
So the gov is taking a 1.3 billion hit on the deal and gets to keep the toxic stuff. What kind of business sense does that show? They could at least have made a profit on the deal. I thought they were hanging on to NR anyway so they could use them to dole out cheap loans.
13. paul said...
Perhaps the European Commission has given the UK government a gentle tap on the shoulder regarding their plans to prime the mortgage market with printed money.
14. crunchy said...
11. paul
Spot on. Has Gordon had all he's nasty tricks and toys taken from him for the safety of others in the playroom?
15. str 2007 said...
Crunchy/Paul
Can the IMF or who ever actually take his toys away ?
There could be a glimmer of hope if that is the case.
16. crunchy said...
They can hinder him and we can collectively not only confiscate those cheap leaded toy's but kick him out of kindergarden and banish him out of the group. He will then have to find somewhere else to completely disrupt if he isn't tagged and confined to quarters.
Naughty little boy!
17. crunchy said...
Bring back the birch I say!