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eric pebble

Crazy Money For Bricks And Mortar – That We Paid For

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Jim Armitage: Crazy money for bricks and mortar – that we paid for

The property company consisted of 22 DFS sheds, four distribution centres and company's head office in that property hotspot of Doncaster. Banks flocked to lend him the money in a sale-and-leaseback deal reportedly valuing the buildings at £150m in 2005. By 2007, when more banks were invited in to refinance the debt, they were valued at £250m. What had changed? Nothing, except the banks had got even stupider.

http://www.independent.co.uk/news/business/comment/jim-armitage-crazy-money-for-bricks-and-mortar--that-we-paid-for-9016866.html

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Outlook Lord Kirkham, King of Sofas, provides us with a tale for our times.

...By 2007, when more banks were invited in to refinance the debt, they were valued at £250m. What had changed? Nothing, except the banks had got even stupider.

The banks were Sofa King stupid.

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Now take a guess which were among the biggest to get burned. You got it, bailed out Bank of Ireland and our very own RBS.

Nice to see RBS was involved.

If the banks where stupid enough to lend the money you can't blame someone for taking the money.

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Nice to see RBS was involved.

If the banks where stupid enough to lend the money you can't blame someone for taking the money.

Let me guess, no deposit, delivered by xmas and then 100 easy payments at 45%

Talk about being hoisted by their own petards.

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Nice to see RBS was involved.

If the banks where stupid enough to lend the money you can't blame someone for taking the money.

And today we see that RBS people want their £2million "bonuses"........ For what? Fraud and incompetence.....

Beyond satire.

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Yesterday, those banks decided it was finally time to cut and run. They pulled the plug and sold their loans on, bearing multi-million-pound losses. Now take a guess which were among the biggest to get burned. You got it, bailed out Bank of Ireland and our very own RBS. Like I said, a very modern tale.

If anybody bore losses it sounds like it would be more likely to be taxpayers and savers.

It would have been helpful if the journalist had detailed the exact amount of the "multi-million-pound losses".

Edited by billybong

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If anybody bore losses it sounds like it would be more likely to be taxpayers and savers.

It would have been helpful if the journalist had detailed the exact amount of the "multi-million-pound losses".

Agree 100%. Shocking that they can't even do this...

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