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We (Taxpayers) have just been fleeced ! (NatWest)


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The taxpayers' stake in NatWest has been reduced after the chancellor authorised the first sale to private investors since 2018.

Sky News reported on Monday how UK Government Investments (UKGI), the state-owned company that controls the shares bought following the bank's 2008 financial crisis bailout, was preparing to offload 5% of the stock.

The sale raised £1.1bn and took the government's holding in NatWest - formerly known as Royal Bank of Scotland Group - to just below 55%.

The shares were priced at 190p each and were sold 4% below Monday's closing price of 197p.

It crystallises another loss for British taxpayers, who paid an average of just 500p for the shares at the time of the bailout.

 

https://news.sky.com/story/taxpayer-stake-in-natwest-falls-to-just-under-55-after-discounted-share-sale-12303222

 

Thank you Gordon Brown for fleecing the taxpayer of billions of pounds to bailout Fred the Shred.  Note: Bailouts are NOT "capitalism" true capitalism would have left RBS/NatWest go under and customers lose their deposits (hard luck).  @zugzwangtake note.

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1 minute ago, 24gray24 said:

We can't really kid ourselves the Tories would have said "no" to the banks either.

Of course ... the banksters have both sides bought off. 


Wonderful isn't it /

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51 minutes ago, Warlord said:

The taxpayers' stake in NatWest has been reduced after the chancellor authorised the first sale to private investors since 2018.

Sky News reported on Monday how UK Government Investments (UKGI), the state-owned company that controls the shares bought following the bank's 2008 financial crisis bailout, was preparing to offload 5% of the stock.

The sale raised £1.1bn and took the government's holding in NatWest - formerly known as Royal Bank of Scotland Group - to just below 55%.

The shares were priced at 190p each and were sold 4% below Monday's closing price of 197p.

It crystallises another loss for British taxpayers, who paid an average of just 500p for the shares at the time of the bailout.

 

https://news.sky.com/story/taxpayer-stake-in-natwest-falls-to-just-under-55-after-discounted-share-sale-12303222

 

Thank you Gordon Brown for fleecing the taxpayer of billions of pounds to bailout Fred the Shred.  Note: Bailouts are NOT "capitalism" true capitalism would have left RBS/NatWest go under and customers lose their deposits (hard luck).  @zugzwangtake note.

You've got it all wrong...if you read the MSM this is great news......

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2 minutes ago, 24gray24 said:

No not wonderful. 

Want to start a revolution? 

What gets my goat is the like of @zugzwangspreading malicious lies that the current "system" is "free market capitalism" when it is NOT> .. It is corporatism or government cronyism. Bailouts are not free market and to suggest they are gives capitalism a bad name. As I said, a pure form of capitalism would have let Natwest go under and uninsured deposits lost. Hard luck,.

 

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For those that love to bash BBC 'bias', you seem to be very quiet at Sky's 'view' on this.

 

 "Taxpayer stake in NatWest falls to just under 55% after discounted share sale" - oh how f****g grey could you be?

Bought 500p.  Sold 190p, a 62% loss, or about £700M lost.  Sky seem very shy about putting that number out

 

"The shares were priced at 190p each and were sold 4% below Monday's closing price of 197p"

That's an instant £44M profit (bung?)

 

Remind me how 'Frugal' the Tories are....Conservatism is great, till you run out of Tax Payers money

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1 hour ago, Warlord said:

What gets my goat is the like of @zugzwangspreading malicious lies that the current "system" is "free market capitalism" when it is NOT> .. It is corporatism or government cronyism. Bailouts are not free market and to suggest they are gives capitalism a bad name. As I said, a pure form of capitalism would have let Natwest go under and uninsured deposits lost. Hard luck,.

 

I'm not spreading malicious lies! The global financial system would have flatlined in September 2008 without an unprecedented intervention by the world's central banks and treasuries. Industrial civilisation would have effectively ended the day Lehman Brothers failed.

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5 minutes ago, zugzwang said:

I'm not spreading malicious lies! The global financial system would have flatlined in September 2008 without an unprecedented intervention by the world's central banks and treasuries. Industrial civilisation would have effectively ended the day Lehman Brothers failed.

That seems hyperbolic. Why do you think that?

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15 minutes ago, zugzwang said:

I'm not spreading malicious lies! The global financial system would have flatlined in September 2008 without an unprecedented intervention by the world's central banks and treasuries. Industrial civilisation would have effectively ended the day Lehman Brothers failed.

😂

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41 minutes ago, PeanutButter said:

That seems hyperbolic. Why do you think that?

Credit outstanding was 3x global GDP in 2008 (it's considerably higher now, because nothing has actually been repaired).

The GFC was estimated to have cost $40-50 trillion in 2016, the equivalent of 100% of global GDP (2009). The first five years of the Great Depression caused the US economy to contract by 50%.

 

obyrne051415-2.png

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1 hour ago, zugzwang said:

I'm not spreading malicious lies! The global financial system would have flatlined in September 2008 without an unprecedented intervention by the world's central banks and treasuries. Industrial civilisation would have effectively ended the day Lehman Brothers failed.

That weekend my boss told me to keep my phone switched on as he expected Societe Generale (AIG's clearing bank) and Morgan Stanley to also go bust.  But the Fed stepped in and saved them.  If the Fed hadn't done that then pretty much all Western banks would have also gone bust due to contagion within the banking system.  Life would have carried on, as it always does, but it would look very different now, probably no big asset bubbles like we now have.  

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1 minute ago, Timbuk3 said:

That weekend my boss told me to keep my phone switched on as he expected Societe Generale (AIG's clearing bank) and Morgan Stanley to also go bust.  But the Fed stepped in and saved them.  If the Fed hadn't done that then pretty much all Western banks would have also gone bust due to contagion within the banking system.  Life would have carried on, as it always does, but it would look very different now, probably no big asset bubbles like we now have.  

 

No big asset bubbles. Or jobs. Or food.

 

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Just now, zugzwang said:

 

No big asset bubbles. Or jobs. Or food.

 

Farmers still need to sell their produce, a way around it would have been found. Always has been throughout history.

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1 minute ago, Timbuk3 said:

Farmers still need to sell their produce, a way around it would have been found. Always has been throughout history.

A way around it was found. The West has had a decade plus to restructure its economies away from the doom loop of free trade, free movement and financialisation. The guilty parties should have been prosecuted, as they were in Iceland.

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1 hour ago, crescent said:

God ol Labour LOL

As @zugzwangand @Timbuk3 explained it was either a bailout or the end of western finance. Labour had no choice

 

On the other hand the Tories had every choice on when to sell, so why did they f*** the public for £700M and give a £40M bung to their city mates?

 

Try to hold those actually in power accountable...

 

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1 hour ago, MARTINX9 said:

£700m? RIshi has been borrowing/printing that in a day - probably half  day - to fund the Covid bailouts!

In current money its a rounding error!

Few more UC sanctions should cover that...all that from your 'compassionate' conservatives

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1 hour ago, MARTINX9 said:

£700m? RIshi has been borrowing/printing that in a day - probably half  day - to fund the Covid bailouts!

In current money its a rounding error!

Exactly. 700m, is considered small change in the current printy printy time. You have unprecedented printy printy and a world unlocking after 18months shutdown and free handouts. 

And they're surprised theres rampant inflation!  😀

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23 minutes ago, msi said:

As @zugzwangand @Timbuk3 explained it was either a bailout or the end of western finance. Labour had no choice

 

On the other hand the Tories had every choice on when to sell, so why did they f*** the public for £700M and give a £40M bung to their city mates?

 

Try to hold those actually in power accountable...

 

Its a common trait of UK governments. Sell every asset you ever own at the bottom... How many times has that happened before .... 😀

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1 minute ago, GreenDevil said:

Its a common trait of UK governments. Sell every asset you ever own at the bottom... How many times has that happened before .... 😀

Exactly...how convenient that someone picks up a rock bottom asset then suddenly WHOOSH it goes up in value a little while later?

 

Strange that...almost like someone is being 'paid' for a 'service'....

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2 hours ago, MARTINX9 said:

£700m? RIshi has been borrowing/printing that in a day - probably half  day - to fund the Covid bailouts!

In current money its a rounding error!

and yet anything more than 2% for Nurses causes the Tories and their HPC fanboys to start choking...

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1 hour ago, Timbuk3 said:

That weekend my boss told me to keep my phone switched on as he expected Societe Generale (AIG's clearing bank) and Morgan Stanley to also go bust.  But the Fed stepped in and saved them.  If the Fed hadn't done that then pretty much all Western banks would have also gone bust due to contagion within the banking system.  Life would have carried on, as it always does, but it would look very different now, probably no big asset bubbles like we now have.  

Some would not have gone bust - the GOOD banks. Pure capitalism rewards GOOD Behaviour. The GOOD banks would have stepped in and taken all the custom .

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1 hour ago, zugzwang said:

No big asset bubbles. Or jobs. Or food.

You are an acolyte of a religious cult, though I doubt you realise it. Fiat currency is your soul, the central bank your church and its head your Jesus. MMT is like your bible.

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