Thursday, Aug 24, 2006

The mortgage that just keeps on taking

MoneyWeek: Why Tesco is the Bank of England's next big worry

Kent Reliance Building Society has now released the ultimate mortgage for todays debt-laden generation - the mortgage that you never have to pay back...Purchasers can pay interest-only until the day they die, and then pass the debt onto their children - or perhaps a lucky friend.

Posted by mary @ 11:15 AM (509 views)
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3 Comments

1. indiablue19 said...

Well if I have a pet hatred in the world, TESCO puts it neatly into five letters. The brain child of one of the UK's fraudulent politicians and criminals escaped from any justice, "Dame" Shirley Porter, [nicely tucked up in Tel Aviv where she can continue to clip her investment coupons in relative peace unless Hezbollah gets a better aim] it's also the world's worst employee sweat shop. But then, you've all heard that complaint on this very Blog quite recently. All of that aside, the fact that Tesco is creating a massive conglomerate, if not a monopoly, in the UK is extremely worrisome. They put into their till one of every eight pounds spent in Britain. Quite a hefty club. If they yike all of us skyward with their lettuce prices, et al, we may soon have few alternatives. They not only control the retail marketplace, they control many of the suppliers as they are the only game left in town.

Global warming and petrol prices aside, this lot will use any self-serving excuse you're willing to hand them. Ask their employees who got signed up on stealth for pension plans they didn't ask for and now can't get their pension "deposit" money back. A lot of students are walking around a couple hundred pounds poorer from that scam -- another jolt for TESCOs bank account that sends their corporate profits ever higher. TESCOs are more out of control than the hole in the ozone. I'd stop eating if it meant they'd go out of business.

Thursday, August 24, 2006 03:58PM Report Comment
 

2. Retiredbanker said...

Indiablue19-

You are not alone in your detestation of Tesco, and it is indeed worrying that they continue to go from
strength to strength, all the while screwing food producers and the environment.

What puzzles me is why Shirley Porter was not deprived of her title. Lester Piggott was stripped of his
OBE for "tax irregularities".

Thursday, August 24, 2006 04:29PM Report Comment
 

3. indiablue19 said...

Retired Banker
One bright spot in the day. I have just read that Dame Shirley is back in London after a six year exile abroad, during which time she lied about her ability to pay the court costs and penalties owed to the City of London and those she defrauded -- something on the order of 30 million or so. She protested poverty saying her net worth was something in the range of a few hundred thousand, but immediately on her return last month has bought a flat -- cash payment -- in Mayfair for a cool 1.5 million. Ken Livingston is trying to have her thrown in the Tower and meanwhile force her to pay up. Go Ken! Who knows, maybe they'll take the title along with it.

Thursday, August 24, 2006 10:05PM Report Comment
 

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