Monday, November 19, 2007

Darling the Illustrious wont be drawn on full loan repayment

Taxpayers to foot the Northern Rock bill

“In the last few weeks this Government has provided the equivalent of 30 Millennium Domes to this bank without even the prospect of a decent pop concert at the end of it.”

Posted by enuii @ 08:32 PM (945 views)
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11 thoughts on “Darling the Illustrious wont be drawn on full loan repayment

  • Ihopeitgoeswithabang says:


    So now he saying he has lent £30 billion and cant guarantee that he will get it all back???!!!!
    OMG. Why do we let politicians get away with this sort of stuff???!!!
    “It would be quite wrong to dismiss any option now without proper consideration as some suggest”….
    What was quite wrong was lending that money without first giving cast iron guarantees to us all that ALL of it PLUS interest would be paid back.
    Playing with words like only a politician can – well other than an estate agent of course.

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  • NR shares are now trading at 84.4 pence down from a 52 week high of 1258 pence.

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  • Now down to 58.1 – and Paragon’s share price has almost halved today

    The government’s failure to protect the public purse over NR is going to run and run – forget Lamont and the ERM mess – this is much much bigger – people will still be talking about it in 50 years time.

    This looks likely to torpedo the good ship Brown – voters have no mercy for economic mismanagement

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  • Notice that Brown was nowhere to be seen yesterday. Macavity…

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  • On reflection – wasn’t Brown yesterday spouting something in front of a panda logo saying that UK will meet some [unattainable in my view] CO2 emissions target? Maybe diversion is better than hiding

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  • the northerner living in oz says:

    This mess did not happen over night.

    It has been festering in the background for some time.

    The regulator authority have been asleep at the weel

    But the ultimate responsibility lies with gordon brown

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  • The first line of the article is a bit optimistic “Taxpayers could face a multimillion-pound bill”, please Mr. Editor correct the spelling error and amend “could” it should read “will” !!!

    There is no scenario that I can foresee that will avoid a loss being made and the Bank of England (that’s just the Tax Payer really) having to foot the bill. I enjoyed watching the video-link of our little Darling answering questions and was amazed at his general lack of competence. (until the link crashed)

    For example, if somebody asks a petty question such as “How will the taxpayer be protected?” you do not reply “As described in the report …” and move on as quickly as possible. It is so phoney that I hardly believe that he had anything to do with the report. Any competent person would immediately leap into action with an insightful comment (or three or four) about the issue clearly illustration a good understanding (or even a thorough knowledge) of the report’s content, both how and why it was compiled in the way it was.

    This scenario occurred so frequently it beggars belief that we tolerate these !*! fools !*! any longer. The only problem is who would replace them, its a choice between “the devil and the deep blue sea”.

    I feel that the only course of action is to ask for the resignation of the current Chancellor, and because he is not the only one to blame, the previous Chancellor as well !!!
    Good-bye to GBH and his little Darling !!!

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  • Rather than start a new article, I’ve included below more stories from today’s Times Online:

    Times Online: Shareholders take a hit as rescue bids fall short of a full takeover
    Times Online: Four options, but none of them appealing
    Times Online: Ouch. The Chancellor is caught between a crock and hard place
    Times Online: What will happen to my mortgage – and my hard-won savings?

    I have just two questions:
    1) How long until this fiasco is sorted out?
    2) How much is it going to cost whom?

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  • Let me see…..

    Darling will be fine.
    GBH will be fine.
    Adam Applegarth will be rich and happy.
    tax payers will be heavily out of pocket.
    NR workers will be unemployed.
    NR Savers will lose everything
    NR mortgage holders will have to move on to higher rates.

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  • Inbreda,

    The analysts recommendatrions are more interesting…

    Check them out:

    They suggest that of a range of 1 (buy) to 3 (sell) the mean of ‘experts’ is 2.4. Well into sell territory..

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