Thursday, February 21, 2008

Spliced, diced and Securitised to the tune of £49bn

Northern Rock's links to Granite could increase risk for taxpayer

Spliced and diced via Granite, "if Northern Rock decided to terminate its relationship with Granite then the stricken bank would be in “very difficult waters indeed”.

Posted by enuii @ 10:41 PM (3943 views)
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4 thoughts on “Spliced, diced and Securitised to the tune of £49bn

  • planning4acrash says:

    Excuse me, but who the F*$k is Granite?! My goodness, this government has just been double crossed, they simply love industry and don’t realise that capitalists act like manipulative children towards government when it has something they want. Lets face it, they’ve been lied to, cheated and duped. Yet with the Civil service behind them, access to the best legal advice in the world, they go and probably ignore it and make a “political” decision. Freaking idiots.

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  • it_is_going_with_a_bang says:

    Hmmm so what they are saying is if we don’t sell these now, we the tax payers will have to finance it.
    Is this not the point where we just say Bollo*ks to it – carve it up and get our money back?

    If Granite is being so helpful – let them buy the subprime crap – what you mean they don’t want those ones?
    I don’t understand – Darling Alistair thought they were fundamentally a good buy?

    This is becoming a very expensive vote rigging exercise. Because that’s basically all it comes down to.

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  • Do you know something, maybe it is just me. I can’t help thinking that the current Government are involved in this whole scam. I believe Gordon has tread “on the tail of the dragon” in the whole process. Two things seem inevitable: One being the public will certainly pay. And two, Labour or New Labour will never govern this great nation again. Traitors or Collaborators!

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  • The reality is Brown does not have any option but to hive off the best Northern Wreck assets because he has no cash himself. The British government under GB’s leadership has spent so much money that no more money is left over to re-finance the Wreck. Thanks goodness the government can resort to the capitalist system in Jersey for help. In addition specialist PR firms will be more than happy to help Brown disguise the true state of public finances… at least in the short term. Well done, Granite Boys, you’ve deserved a big bonus and don’t forget the Cheer on your yachts!

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