Sunday, June 1, 2008

B&B update – depending on how the press handle this we might see another run Northern Rock style

Equity house to take stake in B&B

One of the world's largest private equity houses, Texas Pacific Group, is to take a stake of about 20% in Bradford & Bingley (B&B). The move is to shore up the finances of the UK buy-to-let mortgage lender. About £150m of funds would be injected into B&B, with existing stakeholders asked to provide £250m of new capital.

Posted by jack c @ 10:49 PM (910 views)
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16 thoughts on “B&B update – depending on how the press handle this we might see another run Northern Rock style

  • Sold My Soul To The Never Never Never says:

    And didn’t the BBC at 10pm put such a positive spin on the event – all hunky dory now mehtinks!

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  • Interesting to see what happens to B&B’s share price tomorrow. Any guesses?

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  • planning4acrash says:

    Like I said, a huge financial institution has bought it, after the shareprice was taken down. The finance? Where did it come from? Was it from the Bank of England? Do we have a right to know? Is there any way of finding out about it? Right, well, I’m going to put in a freedom of information request on this to the BOE and Treasury. I’ll keep you up to date.

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  • planning4acrash says:

    Here is the freedom of information request. If you wish to make a similar claim, e-mail:

    [email protected]

    [email protected]

    Dear Sir or Madam

    Equity House, one of the world’s largest private equity companies, is reported on the BBC to be purchasing a 20% stake in Bradford and Bingley after a failed rights issue and press speculation that has seen the share price plummet. I am making a freedom of information request to demand details of correspondence between the Bank of England, Bradford and Bingley and Equity House, in relation to any discussions about providing capital to Equity House or any other financial institution, to gain a stake in Bradford and Bingley. The purpose of this, is whether the BOE has bailed out the bank and, if so, to determine the terms and the process that has led to that outcome.

    I judge that this is in the public interest, because the printing of sterling, for any purpose, increases the money supply, which leads to inflation, that diminishes the value of the savings, earnings and pensions of the citizens of the United Kingdom, and all others who use Sterling as their store of wealth. It is in the interest of the Great British People, to know whether the Bank of England has inflated the UK’s money supply to bail out a bank, without debate or statement in Parliament.

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  • planning4acrash says:

    Infact, I will hold off until Tomorrow evening, pending responses from bloggers to see if I’ve missed anything or should word it differently.

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  • Letsgetreadytotumble says:

    I’d leave out the second paragraph. I think It’s imotive. Just keep to the fundamental question, it hits home harder and more difficult to ignore. Also, having secondary points allows them to home in on these and ignore the main question, and they’ll think they have answered you.

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  • If you are going to make a freedom of info request,it might be as well to be sure which firm is the lead in this story. Texas Pacific Group is the equity house being mentioned but is it part of Equity house which advertises separately?

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  • How’s that tin foil hat doing, p4ac?

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  • little professor says:

    I am making a freedom of information request to demand details of correspondence between the Bank of England, Bradford and Bingley and Equity House, in relation to any discussions about providing capital to Equity House or any other financial institution, to gain a stake in Bradford and Bingley.

    Ludicrous. This would immediately be rejected on the grounds that this is commercially sensitive information.

    Look p4ac, this is big news – please can you stop spamming the blog with your conspiracy theories for once and leave us grown-ups to discuss this latest development sensibly.

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  • planning4acrash says:

    Oh. I see, so you have the objective decision about what is objective or not? News, Housepricecrash is a conspiracy, why the doublethink? We all discuss a conspiracy, yet you guys think its isolated and the only conspiracy.Vigilance is the cost of liberty

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  • p4ac, it isn’t just lp who is fed up with being bombarded with your personal agenda twenty times a day.

    And isn’t it rather ironic that you attack someone who disagrees with your view when you spend much time attacking others for the same reason?

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  • planning4acrash says:

    By the way, this isn’t big news. We predicted this story over a yr ago here and knew after Northern Rock that there wld be a secret bail out with our money. The BOE has been on record saying that future lender of last resort actions wld b secret.

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  • Planning4acrash says:

    Jayk, I attack people for insulting me. I am happy for people to enter into debate and pose questions. If they merely enter into a slagging match saying that I’m kooky for having a different viewpoint, then I’m not interested.

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  • planning4acrash says:

    Jayk, I attack people for insulting me. I am happy for people to enter into debate and pose questions. If they merely enter into a slagging match saying that I’m kooky for having a different viewpoint, then I’m not interested.

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  • planning4acrash says:

    Right, here’s the final version. I doubt it will go anywhere, but, what the heck, here we go!

    Dear Sir or Madam

    The BBC reported that one of the world’s largest private equity funds is purchasing a 20% stake in Bradford and Bingley after their failed rights issue and press speculation that has seen the share price plummet and trading in their shares suspended. I am making a freedom of information request to demand correspondence between the Bank Of England, HM Treasury and Bradford and Bingley and and Equity House, any of its subsidiaries, companies with controlling ownership of Equity House or all the former, that refer directly to any funding actually provided by the Bank of England, to the private interests described above, for the purpose of purchasing a portion of Bradford and Bingley Shares. The purpose of this request, in the interest of the tax payer, i.e, the general public, is to determine whether the Bank Of England has bailed out the bank with tax payers money and, if so, to determine the quantity of funding provided, the terms of the funding, and the process that has led to that outcome.

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  • planning4acrash says:

    Done. I’ll keep you informed of any response.

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