Saturday, September 27, 2008

Please don’t buy this shower Gordon

Fears for Bradford & Bingley as shares crash

Speculation intensified last night that Bradford & Bingley's days as an independent bank were numbered, after its shares were pummelled and its market value fell to £390m, a fall of more than 90% from its peak. Shares in Lloyds TSB, HBOS, and Royal Bank of Scotland also dived, amid heightened concern over stability in the financial system if plans for the $700m (£378bn) US mortgage market bail-out fail. The financial authorities were reportedly scrambling for a solution for Bradford and Bingley, amid worry that the stricken lender might have to be nationalised if no solution can be found.

Posted by stevie dee @ 04:52 AM (824 views)
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11 thoughts on “Please don’t buy this shower Gordon

  • The author was the head of Goldman Sachs.

    I can’t think who would be best placed to advise the UK government on how to nationalise dud, worthless assets. Could it be…er….Goldman Sachs (with their wide experience gained from an ex-boss, Hank Paulson).

    This isn’t a conspiracy theory – It will be another case of unelected people running the country while the dopes on the cabinet muddle through.

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  • amid worry that the stricken lender might have to be nationalised

    Why nationalise? What’s wrong with letting them go into liquidation? Savers can withdraw their deposits elsewhere. BTLers will have to try and transfer their mortgages elsewhere, those in Nequity will have to sell up and take the loss on the chin or pass it on to B&B. Shareholders will be wiped out and bondholders might have to be fobbed off with part payment only. Those are the rules.

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  • I really hope this is Lehman’s II, as I really have an immense dislike for BTLer’s and this Bank were one of the main protagonists in this pyramid of misery.

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  • When I looked at the detail of B & B’s mortgage book a few months ago, it was clear that they had put themselves in a position whereby they could not possibly survive a recession.

    Their huge exposure to BTL and borrowers with impaired credit ratings left them recklessly exposed to even a mild economic downturn.

    With many BTLers going into negative equity, it will not be long before the default rate on that class of business goes into orbit. The eventual actual losses from B & B’s operation could prove worse than that from NR.

    My advice to Gordon: Look after the private savers only; let the business go bust.

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  • uncle tom @ 3 said….

    “My advice to Gordon: Look after the private savers only; let the business go bust.” – Trouble is the half-blind, self-serving, career politician, who thinks he was “born to be PM” simply ain’t listening.

    Like an arrogant father, Crash Gordon is absolutely convinced of his own ability/arguments/convictions and as such, he alone can save us (“Crash, woo-ooo, master of the universe”)

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  • About Gordon Brown, I for one have had a go. But I’m now of the belief we will have change. I believe, GB will go down in history with the likes of Wilberforce, Shaftesbury & Churchill. GB is simply not playing his cards yet. I could say derogatory things against others (britons), but in there creation of historical negativity, the positive outcome will pass these individuals by. If you asked why? My theories are more far-fetched than P4AC & Co. lol

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  • I might have a tendency to agree with you Stevie Dee @ 6, but…

    ….getting us into illegal wars, invading sovereign territories because George W said so. Selling off gold far too cheaply, allowing the massive BOOM & BUST he said he would never let happen again, tends to scupper your argument.

    He has dithered (by dithering I also mean he said NOTHING when these things were first mooted) over cannabis, casinos, war, short selling, adequate control of the financial sector, interest rates, calling an election, taking control of milliband, there are loads of points wher this man is simply incapable. The recent Labour conference was a farce, conferences appear to be more like rock concerts than anything with any real political content nowadays, with parties simply “playing” their classic songs. Like Thatcher with the Poll Tax, this man is now finished because of simply one fact.

    NO MORE BOOM & BUST.

    Lesson: Don’t make promises you can’t keep.

    Thatcher thought she could tax us for being “alive”. The gaul of the woman, giving benefit claimants a couple of extra quid a week so they could “pay” the poll tax. When the tax proved unworkable she was simply finished. Crash Gordon was finished the moment he became PM. He promised that the property market would never boom and bust. Well we’ve had the biggest boom in modern history, and now we face the bust.

    His legacy, whatever happens now, is already written.

    Your comparison to Wilberforce, Shaftsbury and Churchill is simply laughable !

    Wilberforce didn’t create slavory
    Shaftesbury didn’t make the Jews nationless
    Churchill didn’t create Hitler

    Crash Gordon had every opportunity to prevent this CRASH

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  • Nooneo,
    “Wilberforce didn’t create slavory
    Shaftesbury didn’t make the Jews nationless
    Churchill didn’t create Hitler”

    For every negative you personally created a positive. For every individual on this planet, therefore you have demonstrated HOPE! There is a solution to every dilemma or problem. And I believe GB is aware of this, his prowess of not being sub-serviant to media monkeys.. illiustrates his trueism.. or honesty.. that is why Cameron won’t win, because like the views on HPC regarding it’s natural subject… truth and evidence will be on the side of the chancellor. Now I know that both Greenspan & Brown are as one.. believe me. it is better for all Brits or Britons. we are one people. We simply need to understand this..

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  • Nooneo, have you not said something and realised you are wrong. In life we all make mistakes. That is the adventure of human nature.

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  • I agree with nooneo,

    All politicians play games with the truth, but Brown is a pathological liar – I’m not even sure he knows when he’s lying.

    From an historical standpoint, what has he really achieved? What will he be remembered for?

    A lot of waste, bureaucracy, and a housing bubble of such proportions that when it burst it brought down the economy.

    Some legacy!

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  • Yes Uncle Tom…

    And who said a history degree wouldn’t be any use in the role of chancellor !

    New Labour, New Debt, New Negative Equity !!!

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