Tuesday, February 24, 2009

Glubberment in trouble

Creditors fear new losses on Northern Rock bonds

Apparently retrospectively rewriting bond contracts has been noticed."Bondholders, who have £12bn in Northern Rock, have been spooked because the Government tore up the rule book on traded debt on Friday by unilaterally rewriting creditor contracts with Bradford & Bingley to delay payment of both interest and capital." Imagine turning up with your bit of scrip and asking Darling for some cash "My scrip says here you owe me a million mate", and then he whips out a biro and strikes out the offending line... Thank the Lord we will at least have stability as our economy crumbles.

Posted by stillthinking @ 08:52 PM (636 views)
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