Friday, February 13, 2009

Not an awful lot of symapthy

Former Northern Rock shareholders lose court bid

Not sure why this wasn't covered in the UK media - presumably now its state owned the only news from The Crock comes through the BBC, and they're not going to give the Crck shareholders any airtime!

Posted by paul @ 03:37 PM (690 views)
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6 thoughts on “Not an awful lot of symapthy

  • I am flabbergasted. This news should trigger the sale of any remaining banking shares. How many banks are solvent, really? The government can now buy them with impunity, value them at zero and take the value. Why the hell wouldn’t we nationalise the whole sector now?

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  • little professor says:

    It was on the front page of the BBC news website this morning – I was it myself. Now been demoted after the HBOS shocker, but still in the top three stories.

    http://news.bbc.co.uk/1/hi/business/7887796.stm

    These vultures deserve nothing. They made a gamble and lost – that’s the game they played, they can’t moan just because their bet didn’t pay off.

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  • Oh, right. Must have missed that one.

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  • Obviously ex-post Northern Rock is worthless and a massive drain on public resources.
    The issue is whether when the government nationalised the Rock, could it have been sold as a going concern or merged with someone else and if so what price could’ve been achieved? This issue is less clear-cut as there did appear to be some private interest then.
    The cost of not fully exploring a private solution, whilst painful for Rock shareholders, is nothing compared to the miserable burden it now places upon taxpayers.

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  • Vultures are we? Interesting. I thought that buying shares low and selling them high was the market mechanism that made commerce possible. What alternative model are you advocating?

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