Posts Tagged ‘Northern Rock’
IT will take ten years to get Northern Rock money back. Or, as it should more properly be presented, this is a statement of the bleedin’ obvious:
Taxpayers will have to wait up to a decade to get their money back from the bailout of Northern Rock, according to the man charged with managing the rump of the failed bank.
In an interview with Financial Mail, Richard Banks, chief executive of UK Asset Resolution, said: ‘We expect the majority of the Government debt to be repaid within the next ten years.’
But Banks said he could not be precise about the final date as inflation and the state of the economy could push his forecast off course.
Tim Worstall
Posted: 8th, April 2013 | In: Money | Comment
SIR Fred Goodwin, aka “Shagger”, has had to give up the fight and had his super injunction partially overturned.
It had been in place to prevent us calling him a banker and hide the fact that along with Adam Applegarth (former Northern Rock CEO who was, allegedly, shagging Amanda Smithson from the company’s buy-to-let division) Sir Fred was bumping the uglies with a woman on his senior staff instead of stopping the world’s worst banking melt down.
If you are going to shaft the country, what’s an old colleague for? After all, as every RBS financier knows and brags churlishly while chuckling over the RBS sponsored Rugby match after dinner port, they are women burnishing the glass ceiling with their backsides!
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Anorak
Posted: 19th, May 2011 | In: Key Posts, Money | Comments (17)
FACT One: The latest banking “screw your customer” policy is insisting small, medium and large business pay a sizeable percentage above the LIBOR rate for commercial loans. That is, not at the usual Bank of England rate plus a couple of percent.
Fact Two: Braver accountants are telling Business Accountant Managers to get stuffed and switching accounts to the banks which have not yet turned that screw.
Meanwhile, back in fat cat country: When news of the Northern Rock debauch broke Anorak asked two questions:
- Who was responsible and accountable. Answer? Every-one
- Who would be brought to book and who would press criminal charges? Answer? No-one
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Anorak
Posted: 19th, November 2008 | In: Money | Comments (2)
For months Anorak has been calling for heads on the block. For months we have said the banking system was the cause of the present crisis and not the use of hedge funds or marginal calls.
Too late the penny has dropped with UK Financial Services Authority. It’s staff of regulators watched Chairman Matthew Ridley and the inexpressible Chief Executive Adam Applegarth run Northern Rock from safe, dependable, building society to a runaway bank going over a cliff. Both Applegarth and Ridley walked away with pay-off deals intact.
It turns out they were nowhere near the worst and may now be classed as rank amateurs in the esoteric world of low-dealing high financiers.
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Anorak
Posted: 14th, October 2008 | In: Reviews | Comments (4)
Hundreds of millions of pounds invested by British local authorities in Iceland’s failed banks look likely to disappear down the Atlantic sinkhole.
In London Gordon Brown put £500bn of public money at risk in a gamble to restore the UK banking system. It works out to £20,000 per taxpayer and bigger than the US $700bn bailout. Don’t lose sight of the approximate £100bn already at risk after the Northern Rock collapse.
Politicians of all shades were backing the paper shuffle as a sensible and sage move…what else could they do?
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Anorak
Posted: 9th, October 2008 | In: Reviews | Comments (4)
Elderly (that seems to be 50 plus this week) Euro shakers and movers are scrambling to shift their money and interests around today. Not quite being able to make up their befuddled, creaking, ageing minds.
The Baby Boomers are retiring, the 50 to 60 somethings have cashed in on long-term pension plans and many have cash nest eggs larger than the UK.s £35,000 guaranteed savings in one banking place.
As Chenier predicted – in Anorak a couple of days ago – Northern Rock and National Savings schemes (all money guaranteed by the Government) have been swamped as the Children of the Revolution…the ’60s Swingers, who are now 60-years-old, scramble on an hourly basis to swap money and their interests around.
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Anorak
Posted: 3rd, October 2008 | In: Reviews | Comments (5)
